Quasar-61 › SPX (S&P 500 (SPY ETF)) · 4h
Head and Shoulders
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Draw it on TradingView
No bar counting. Copy the Pine Script and paste it into TradingView; the pattern, breakout, target and invalidation lines are drawn on exactly these candles.
- 1.Copy the script and open the chart on TradingView.
- 2.Open the Pine Editor at the bottom, clear it and paste.
- 3.Click "Add to chart"; the drawings appear.
Swing points
| Point | Candle open (UTC) | UTC | Bar # | Price |
|---|---|---|---|---|
| LS | Sep 22, 01:30 PM | Sep 22, 01:30 PM | 0 | 775.14 |
| N1 | Oct 1, 01:30 PM | Oct 1, 01:30 PM | 14 | 758.79 |
| H | Oct 6, 01:30 PM | Oct 6, 01:30 PM | 20 | 781.62 |
| N2 | Oct 16, 05:30 PM | Oct 16, 05:30 PM | 37 | 760.64 |
| RS | Oct 21, 05:30 PM | Oct 21, 05:30 PM | 43 | 774.44 |
| BRK | Oct 23, 01:30 PM | Oct 23, 01:30 PM | 761.36 |
Bar #: candles counted from the pattern's first point. Times are candle open times.
Lines
- NecklineSep 22, 01:30 PM · 757.66 → Oct 22, 05:30 PM · 761.28
This pattern's track record
On the 4h chart
20%
Target reached after breakout
- Breakout rate
- 69%
- Reached half the target
- 39%
- Average time to target
- 8.3 days
- Cases
- 55 resolved cases
All timeframes
28%
Target reached after breakout
- Breakout rate
- 62%
- Reached half the target
- 49%
- Average time to target
- 14.1 days
- Cases
- 168 resolved cases
What is this pattern?
A left shoulder, a higher head and a right shoulder near the left one. The line through the lows between them is the neckline. A close below it projects the head-to-neckline distance down from the breakout point.
A close above the right shoulder invalidates the pattern.
This is not investment advice. Patterns describe probabilities; the same pattern can resolve differently. Levels use classic technical-analysis measuring rules.