We’re pleased to announce the launch of an open beta test for a group of brand new indicators — Chart Patterns. These patterns are used in technical analysis to predict future price movements and determine the entry point to a position. At the moment, the following indicators are available, each of which looks for a corresponding pattern:
Separately, it is worth taking note of the Chart Pattern Elliott Wave indicator. This indicator compares the price movement with the most common Elliott Wave theory models — impulse and zigzag, and if it finds a match, it displays the best of them on the chart.
To add Chart Patterns to the Chart, open the Indicators, Metrics and Strategies menu, go to the Technicals tab and select Chart Patterns.
At the moment, the depth of pattern search is limited to the last 600 bars. By default, the indicators are configured to search for patterns in an uptrend. In order to look for inverted patterns in a downtrend, each indicator has an input parameter Invert. Thus, by enabling Invert, instead of a bullish flag, the indicator will look for a bearish flag, instead of a double top — a double bottom, etc.
We hope that the new indicators will be useful for you. We continue to work on refining our existing, and adding new, Chart Patterns and look forward to hearing your feedback, comments and suggestions for any improvements. We create TradingView for you, and are always happy to hear your opinion on what we create.