Flag Screener
Nov 23, 2024
The Flag Screener indicator is a multi-symbol scanning tool designed to identify bull and bear flag continuation patterns across up to 40 different securities in real time.
Usage
The Usage section describes how the script can be used to monitor market sentiment and potential trend continuations. Users provide a comma-separated list of ticker symbols in the settings, which the indicator then monitors for specific price action criteria.
- Identifying Bull Flags: Look for a strong upward price surge (the pole) followed by a slight downward or sideways consolidation (the flag).
- Identifying Bear Flags: Look for a sharp decline (the pole) followed by a slight upward or sideways consolidation (the flag).
- Table Interpretation: The on-screen table displays the status of each symbol. A green cell indicates a Bull Flag, a red cell indicates a Bear Flag, and a neutral cell indicates no pattern is currently detected.
- Breakouts: The tool can alert users when price breaks out of the flag consolidation, signaling a potential resumption of the primary trend.
Details
The script identifies flags based on two primary components: the Pole and the Flag.
- The Pole: Represents the initial strong momentum move. It is characterized by a significant percentage gain (for bull) or loss (for bear) within a specific number of bars.
- The Flag: Represents a consolidation phase. For a valid pattern, the "depth" of this consolidation must remain within a user-defined percentage of the pole's peak/trough to ensure the trend remains intact.
The screener utilizes request.security to fetch data for the user-defined symbols, allowing for a comprehensive overview of the market from a single chart.
Settings
Screener
- Table Placement: Determines the vertical and horizontal position of the screener table on the chart.
- Table Header Color: Sets the background color for the table's header row.
- Text Size: Adjusts the font size of the text within the table.
- Symbols: A text area where users input a comma-separated list of symbols to monitor (e.g., "TSLA,NVDA,AAPL").
Bull Flag Criteria
- Max Flag Depth: The maximum percentage pullback allowed from the flag's high point.
- Max/Min Flag Length: The range of bars allowed for the consolidation phase.
- Prior Uptrend Minimum: The minimum percentage gain required to qualify as a flagpole.
- Max/Min Flag Pole Length: The range of bars allowed for the initial trend move.
Bear Flag Criteria
- Max Flag Rally: The maximum percentage rally allowed from the flag's low point.
- Max/Min Flag Length: The range of bars allowed for the bearish consolidation phase.
- Prior Downtrend Minimum: The minimum percentage loss required to qualify as a flagpole.
- Max/Min Flag Pole Length: The range of bars allowed for the initial downward trend move.
FAQ
How do I add more symbols to the screener?
Open the indicator settings and navigate to the "Screener" group. In the "Symbols" text area, enter your desired tickers separated by commas without spaces for best results.
Can I use this on any timeframe?
Yes, the Flag Screener can be used on any timeframe. You should adjust the "Flag Length" and "Pole Length" settings to better match the volatility and bar counts typical of your preferred timeframe.
How do I access the Flag Screener?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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