Chart Patterns ⁽⁸⁾

There is a strong bias about chart patterns and their interpretation in the technical analysis space. It is a very common belief that a rising wedge forms bearish sentiment and a falling wedge forms bullish sentiment. Is that really true and how much we can rely on such bias? In order to understand this, we need to dig a little bit about how such concepts could have come into the picture. The best I could get on the internet is an article…

Auto Chart Pattern is one of our most popular premium technical indicators. The indicator is designed to automatically spot breakout chart patterns on the chart and help users devise trading strategies on the basis. Link to the indicator: Auto Chart Pattern Ultimate Here is an attempt to gather and present stats and probabilities of different chart patterns. Here, we challenge a few traditional biases such as the rising wedge is bearish, the falling wedge is bullish etc. All the chart patterns identified…

An advanced technical indicator that scans for reversal chart patterns - Double Tap, Triple Tap, Cup and Handle, Head and Shoulder patterns Link to the Indicator: Recursive Reversal Chart Patterns Welcome to another exploration of Zigzag and Pattern ecosystem components. Previously we derived Pitchfork and Recursive Zigzag indicators. This indicator is designed to scan and highlight a few popular "Reversal Chart Patterns". Similar to other indicators in the ecosystem, this too is built on recursive zigzags. The indicator however names the patterns…

The indicator automatically draws pitchfork formations on a recursive zigzag. This algorithm is developed using the latest features of Pinescript of using methods and types. The script has the option to select different categories of pitchforks to be drawn. Popular types include Andrew's pitchfork, Schiff and Modified Schiff pitchforks. These can be further drawn as either regular or inside pitchforks. Link to the Indicator: Recursive Auto Pitchfork Indicator Say Hi to object-oriented programming with Pinescript using types and methods. This is the…

At Trendoscope, we specialise in designing and developing pattern recognition algorithms for technical trading. Our proprietary tools and algorithms provide traders and investors with the most accurate and reliable data possible, helping them make better decisions and achieve greater success in the markets. Link to the Indicator: Auto Trend Lines Indicator I started off with the intention of creating a script to identify Wolfe wave projection. But, soon ran into a problem with loops. Realized drawing a wedge is more difficult than…

Most sophisticated Chart Pattern Indicator you will ever find in the open source library of Tradingview. This indicator uses an advanced multi-zigzag algorithm to spot 5 or 6 pivot chart patterns. This is an earlier version of the Chart Patterns (Deep Search) Indicator Link to the Indicator: Multi Zigzag Wedge and Flag Finder Tradingview standard wedge checks for only 4 pivots. In this version, I have considered 5 pivots instead - which can help reduce noise as 4 pivots forming a wedge…

The Wolfe wave indicator is a very popular chart pattern used in options trading. The indicator spots the Wolfe formations and also suggests the rules of the Wolfe wave trading system. More details on the Wolfe Wave pattern is available on the tradingview page linked below. Link to the Indicator: Advanced Wolfe Wave Indicator Before getting into the script, I would like to explain a bit of the history of this project. Wolfe was in the back of my mind for some…

This algorithm tries to capture chart pattern by drawing trend line pairs for lower and higher pivots. The algorithm is so powerful that it can capture many well-known pattern such as converging and diverging triangles, rising and falling wedges, flags, trend and range channels etc. Link to the Indicator: Chart Pattern (Deep Search) After getting a good response on Wedge-and-Flag-Finder-Multi-zigzag, I thought I will build a little bit further into the script. Please note: The indicator has simple output where it only…