Chart Patterns (PRO) [ActiveQuants]Unlock the full potential of chart pattern trading with Chart Patterns (PRO) ! This advanced indicator goes beyond basic detection, offering a comprehensive suite of tools for serious traders. Automatically identify an extensive range of reversal and continuation patterns, complete with projected price targets , visually appealing pattern fills , and a sophisticated multi-status alert system .
How It Works
The indicator employs a sophisticated multi-stage process:
Precision Pivot Detection: At its heart, the indicator identifies significant swing highs and lows (pivot points) using an optimized internal period. These pivots are the fundamental building blocks for all pattern recognition. ( Users can toggle visibility of these pivots ).
Advanced Pattern Recognition Engine: Sequences of these pivot points are meticulously analyzed against a vast library of predefined geometric conditions to identify chart patterns. This includes checks for relative pivot heights/lows, slope analysis of trendlines, and ATR-based proportionality for patterns like Head & Shoulders.
Dynamic Status Tracking & Invalidation:
- Active: A pattern's initial structure is identified (e.g., two tops of a Double Top, or the converging trendlines of a Pennant). The pattern is developing.
- Confirmed: The pattern completes, and price breaks out/down from a key level (e.g., neckline, trendline) in the expected direction. Price targets are plotted upon confirmation.
- Invalidated: If price breaks out/down in the opposite direction of what's expected for an "Active" pattern, or if a new pivot forms that structurally compromises an "Active" Double Top/Bottom or Head & Shoulders before its confirmation, the pattern is marked "Invalid".
Price Target Projection: For confirmed patterns (excluding simple HH/LL structures), the indicator automatically calculates and plots potential price targets based on common technical analysis principles (e.g., pattern height projected from the breakout point).
█ DETECTED CHART PATTERNS
Chart Patterns (PRO) identifies a comprehensive list of 20 patterns, categorized for clarity:
I. Simple Market Structures:
Lower Low (LL): Indicates bearish pressure, potentially forming part of a larger downtrend.
Lower Low & Lower High (LL & LH): Stronger confirmation of a bearish trend.
Higher High (HH): Signals bullish strength, potentially part of an uptrend.
Higher High & Higher Low (HH & HL): Stronger confirmation of a bullish trend.
II. Reversal Patterns:
These patterns typically signal a potential end of the current trend and the beginning of a new one in the opposite direction.
Double Top (DT): Bearish reversal. Two distinct peaks at similar levels.
Double Bottom (DB): Bullish reversal. Two distinct troughs at similar levels.
Head and Shoulders (H&S): Bearish reversal. A central peak (head) flanked by two smaller peaks (shoulders).
Inverse Head and Shoulders (Inv H&S): Bullish reversal. A central trough (head) flanked by two smaller troughs (shoulders).
Rising Wedge From Uptrend (RW From UT): Bearish reversal. Converging trendlines with an upward slant during an uptrend.
Falling Wedge From Downtrend (FW From DT): Bullish reversal. Converging trendlines with a downward slant during a downtrend.
Bearish Ascending Triangle (Reversal): Bearish reversal. A horizontal resistance line with rising support, typically occurring after a downtrend.
Bullish Descending Triangle (Reversal): Bullish reversal. A horizontal support line with falling resistance, typically occurring after an uptrend.
III. Continuation Patterns:
These patterns typically suggest a temporary pause in the prevailing trend, after which the trend is likely to resume.
Rising Wedge From Downtrend (RW From DT): Bearish continuation. An upward-slanted consolidation during a downtrend.
Falling Wedge From Uptrend (FW From UT): Bullish continuation. A downward-slanted consolidation during an uptrend.
Bearish Pennant: Bearish continuation. A small symmetrical triangle (converging trendlines) after a sharp downward move.
Bullish Pennant: Bullish continuation. A small symmetrical triangle (converging trendlines) after a sharp upward move.
