We are glad to announce that we have completed the period of open beta testing of Auto Chart Patterns. Auto Chart Patterns is a group of indicators that automatically detect various patterns on the chart, such as Double Top, Flag, Wedge, and others. As cool as these indicators are, please note though that from this day on, new Chart Patterns will be available only for Premium subscription holders.
It is also worth noting the Elliott Wave Chart Pattern indicator, which determines the most common patterns of Elliott wave theory: Impulse and Zigzag.
Patterns are built on pivot points, analyzing 5 candles before and 5 candles after each specific candle. Each of the indicators scans the last 600 bars and draws on the chart both patterns found in history and those which have already completed, as well as the most relevant patterns at the moment. If several patterns overlap each other, the indicator calculates the highest priority and uses it.
During the beta period, we have continuously improved our indicators based on your feedback. In the release version of automatic patterns, through the indicator settings, you can change how actively it reacts to changes on the chart: in the “In Progress” mode, patterns are searched for that have not yet been completed, i.e., their last two points have not yet been found and may not be reversal points. This approach makes it possible to identify patterns at the early stages of their formation. If you disable this setting, the indicator will only show formed patterns, but they will be farther from the last candle on the chart.
In Progress indicators also provide Price Target — additional logic, which is designed to quickly assess the target price level and track the status of the pattern as new data appears. By hovering over the “Target” label, the chart will display information about the price level at which the pattern is expected to end and whether this level has been reached.
The Elliott Wave indicator also identifies emerging patterns that have at least 3 waves, and draws the estimated projections of subsequent waves based on the Elliott wave theory and Fibonacci levels.
There are currently 15 indicators available that define different patterns. They can be found on the chart in the Indicators, Metrics & Strategies menu, Technicals section and Patterns group.
You can find more detailed information about each indicator in our Help center. Just enter the name of the pattern you are interested in into the search bar, or hover over the “?” in the indicator selection dialog.
We continue to work on improving and expanding the capabilities of the Auto Pattern Chart and hope you find these indicators useful. Please keep sending us your feedback and suggestions for improvement. We’re building TradingView for you, and we’re always happy to hear from you.