OPEN-SOURCE SCRIPT
Wedge Chart Patterns [SSFX]
Wedge Chart Patterns [SSFX]
Wedge Chart Patterns [SSFX] is a pattern-based breakout indicator designed to detect rising wedge and falling wedge formations, then transform valid breakouts into structured trade setups with predefined entry, stop loss, and take profit levels.
The script is built for traders who want more than simple visual pattern recognition. Instead of only drawing wedge structures, it filters breakouts using candle body strength, then projects a complete risk framework directly on the chart. This makes the tool suitable for both discretionary chart reading and systematic trade planning.
What this indicator does ?
This indicator continuously scans price action using pivot-based structure detection to identify wedge formations. Once a valid wedge is found, it tracks the upper and lower converging trendlines in real time and waits for a breakout in the expected direction.
A breakout is only considered tradable when the breakout candle shows enough conviction. The script measures the candle body as a percentage of the entire candle range and only allows entries when that body percentage is above a user-defined threshold. This helps filter out weak breakouts and reduce low-quality signals caused by indecision candles or excessive wicks.
After a valid breakout is confirmed, the indicator automatically builds a complete trade map:
✅ Entry level
✅ Stop loss
✅ Take profit
✅ Risk zone fill
✅ Reward zone fill
These levels are displayed directly on the chart and can be retained for the most recent trades for review and post-analysis.
Main features
✅ Detects rising wedges and falling wedges
✅ Uses pivot-based structure logic to form converging trendlines
✅ Validates wedge integrity before breakout
✅ Filters breakouts using minimum candle body percentage
✅ Generates long and short entry signals
✅ Supports multiple stop loss methods
✅ Supports risk-reward or fixed-point take profit
✅ Draws entry, SL, TP directly on the chart
✅ Adds filled SL/TP zones for fast visual trade reading
✅ Keeps the last several trade setups on screen
Best use cases
It can be used on multiple asset classes, including forex, gold, indices, crypto, and stocks, though results will depend on symbol behavior, timeframe, volatility conditions, and user settings.
Notes
This script is designed as a charting and trade-planning tool, not a guarantee of performance. Wedge patterns can fail, and breakout confirmation does not eliminate market risk. Users should always forward-test and adapt settings to the instrument and timeframe they trade.
Wedge Chart Patterns [SSFX] is a pattern-based breakout indicator designed to detect rising wedge and falling wedge formations, then transform valid breakouts into structured trade setups with predefined entry, stop loss, and take profit levels.
The script is built for traders who want more than simple visual pattern recognition. Instead of only drawing wedge structures, it filters breakouts using candle body strength, then projects a complete risk framework directly on the chart. This makes the tool suitable for both discretionary chart reading and systematic trade planning.
What this indicator does ?
This indicator continuously scans price action using pivot-based structure detection to identify wedge formations. Once a valid wedge is found, it tracks the upper and lower converging trendlines in real time and waits for a breakout in the expected direction.
A breakout is only considered tradable when the breakout candle shows enough conviction. The script measures the candle body as a percentage of the entire candle range and only allows entries when that body percentage is above a user-defined threshold. This helps filter out weak breakouts and reduce low-quality signals caused by indecision candles or excessive wicks.
After a valid breakout is confirmed, the indicator automatically builds a complete trade map:
✅ Entry level
✅ Stop loss
✅ Take profit
✅ Risk zone fill
✅ Reward zone fill
These levels are displayed directly on the chart and can be retained for the most recent trades for review and post-analysis.
Main features
✅ Detects rising wedges and falling wedges
✅ Uses pivot-based structure logic to form converging trendlines
✅ Validates wedge integrity before breakout
✅ Filters breakouts using minimum candle body percentage
✅ Generates long and short entry signals
✅ Supports multiple stop loss methods
✅ Supports risk-reward or fixed-point take profit
✅ Draws entry, SL, TP directly on the chart
✅ Adds filled SL/TP zones for fast visual trade reading
✅ Keeps the last several trade setups on screen
Best use cases
It can be used on multiple asset classes, including forex, gold, indices, crypto, and stocks, though results will depend on symbol behavior, timeframe, volatility conditions, and user settings.
Notes
This script is designed as a charting and trade-planning tool, not a guarantee of performance. Wedge patterns can fail, and breakout confirmation does not eliminate market risk. Users should always forward-test and adapt settings to the instrument and timeframe they trade.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.