It’s now possible to find a variety of new Pine indicators available on our platform under Candlestick Patterns. Candlestick Patterns are used in technical analysis to predict future price movements.
Candlestick charts first appeared in Japan in the 18th century and are still used by millions of traders today. Although the movements of such charts often seem random, they sometimes form patterns that traders use for technical analysis.
These patterns are divided between bullish and bearish signals. Bullish patterns indicate that a security’s price is likely to go up, whereas bearish patterns indicate that the security’s price is likely to go down.
To add candle pattern indicators to the chart, go ahead and open Indicators and Strategies menu. From there, go to the Candlestick Patterns tab to see a list of all indicators currently available in this category. Select which pattern indicators you’d like to use from there.
If the indicator finds a candlestick pattern, a special label will appear on the chart: blue for Bullish indicators, red for Bearish indicators, or gray for indicators that can show both Bullish and Bearish signals.
If you’d like to learn more about the specific candlestick pattern featured, simply point to the placemark and read the popup information listed in the tooltip. Check out the picture below as an example.
The candle pattern search indicators work together with the alert system, so if you want to receive a notification every time a candle pattern appears on the chart, you can create a new alert via our Create Alert menu. To do this, you’ll need to add an indicator to the chart and then select it as an alert condition, as shown in the image below.
We hope you’ve enjoyed this update and we’re looking forward to your comments and feedback. We value your suggestions and they often have a great influence on what we choose to produce next, so keep them coming.