{
1. NOT DESIGNED TO UPDATE AT EVERY TICK.
2. CAN BE USED AS A VALIDATION TOOL FOR THE RADARSCREEN INDICATORS:
PENNANT BRKOUT UP
PENNANT BRKOUT DN
This ShowMe will draw each pennant formation identified, and also plot the up or down
breakout from each pennant, whichever comes first, if it occurs within BarsPast bars
of the completion of the pennant. Pennant extensions for the BarsPast bars are
plotted as points. The breakouts are plotted as cross ShowMe's.
If a new pennant is identified within BarsPast bars of the previous pennant, the new
pennant supersedes the previous pennant, but if pennant graphics are being drawn
(DrawLines = true ), the previous pennant graphics are not removed. If there is a
breakout from the most recent pennant within BarsPast bars of its completion, plotted
as a ShowMe, the pennant lines are drawn in a wider width. This helps to distinguish
it from any other pennants nearby.
For more information about how the Pennant function works, please refer to the in-line
documentation included in the function code.
}
inputs:
Length( 7 ),
MaxConsolIndex( 1.5 ),
BarsPast( 5 ),
DrawLines( true ),
DrawExtensions( true ),
Color1( Red ),
Color2( Magenta ) ; { Color1 and Color2 are used in an alternating fashion each
time a new pennant is found }
variables:
LengthMinus1( Length - 1 ),
oTLHiStartPr( 0 ),
oTLHiEndPr( 0 ),
oTLLoStartPr( 0 ),
oTLLoEndPr( 0 ),
Color( Color2 ),
TLHi( 0 ),
TLLo( 0 ) ;
Value1 = Pennant( Length, MaxConsolIndex, BarsPast, oTLHiStartPr, oTLHiEndPr,
oTLLoStartPr, oTLLoEndPr ) ;
if Value1 = 1 then
begin
{ switch to alternate color }
if Color = Color2 then
Color = Color1
else
Color = Color2 ;
if DrawLines then
begin
TLHi = TL_New( Date[LengthMinus1], Time[LengthMinus1], oTLHiStartPr, Date,
Time, oTLHiEndPr ) ;
TL_SetExtLeft( TLHi, false ) ;
TL_SetExtRight( TLHi, false ) ;
TL_SetColor( TLHi, Color ) ;
TLLo = TL_New( Date[LengthMinus1], Time[LengthMinus1], oTLLoStartPr, Date,
Time, oTLLoEndPr ) ;
TL_SetExtLeft( TLLo, false ) ;
TL_SetExtRight( TLLo, false ) ;
TL_SetColor( TLLo, Color ) ;
end ;
end
else if Value1 = 2 or Value1 = 3 then
begin
if DrawLines then
begin
TL_SetSize( TLHi, 2 ) ;
TL_SetSize( TLLo, 2 ) ;
end ;
if Value1 = 2 then
Plot1( High, "PenBrkoutUp" )
else if Value1 = 3 then
Plot2( Low, "PenBrkoutDn" ) ;
end ;
if DrawExtensions then
begin
if oTLHiEndPr > 0 then
Plot3( oTLHiEndPr, "HiExt", Color ) ;
if oTLLoEndPr > 0 then
Plot4( oTLLoEndPr, "LoExt", Color ) ;
end ;
{ ** Copyright (c) 1991-2003 TradeStation Technologies, Inc. All rights reserved. **
** TradeStation reserves the right to modify or overwrite this analysis technique
with each release. ** }{
Grid indicator. Apply to intraday data.
This indicator will trigger an alert, in real time, at the bar that makes the first
upside breakout from the pennant if a downside breakout does not occur first.
INDICATOR PLOTS
Column1 - HiLine: Starting with the bar that a pennant is confirmed on, and
continuing for a total of up to BarsPast bars, this column displays the value of the
high-line of the pennant at that bar. This value is updated at each bar of the
BarsPast period as the high-line is extended to the right, and sets the trigger for
the Pennant Brkout Up alert for the next bar. Starting with the bar after an alert
is triggered, Column1 switches to a display of the number of bars that have elapsed
since the alert, with a negative sign. This second display continues until
ColorBars bars have elapsed, at which time (or at the end of BarsPast bars if there
was no alert) the display turns blank again until the next pennant is identified.
For more information on how this indicator works, please refer to the in-line
documentation included in the companion ShowMe "Pennant Brkout".
}
inputs:
Length( 7 ), { number of bars in pennant }
MaxConsolIndex( 1.5 ), { enter a value in the 1-to-Length range; the lower this
value, the tighter the consolidation pattern }
BarsPast( 5 ), { the indicator will look for a pennant breakout for this many
bars after the pennant is identified }
AlertFGColor( Black ),
AlertBGColor( Yellow ),
PlotBars( 5 ), { number of bars on which to display a value in cell once pennant
is confirmed }
ColorBars( 5 ) ; { number of bars the alert colors will persist; set to 0 for no
cell alert coloring }
variables:
oTLHiStartPr( 0 ),
oTLHiEndPr( 0 ),
oTLLoStartPr( 0 ),
oTLLoEndPr( 0 ),
BarNum( 0 ),
AlertBarNum( 0 ),
BarsSinceAlert( 0 ),
PlotThisBar( false ),
ColorThisBar( false ) ;
Value1 = Pennant( Length, MaxConsolIndex, BarsPast, oTLHiStartPr, oTLHiEndPr,
oTLLoStartPr, oTLLoEndPr ) ;
BarNum = BarNumber ;
if Value1 = 2 then
begin
Alert( "Pennant brkout up" ) ;
AlertBarNum = BarNum ;
end ;
BarsSinceAlert = BarNum - AlertBarNum ;
PlotThisBar = AlertBarNum > 0 and BarsSinceAlert < PlotBars + 1 ;
ColorThisBar = ColorBars > 0 and BarsSinceAlert < ColorBars + 1 ;
if PlotThisBar and BarsSinceAlert > 0 then
begin
Plot1( -BarsSinceAlert, "HiLine" ) ;
if ColorThisBar then
begin
SetPlotColor( 1, AlertFGColor ) ;
SetPlotBGColor( 1, AlertBGColor ) ;
SetPlotColor( 2, AlertFGColor ) ;
SetPlotBGColor( 2, AlertBGColor ) ;
end ;
end
else if oTLHiEndPr > 0 then
begin
Plot1( oTLHiEndPr, "HiLine" ) ;
if ColorThisBar then
begin
SetPlotColor( 1, AlertFGColor ) ;
SetPlotBGColor( 1, AlertBGColor ) ;
SetPlotColor( 2, AlertFGColor ) ;
SetPlotBGColor( 2, AlertBGColor ) ;
end ;
end ;