The scanner can be built to pick up on the trend with varying sensitivity (more on this below). Having a scanner in place to pick out this pattern makes it easier to plan strategies. Once the price action starts to move up again, the lines usually move upwards for approximately the same distance as they moved before to the bull flag formation. The flag always ends up looking like a down-slanted rectangle.
The tilt can go on between as less as three to as many as fifteen trading periods. The flag formation has a double edge, with two lines showing the support and resistance level. Just to recap, the bull flag is in the form of a tilted rectangle. The scanner itself makes sense and paired with the indicator alert makes for an easy solution for investors looking to get a failsafe scanner. There are no reviews on the product page, and the indicator is only for the Bullish Flag chart pattern indicator. Patternsmart is offering a Bullish Flag chart pattern indicator with alert, and scan for Thinkorswim TOS for a discount price of $249 from $299 at the time of writing. The Bull Flag Scanner on Thinkorswim Option 2: Patternsmart
#Descending wedge scanner code
Unfortunately as of July 2022 it appears that this code does not work on Apple Macs and most users agree that the code in post #1 is the best version. You can read more about creating a custom watchlist here Type in the name of your watchlist and it will appear, double click it and it will be put in your watchlist. If you can’t get the watchlist to work on thinkorswim then make sure you go into your watchlist and click the little gear that says customize. Mobius is a user well known in the Thinkorswim script community. This computation is commonly called the Mobius implementation, which you can find here. It seems that he didn’t use the popular fractal energy computation which is used in bull flag scanners. There is ongoing discussion over whether Ken’s code can be called a flag pattern. However you can set whatever timeframe you want by going to edit script, at the top of the box you will see timeframe, click on the letter “D” and you can change the time frame. Most users agree that using it on a daily time frame gives the best results. The script can also be used with other indicators such as Bollinger bands.
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