Triangle Reversal Pattern Indicator (ThinkOrSwim) v1.0

This is a ThinkOrSwim indicator for the Triangle Reversal Pattern stock trading strategy as talked about by @PennyTrashPanda on Twitter/X.

1. Places an up arrow on your chart to help you better identify when a TRP may be potentially developing.

2. Works on both the ThinkOrSwim desktop and mobile app.

3. Allows you to create alerts for individual tickers when the arrow indicator appears. Instructions for setting alerts are included.

4. You can customize the color and size of the arrow in the study settings, or even change it from an arrow to a dot.

The arrow is placed on the 2nd candle in the setup, because if it was placed on the 3rd candle, the move would likely be missed by the time it signals. By placing it on the 2nd candle, it gives you an advance notice of a potential setup, and gives you time to better analyze a potential play. But, be aware that this also means that the full setup may not materialize every time the indicator signals.

This indicator is designed to exclude the top wick of the first candle in the setup. Therefore, if the high of Candle 2 breaks above the open of Candle 1, the arrow indicator will disappear. This is done in order to filter out some setups that may have low reward.

However, please note that not every instance of this indicator signaling is going to equate to a successful TRP setup or trade. !This indicator is NOT a buy signal! It is designed merely to help you identify when a Triangle Reversal Pattern may be potentially developing. You MUST use your own due diligence to analyze each scan result and potential trade setup to determine if you want to trade it or not.

This indicator is written in ThinkScript code and will only work on the ThinkOrSwim trading platform.

See the included "readme" file for installation instructions.

Disclaimer and Terms of Use
This is not financial advice. This indicator is for information and entertainment purposes only. Any trades made using this indicator are your own, by way of your own due diligence. You assume full responsibility for any losses incurred while using this indicator. The creator of this script bears no responsibility for any trades made or losses incurred. By downloading and/or using this script, you thereby agree to these terms.