OPEN-SOURCE SCRIPT
Flag & Pole Pattern Tp-sl [JPT]
🔷 OVERVIEW
The Flag & Pole Pattern TP-SL [JPT] indicator detects bullish and bearish flag patterns using price action, ATR-based pole detection, and confirmed swing pivots. It identifies potential breakout opportunities and displays BUY/SELL signals directly on the chart.
🔷 HOW IT WORKS
• Pole Detection: Identifies a strong upward or downward price movement using ATR.
• Flag Formation: Detects flag structures using confirmed pivot highs and lows.
• Trendlines: Draws projected resistance and support boundaries around the flag.
• Breakout Confirmation: Generates a BUY signal when a candle closes above bullish flag resistance, or a SELL signal when a candle closes below bearish flag support.
• Take-Profit & Stop-Loss: Displays a blue target zone and a red stop-loss zone based on the entry price and flag boundary.
• Risk-Reward Ratio: Calculates the take-profit level using a configurable risk-reward ratio, set to 1.3:1 by default.
🔷 HOW TO USE
1. Add the indicator to your TradingView chart.
2. Adjust the pole lookback, ATR multiplier, pivot length, and maximum flag length to suit your trading timeframe.
3. Wait for a valid flag structure and a confirmed breakout signal.
4. For a BUY setup, consider entry after the candle closes above resistance. For a SELL setup, consider entry after the candle closes below support.
5. Review the displayed entry, stop-loss, and target levels before taking a trade.
6.Configure TradingView alerts to receive notifications when flag patterns or breakout signals are detected.
🔷 IMPORTANT NOTE
This Signals may be delayed because pivots require confirmation, and false breakouts can occur. The displayed risk-reward ratio is a calculation, not a prediction of the outcome. Always use proper risk management and validate the indicator through backtesting before trading with real capital.
The Flag & Pole Pattern TP-SL [JPT] indicator detects bullish and bearish flag patterns using price action, ATR-based pole detection, and confirmed swing pivots. It identifies potential breakout opportunities and displays BUY/SELL signals directly on the chart.
🔷 HOW IT WORKS
• Pole Detection: Identifies a strong upward or downward price movement using ATR.
• Flag Formation: Detects flag structures using confirmed pivot highs and lows.
• Trendlines: Draws projected resistance and support boundaries around the flag.
• Breakout Confirmation: Generates a BUY signal when a candle closes above bullish flag resistance, or a SELL signal when a candle closes below bearish flag support.
• Take-Profit & Stop-Loss: Displays a blue target zone and a red stop-loss zone based on the entry price and flag boundary.
• Risk-Reward Ratio: Calculates the take-profit level using a configurable risk-reward ratio, set to 1.3:1 by default.
🔷 HOW TO USE
1. Add the indicator to your TradingView chart.
2. Adjust the pole lookback, ATR multiplier, pivot length, and maximum flag length to suit your trading timeframe.
3. Wait for a valid flag structure and a confirmed breakout signal.
4. For a BUY setup, consider entry after the candle closes above resistance. For a SELL setup, consider entry after the candle closes below support.
5. Review the displayed entry, stop-loss, and target levels before taking a trade.
6.Configure TradingView alerts to receive notifications when flag patterns or breakout signals are detected.
🔷 IMPORTANT NOTE
This Signals may be delayed because pivots require confirmation, and false breakouts can occur. The displayed risk-reward ratio is a calculation, not a prediction of the outcome. Always use proper risk management and validate the indicator through backtesting before trading with real capital.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
📈 FREE TELEGRAM CHANNEL
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
📈 FREE TELEGRAM CHANNEL
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
🥇 Free Daily Forex, Gold & BTC Trade Signals
📚 Daily Trading Lessons & Technical Analysis
Learn, improve, and follow the market with us — completely FREE.
📲 Join Now: t.me/JosProTrader_050
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.