Bearish Flag: Bearish continuation. A short, rectangular consolidation (parallel trendlines, often upward sloping) after a sharp downward move.
Bullish Flag: Bullish continuation. A short, rectangular consolidation (parallel trendlines, often downward sloping) after a sharp upward move.
Bearish Descending Triangle: Bearish continuation. Horizontal support and a descending resistance line during a downtrend.
Bullish Ascending Triangle: Bullish continuation. Horizontal resistance and an ascending support line during an uptrend.
█ KEY FEATURES
- Automatic Price Target Projection:
Once a pattern is "Confirmed," a price target is automatically plotted on the chart.
Targets are calculated based on established technical methods, typically measuring the height of the pattern and projecting it from the breakout point.
Includes a label displaying the target price level. Toggle with Show Price Targets .
- Advanced Multi-Status Alerts:
Never miss an opportunity with highly configurable alerts.
Receive notifications when a pattern is:
- Developing (Active): Get an early heads-up.
- Confirmed: Act on breakout signals.
- Invalidated: Re-assess your strategy quickly.
Alerts automatically include the pattern type and its status (e.g., "Double Top - Confirmed ✅").
Additional contextual information included by default: Ticker Symbol, Chart Timeframe, Current Price, and Projected Target Price (for confirmed patterns).
Enable/disable all alerts via the Enable Alerts setting.
- Comprehensive Pattern Validation & Invalidation:
Patterns like Wedges, Triangles, Pennants, and Flags are monitored for breakouts. A breakout in the expected direction confirms the pattern; a breakout in the opposite direction invalidates it.
Double Tops/Bottoms and Head & Shoulders have pre-confirmation invalidation logic: if a new pivot forms that compromises the pattern's structure before the neckline breaks, the pattern is marked "Invalid". This helps filter out weaker setups.
ATR is used internally for proportional checks in patterns like Head & Shoulders, ensuring more reliable formations.
- Superior Visualizations:
Pattern Fills: Wedges, Triangles, Pennants, and Flags are visually enhanced with a semi-transparent fill between their trendlines, making them easy to spot.
Clear Necklines & Trendlines: Critical lines for patterns are drawn clearly.
Distinct Labels: Each pattern receives a main label (e.g., "H&S", "BullP"). Double Tops/Bottoms and H&S also get individual component labels (Top 1/2, Shoulder 1/Head/Shoulder 2).
Customizable Colors: Set distinct colors for bullish and bearish patterns.
- Pattern Display Control:
Toggle visibility for each of the 20 individual pattern types.
Filter displayed patterns by their status: All , Active , Confirmed , or Invalid .
Control historical depth with Show Last History (Bars) .
- Pivot Point Engine:
The indicator uses an optimized internal lookback period for robust pivot detection.
Optionally display these pivot high and low markers on your chart, with customizable colors.
█ USER INPUTS
Visibility and Common Styling
- Show Last History (Bars):
Number of recent bars the indicator will analyze and plot patterns on.
Default: 3000. Min: 10.
- Patterns (Visibility Filter):
Filters displayed patterns based on their status.
Options: All, Active, Confirmed, Invalid.
Default: All.
- Show Price Targets:
Toggles the display of calculated price targets for confirmed patterns.
Default: Enabled.
- Bearish Color:
Sets the color for bearish patterns and their components.
Default: Red.
- Bullish Color:
Sets the color for bullish patterns and their components.
Default: Green.
Pivot Points
- Show Pivot Highs:
Toggles the visibility of detected pivot high markers.
Default: Enabled.
- Show Pivot Lows:
Toggles the visibility of detected pivot low markers.
Default: Enabled.
- Pivot Highs Color:
Color for pivot high markers.
Default: #ff5252 (Reddish).
- Pivot Lows Color:
Color for pivot low markers.
Default: #089981 (Greenish).
