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1. Structure: The market must have formed at least 3 highs (peaks) and 2 lows (troughs).
2. Prior Trend: The most recent trend direction must be downwards (trend == -1).
3. Pattern Geometry: The relationship between the peaks and troughs must follow this specific sequence:
   1. The second-to-last high must be higher than the last high (h2 > h1).
   2. The second-to-last low must be higher than the most recent low (l1 > l0).
   3. The most recent high must be higher than the high before it (h0 > h1).

4. Confirmation: The closing price of the current bar must be above the level of the second-to-last low (l1).

Drawing Rules:

Once the above criteria are met, and if the indicator is not already monitoring another pattern for a breakout:

1. Pattern Outline: Four yellow trend lines are drawn, connecting the 5 points that form the "W" shape.
2. Signal Arrow: A yellow BUY arrow is placed at the low price of the bar where the pattern was confirmed.
3. Neckline Set: The system identifies the price level of the middle high (h1) as the "neckline." It then enters a monitoring state, waiting for the price to break above this level (waitingForBuBreakout = true).

3. The "M" (Bearish) Pattern: Detection & Drawing Rules

This pattern is the opposite of the "W" and is used to spot a potential top and the beginning of a new bearish (downward) trend.

Detection Criteria:

For the indicator to recognize an "M" pattern, all of the following conditions must be true:

1. Structure: The market must have formed at least 3 lows (troughs) and 2 highs (peaks).
2. Prior Trend: The most recent trend direction must be upwards (trend == 1).
3. Pattern Geometry: The relationship between the lows and peaks must be as follows:
   1. The second-to-last low must be lower than the last low (l2 < l1).
   2. The second-to-last high must be lower than the most recent high (h1 < h0).
   3. The most recent low must be lower than the low before it (l0 < l1).

4. Confirmation: The closing price of the current bar must be below the level of the second-to-last high (h1).

Drawing Rules:

When these conditions are satisfied, and no other breakout is being monitored:

1. Pattern Outline: Four magenta (pink) trend lines are drawn to connect the 5 points of the "M" shape.
2. Signal Arrow: A magenta SELL arrow is placed at the high price of the confirmation bar.
3. Neckline Set: The system marks the price level of the middle low (l1) as the "neckline" and begins waiting for a downward price break (waitingForBeBreakout = true).

4. How the Neckline Breakout is Drawn

After a pattern is drawn, the indicator patiently waits for the price to "break" the identified neckline. This is the final confirmation signal.

"W" Pattern Breakout (Bullish Confirmation):

1. A breakout is confirmed if the previous bar closed at or below the neckline, and the current bar closes above it.
2. When this happens, a solid yellow horizontal line is drawn from the point of the breakout, extending into the future. This clearly marks the breakout level.
3. After drawing the line, the indicator exits the monitoring state (waitingForBuBreakout = false).

"M" Pattern Breakout (Bearish Confirmation):

1. A breakout is confirmed if the previous bar closed at or above the neckline, and the current bar closes below it.
2. A solid magenta horizontal line is then drawn from the breakout point forward in time.
3. The indicator then stops monitoring for this specific breakout (waitingForBeBreakout = false).

I have developed an indicator based on these rules, but I feel that it is not yet drawing the patterns as efficiently as it could. If anyone with knowledge on this subject is interested, they are welcome to improve upon it using the open-source code provided below.