Pennant Brkout (ShowMe)Analysis Techniques & Strategies
Pennant Brkout (ShowMe)
| Name | Expression | Default | Description |
| Length | Numeric | 7 | Number of bars in pennant. |
| MaxConsolIndex | True/False | 1.5 | Enter a value in the 1-to-Length range; the lower this value, the tighter the consolidation pattern. |
| BarsPast | Numeric | 5 | The ShowMe will look for a pennant breakout for this many bars after the pennant is identified. |
| DrawLines | Numeric | True | To determine the existence of pennant line. |
| DrawExtensions | Numeric | True | To widen pennant line. |
| Color1 | Numeric | Red | Plot Color |
| Color2 | Numeric | Magenta | Plot Color |
This ShowMe will draw each pennant formation identified, and also plot the up or down breakout from each pennant, whichever comes first, if it occurs within BarsPast bars of the completion of the pennant. Pennant extensions for the BarsPast bars are plotted as points. The breakouts are plotted as cross ShowMe's.
If a new pennant is identified within BarsPast bars of the previous pennant, the new pennant supersedes the previous pennant, but if pennant graphics are being drawn (DrawLines = true ), the previous pennant graphics are not removed. If there is a breakout from the most recent pennant within BarsPast bars of its completion, plotted as a ShowMe, the pennant lines are drawn in a wider width. This helps to distinguish it from any other pennants nearby.
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