Hello,
I would like to make a simple indicator for TradingView platform. This indicator should find Bat Patterns on the chart and draws it include labeling X,A,B,C,D and legs ratios(draws dotted line between Points).
My calculations are:
xa=MathAbs(x-a);
ab=MathAbs(b-a);
bc=MathAbs(b-c);
cd=MathAbs(c-d);
xc=MathAbs(x-c);
xb=ab/xa;
ac=bc/ab;
bd=cd/bc;
xd=cd/xa;
I consider 5-10% tolerance for my legs(Fibo) and rules are as below:
minxb=0.382;
maxxb=0.5;
mminac=0.382;
mmaxac=0.886;
minbd=1.618;
maxbd=2.618;
minxd=0.886;
maxxd=0.886;
For finding XABCD points we use than ZigZag Indicator for different Periods.
Please check this project carefully and bid If you can do it.
Regards,