JRL_6

3-Bar and 4-Bar Plays

This indicator helps identify 3-bar and 4-bar plays, which are price action patterns consisting of a wide ranging bar that breaks above or below resistance or support, followed by one or two collecting/consolidating bars, then a continuation bar in the direction of the new trend. The 3 and 4-bar play is taught by Jared Wesley and Anmol Singh at Live Traders.

The indicator works by looking for a wide ranging bar breaking out of an offset donchian channel, followed by one or two consolidating bars, then a continuation in the direction of the move. The script will place a label on the chart when it spots the pattern and alerts can be set up. Enjoy!
Notes de version: Updated bar size calculation algo and made option to hide donchian channel
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Commentaires

Hi again. I've gone through a few stocks and can see something pop up on the historcal data indicating the set up.
Do we get an alert when this happens?
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HI, I've loaded this onto a 5 minute chart and can see the channel created by the support and resistance.Does this give some sort of indication that can alert me so I can enter a trade?
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Can you User manual it?,
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I tried putting this in Think or Swim studies, and it constantly gives me error messages and highlights the entire text in red. Doesn't work. Is this just not compatible with Think or Swim?
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JRL_6 jlayneVA
@jlayneVA, Correct, this is just for the TradingView system. TOS runs a different codebase.
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