Moving Average Channel plots separate simple moving averages for upper and lower bands on the price chart. It fills the space between bands with semi-transparent color and colors bars green above the upper band, red below the lower band, or gray in between. Us
Indicator · Pine Script v4 · On the chart
Butterfly Pattern
Butterfly Pattern plots a simple zigzag on the price chart.
Repaints
GitHub stars4on the repository
Pine versionv4older, still runs
Lines of code29
Settings0inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago4 Aug 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
29 lines of Pine Script v4 from Tradingview/zigzagBaseHarmonicPattern.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Liquid1209
//@version=4
study("Butterfly Pattern", overlay=true)
//********************
//**** Functions *****
//********************
zigzag() =>
_isUp = close >= open
_isDown = close <= open
_direction = 0
_direction := _isUp[1] and _isDown ? -1 : _isDown[1] and _isUp ? 1 : nz(_direction[1])
_highOfLastTwo = highest(2)
_lowOfLastTwo = lowest(2)
_zigzag = _isUp[1] and _isDown and _direction[1] != -1 ? _highOfLastTwo : _isDown[1] and _isUp and _direction[1] != 1 ? _lowOfLastTwo : na
_zigzag
//********************
//***** Plotting *****
//********************
ziggi = zigzag()
plot(ziggi, title='ziggi', color=color.green, linewidth=2)
Overview
Butterfly Pattern treats a bar as up or down from the close versus the open, then records a turn when that direction reverses. On a downward turn it uses the highest price of the last two bars, and on an upward turn the lowest of those two bars. The result is drawn as a green line. There are no inputs, harmonic ratios, or pattern labels in the shown code. Points can change while the current bar is still forming.
- Two-bar high and low zigzag
- Candle direction reversal turns
- Green overlay line
- No user inputs
Details
Published by
fox-buddy on GitHub
Code credit
Liquid1209, as written in the script's header
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
Similar Pine Scripts
This overlay indicator finds pivot highs and lows on the price chart and compares the last two highs and the last two lows. When the percentage difference between a pair is below the Equal HL threshold, it treats them as equal levels and draws a box. Left and
This indicator monitors multiple cryptocurrency symbols for trading signals. It calculates and plots entry prices, take profit, and stop loss levels for each symbol including BTCUSDT, ETHUSDT, BNBUSDT and others. Price crossovers trigger buy, sell or close ale
This overlay indicator draws a fixed-range volume profile on the price chart, splitting traded activity into up and down volume at each price level. It also plots a sentiment profile, a developing point of control, and value-area high and low around a configur
The BZ-tracker indicator marks ARK Invest buy and sell transactions on stock charts with labels. It plots green labels for purchases and red labels for sales, each annotated with a multiplier such as X1 or X2 to show the number of ARK ETFs trading the stock on
This indicator fits a linear regression through stored pivot highs and lows and draws the resulting channel on the price chart. A function returns predicted values, maximum and minimum deviations, and the average absolute deviation. Confirmed two-bar pivots up
Trade Your Charts With a Regulated Broker
Compare brokers that connect to TradingView, with spreads, minimum deposits and leverage side by side.
Compare brokers