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The Pesavento Patterns study automatically determines the swing lines, and connects peaks with a line and labels the line with the retracement percentage. The study can also do the Fibonacci levels as a forecast for key retracement levels for the current trend.
The following property settings were used to create the Pesavento Patterns shown in the example chart.
Adjust the Min Size and Min Bars parameters until your chart shows just the main swings you want marked. A smaller value for the Minimum Size of the swing will allow minor swings to be marked and may clutter the chart with too many swings being shown. For the ES symbol the parameters of 5.00 for Min Size and 3 for Min Bars yield good results. Check the Forecast 1 and Forecast 2 check boxes if you want to have the Fibonacci levels for recent swings automatically shown on the chart. When Forecast 1 is checked, the Fibonacci levels are calculated for the prior swing and give price objectives for the current swing in progress. The example shows the current swing is nearing the 1.618 percent level where this measurement is 162% of the size of the prior swing. When Forecast 2 is checked, two additional Fibonacci levels may be shown using the ranges of prior swings. The 100% level is a good indicator of the top or bottom of the prior swing that is being used for the calculation. The Pesavento Patterns tool is totally automatic. The swings, triangles and their percentage labels, and the Fibonacci levels are drawn automatically and update in real time as bars are added to the chart and create new swings. If you want to exclude from the images a particular Fibonacci level and swing percentage, simply change the Draw Line style for a level to be the first entry in the Style drop down list. The first entry is a blank. Swing Labels:The LBL marker for the Up Trend and the Down Trend will label the swings with a dot and these letters:
Last modified 8/11/08 11:00 AM |
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