Pattern Toggles (Grouped by Type)
- Simple Structures:
Lower Low (Default: Enabled)
Lower Low & Lower High (Default: Enabled)
Higher High (Default: Enabled)
Higher High & Higher Low (Default: Enabled)
- Reversal Patterns:
Double Tops (Default: Enabled)
Double Bottoms (Default: Enabled)
Head and Shoulders (Default: Enabled)
Inverse Head and Shoulders (Default: Enabled)
Rising Wedges From Uptrend (Default: Enabled)
Falling Wedges From Downtrend (Default: Enabled)
Bearish Ascending Triangles (Reversal context) (Default: Enabled)
Bullish Descending Triangles (Reversal context) (Default: Enabled)
- Continuation Patterns:
Rising Wedges From Downtrend (Default: Enabled)
Falling Wedges From Uptrend (Default: Enabled)
Bearish Pennants (Default: Enabled)
Bullish Pennants (Default: Enabled)
Bearish Flags (Default: Enabled)
Bullish Flags (Default: Enabled)
Bearish Descending Triangles (Continuation context) (Default: Enabled)
Bullish Ascending Triangles (Continuation context) (Default: Enabled)
Alerts
- Enable Alerts:
Master switch to enable or disable all alert notifications from this indicator.
Default: Enabled. ( Alert messages are pre-configured to include Pattern Type, Status, Symbol, Timeframe, Price, and Target Price when applicable and confirmed ).
█ UNDERSTANDING PATTERN INVALIDATION
Trendline Patterns (Wedges, Triangles, Pennants, Flags): An "Active" pattern is invalidated if price breaks its trendlines in the direction opposite to the expected breakout before a confirmation occurs. E.g., an Active Bullish Pennant is invalidated if price breaks below its lower trendline.
Neckline Patterns (Double Tops/Bottoms, H&S): An "Active" pattern can be invalidated before a neckline break if a new pivot point forms that violates the pattern's structural integrity.
Example (Double Top): If Top 1, Neckline (P5), and Top 2 form (Active status), but before price breaks below P5, a new swing low forms at or above P5, the Double Top is invalidated. This indicates a failure to break support and potential renewed strength.
█ ALERTS GUIDE
Add the " Chart Patterns (PRO) " indicator to your chart.
Ensure Enable Alerts is checked in the indicator settings.
In TradingView, click the "Alert" icon (clock) in the right toolbar or press ALT + A .
In the "Create Alert" dialog:
- Condition: Select " Chart Patterns (PRO) ".
- For the condition dropdown below it, choose " Any alert() function call ". This will trigger for any alert generated by the script.
- Interval: Choose whatever interval you want the alert to be triggered.
- Expiration: Choose the expiration date.
Customize your alert notification preferences (popup, email, webhook, etc.) and click " Create ".
You will now receive alerts for pattern status changes (Developing, Confirmed, Invalidated) with detailed information.
█ CONCLUSION
The Chart Patterns (PRO) indicator is an indispensable tool for traders aiming to optimize their workflow. By automatically identifying and drawing classical chart patterns, it eliminates the need for manual chart analysis, thereby enabling users to dedicate substantially less time to chart monitoring. Its comprehensive detection, coupled with actionable insights like price targets and a meticulous status tracking system with alerts, provides a significant analytical edge. Automate your pattern recognition and drawing, and concentrate on making informed trading decisions with enhanced efficiency.
█ IMPORTANT NOTES
⚠ Confirmation is Crucial: While "Active" patterns provide early warnings, always await "Confirmed" status (e.g., neckline/trendline breaks) and consider volume and broader market context.
⚠ Non-Repainting Logic: Pattern detection and status updates are based on confirmed price bars and pivot points. Once a pattern is fully formed and its status set (Active, Confirmed, Invalid), it will not repaint its historical state. Initial drawing of "Active" patterns extends to the current bar and updates dynamically.
