Popular tags: Support, Resistance, Trend, Range, Fibonacci, Wave, Divergence, Multi time frames(MTF), Swing, Volume, Overbought, Oversold
Customization and Conversion for: MetaTrader(MT4, MT5), Thinkorswim, NinjaTrader, MultiCharts, Tradingview, Prorealtime, SierraChart, etc.
License renew price will be 20% off for the 2nd year and after.

 


Broadening Formation chart pattern indicator with alert, SCAN and watchlist for Thinkorswim TOS

Broadening Formation chart pattern indicator with alert, SCAN and watchlist for Thinkorswim TOS
Availability: In Stock
Price: $299.00USD $249.00USD
Qty:     - OR -   Add to Wish List
Add to Compare
0 (0/5)  0 reviews  |  Write a review

VIP member get 10% off, click here to become a VIP member.

Broadening Formation is a chart pattern consisting of 2 trend lines.

  • The resistance (upper) line is formed by 2 or more ascending peaks.

  • The support (lower) line is formed by 2 or more descending troughs.

  • It can be considered as the boundary of incoming Highs and Lows until a breakout occurs.
     





This indicator will be able to detect the Broadening Formation chart pattern.

Please note that if there was no pattern formed on the chart the indicator will not show anything.

It will draw two trend lines of the Broadening Formation on the chart when the pattern is formed.

 
It works on all timeframes. Alerts will be triggered when price cross above the upper trend line or cross below the lower trend line. There will be a wedge drawn above/below the current bar whenever a crossover occurs.

The pattern detection is based on four swing points, two swing highs and two swing lows.

You can control the size of pattern you want to detect by changing the value of Input Strength: the number of bars on the left and right side of the swing high and low.

The upper trend line is formed by point A and B, the lower trend line is formed by point C and D. Please check the chart below.

In order to be more efficient, this indicator will only show the most recent Broadening Formation pattern on the chart.


If we set Strength to 5, it means the high at A is higher than the highs of on both of its left and right side for 5 bars, same for point B. And the price low at C is lower than 5 bars on both left and right side, same for point D. 

The larger value you set for "Strength" the bigger size of the pattern you will get.

You can also change the color of the trend lines and the color to highlight the pattern.


 

Please make sure you use the same "strength" input on both scan and indicator, otherwise, you may not get the plot on the chart. For example, you have "strength"=10 in scan and "strength"=5 on the chart indicator, when you load the scan result symbols on the chart, there maybe no pattern shown on the chart.

 

There are 5 scans. If there is no scan result, please try with different input.


# scantype=1; for price cross above upper line
# scantype=2; for price cross below lower line
# scantype=3; for price is below lower line
# scantype=4; for price is above upper line
# scantype=5; for price is inside two lines.


The watchlist column will display in 5 status of current price related to Broadening Formation chart pattern.
"inside BF" which means the current price bar is in between the upper and lower trend lines.
"above BF" which means the current price bar is above the upper trend line.
"below BF" which means the current price bar is below the lower trend line.

"cross below BF" which means the current price bar is cross below the lower trend line.
"cross above BF" which means the current price bar is cross above the upper trend line.

Please note that if you have too many symbols in your watchlist, Thinkorswim may not be able to display the labels due to its limitation.



You can always load this indicator more than once with different input to get more results.


















 

 


 

Write a review

Your Name:


Your Review: Note: HTML is not translated!

Rating: Bad           Good

Enter the code in the box below:



Welcome to Patternsmart
Converting your indicator from one platform to another.

Custom Alert, Autotrader, Indicators, Scan, Screener, Strategy and Signals.


 

Copyright @ 2021 Patternsmart - All rights reserved


This website is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. It's not recommended to use any single indicator as sole evaluation criteria. The companies and services listed on this website are not to be considered a recommendation and it is the reader's responsibility to evaluate any product, service, or company. patternsmart is not responsible for the accuracy or content of any product, service or company linked to on this website.

Futures trading contains substantial risk and is not for every investor.Please read the following risk disclosure before considering the trading of this product: Futures Risk Disclosure. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Trading stocks, options, futures and forex involves speculation, and the risk of loss can be substantial.Investor must consider all relevant risk factors, including their own personal financial situation, before trading. Trading foreign exchange on margin carries a high level of risk, as well as its own unique risk factors. Forex investments are subject to counter-party risk, as there is no central clearing organization for these transactions. Please read the following risk disclosure before considering the trading of this product: Forex Risk Disclosure. Spreads, Straddles, and other multiple-leg option strategies can entail substantial transaction costs, including multiple commissions, which may impact any potential return. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Prior to trading options, you should carefully read Characteristics and Risks of Standardized Options.

patternsmart.com will not be held liable for the loss of money or any damage caused from relying on the information on this site. Any investment decision you make in your account is solely your responsibility.
TESTIMONIAL DISCLOSURE: TESTIMONIALS APPEARING ON OUR SITE MAY NOT BE REPRESENTATIVE OF THE EXPERIENCE OF OTHER CLIENTS OR CUSTOMERS AND IS NOT A GUARANTEE OF FUTURE PERFORMANCE OR SUCCESS.