Discussion of article "The Flag Pattern"
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New article The Flag Pattern has been published:
The article provides the analysis of the following patterns: Flag, Pennant, Wedge, Rectangle, Contracting Triangle, Expanding Triangle. In addition to analyzing their similarities and differences, we will create indicators for detecting these patterns on the chart, as well as a tester indicator for the fast evaluation of their effectiveness.
There is an interesting way of testing indicators, which allows evaluating their effectiveness on the fly: a tester indicator. Trading based on the arrows of the main indicator is simulated in the additional indicator, while the equity and balance lines are displayed on the chart. Fig. 17 shows a chart with iHorizontalFormation (arrows) and iTester in a subwindow. The green line shows the equity value, and the red line shows balance.
Fig. 17. The iTester indicator (in a subwindow), based on iHorizontalFormation (arrows on the chart)
Author: Dmitry Fedoseev