⚠ Combine with Other Tools: No indicator is a standalone solution. Use Chart Patterns (PRO) in conjunction with other forms of analysis (e.g., fundamental analysis, other indicators, volume analysis) and robust risk management .
⚠ Historical Data: Ensure sufficient historical data on your chart for patterns to form and be detected accurately. The Show Last History (Bars) setting can manage this.
⚠ Lagging Nature: By their very definition, chart patterns are lagging indicators as they require a sequence of price action and several pivot points to complete their formation.
█ RISK DISCLAIMER
Trading involves substantial risk of loss and is not suitable for all investors. The Chart Patterns (PRO) indicator and its generated information are for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. Chart patterns and projected targets indicate potential price movements based on historical tendencies but do not guarantee future results. Always conduct your own due diligence, consider multiple factors, and consult with a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.
📈 Happy trading! 🚀
Chartpatternanalysis
Identify Rally, Base & Drop CandleThis Pine Script indicator identifies and labels rally, base, and drop candles on your chart, aiding traders in recognizing key price action phases. Rally candles represent periods of upward price momentum, typically characterized by strong bullish movement. Base candles indicate consolidation or sideways movement, suggesting a temporary pause in the trend. Drop candles signify downward price momentum, often accompanied by strong bearish movement. By identifying these distinct candle types, traders can gain insights into the market's current phase and potential future price movements.
Key Features:
Identifies rally, base, and drop candles based on customizable criteria such as body percentage.
Labels each candle type for easy visualization and interpretation.
Helps traders identify trend continuation or potential reversal points.
Compatible with various timeframes and trading instruments.
Customizable parameters allow traders to adjust the sensitivity of the identification process to suit their trading strategies.
Usage Instructions:
Apply the indicator to your chart.
Configure the settings according to your preferences
Observe the labeled candles on the chart to identify rally, base, and drop phases.
Consider additional analysis and risk management strategies to confirm trading decisions and manage risk effectively.
Disclaimer: This indicator is provided for informational and educational purposes only. It is not intended as financial advice or trading recommendations. Trading involves risks, and it's essential to conduct thorough research and practice proper risk management techniques.
Dip & Rip Patterns - The Quant Science🇺🇸
GENERAL OVERVIEW
This indicator detects Dip and Rip patterns by quickly highlighting them on the chart.
These patterns have become popular during the pandemic period mainly in the stock, ETF and cryptocurrency markets on which traders use two interesting strategies:
Buy The Dip
Sell The Rip
Before going into the merits of this technical indicator, let's understand what these two patterns mean and what they identify precisely.
Rip (Rise In Price) : wants to identify a market condition in which the price rises rapidly, for example from $100 to $110 in a few minutes or hours.
Dip (Drop In Price) : wants to identify a market condition in which the price drops rapidly, for example from $100 to $90 in a few minutes or hours.
HOW TO USE
For a better user experience, we recommend choosing a neutral colour for the candles while analysing with this indicator. You can quickly change the colour in Chart Settings > Symbol > Candles .
Depending on the configuration set by the user, the indicator will show Dip (Dip In Price) patterns in red and Rip (Rise In Price) patterns in green.
When the pattern forms, a circle will be displayed and a vertical line will be coloured on the chart along with the body of the candle. The user will then be able to quickly and easily track the configured market conditions.
In this example, we decided to use a 4H timeframe on the BTC/USDT pair (Binance).
Set in the user interface:
Period: 20
Dip (%): -25
Rip (%): 20
Price falls by 25% or more in 80 hours (Dip Pattern).
Price rise by 25% or more in 80 hours (Rip Pattern).
The user can easily configure the parameters via the user interface in the Inputs section (A) and change the indicator design in the Properties section (B).
🇮🇹
PANORAMICA GENERALE
Questo indicatore rileva i Dip e Rip patterns evidenziandoli velocemente sul grafico.
Questi patterns sono diventati famosi durante il periodo pandemico principalmente nel mercato delle azioni, ETF e Criptovalute su cui i trader utilizzano due interessanti strategie:
Buy The Dip
Sell The Rip
Prima di entrare nel merito di questo indicatore tecnico, comprendiamo il significato di questi due pattern e cosa identificano precisamente.
Rip (Rise In Price) : vuole identificare una condizione di mercato in cui il prezzo sale rapidamente, per esempio passando da 100$ a 110$ in pochi minuti o poche ore.
Dip (Drop In Price) : vuole identificare una condizione di mercato in cui il prezzo cala rapidamente, per esempio passando da 100$ a 90$ in pochi minuti o poche ore.
UTILIZZO
Per una migliore esperienza utente consigliamo di scegliere un colore neutro per le candele mentre si analizza con questo indicatore. Puoi cambiare velocemente il colore in Chart Settings > Symbol > Candles .
In base alla configurazione impostata dall'utente l'indicatore mostrerà in rosso i pattern Dip (Dip In Price) e in verde i pattern Rip (Rise In Price).
Quando il pattern si forma verrà visualizzato un cerchio e una linea verticale sul grafico che sarà colorata insieme al corpo della candela. L'utente quindi potrà tracciare facilmente e velocemente le condizioni di mercato configurate.
In questo esempio abbiamo deciso di utilizzare un timeframe 4H con l'obbiettivo di ricercare i patterns sul pair BTC/USDT (Binance).
Impostiamo nell'interfaccia utente:
Period: 20
Dip (%): -25
Rip (%): 20
Il prezzo diminuisce del 25% o più in 80 ore (Dip Pattern).
Il prezzo aumenta del 25% o più in 80 ore (Rip Pattern).
L' utente può configurare facilmente i parametri attraverso l'interfaccia utente nella sezione Inputs (A) e modificare il design dell'indicatore nella sezione Properties (B).
Candles In Row (Expo)█ Overview
The Candles In Row (Expo) indicator is a powerful tool designed to track and visualize sequences of consecutive candlesticks in a price chart. Whether you're looking to gauge momentum or determine the prevailing trend, this indicator offers versatile functionality tailored to the needs of active traders. The Candles In Row indicator can be an integral part of a multi-timeframe trading strategy, allowing traders to understand market momentum, and set trading bias. By recognizing the patterns and likelihood of future price movements, traders can make more informed decisions and align their trades with the overall market direction.
█ How to use
The indicator enhances traders' understanding of the consecutive candle patterns, helping them to uncover trends and momentum. Consecutive candles in the same direction may indicate a strong trend. The Candles In Row indicator can be an essential tool for traders employing a multiple timeframes strategy.
Analyzing a Higher Timeframe:
Understanding Momentum: By analyzing consecutive green or red candles in a higher timeframe, traders can identify the prevailing momentum in the market. A series of green candles would suggest an upward trend, while a series of red candles would indicate a downward trend.
Predicting Next Candle: The indicator's predictive feature calculates the likelihood of the next candle being green or red based on historical patterns. This probability helps traders gauge the potential continuation of the trend.
Setting the Trading Bias: If the likelihood of the next candle being green is high, the trader may decide to focus on long (buy) opportunities. Conversely, if the likelihood of the next candle being red is high, the trader may look for short (sell) opportunities.
In this example, we are using the Heikin Ashi candles.
Moving to a Lower Timeframe:
Finding Entry Points: Once the trading bias is set based on the higher timeframe analysis, traders can switch to a lower timeframe to look for entry points in the direction of the bias. For example, if the higher timeframe suggests a high likelihood of a green candle, traders may look for buy opportunities in the lower timeframe.
Combining Timeframes for a Comprehensive Strategy:
Confirmation and Alignment: By analyzing the higher timeframe and confirming the direction in the lower timeframe, traders can ensure that they are trading in alignment with the broader trend.
Avoiding False Signals: By using a higher timeframe to set the trading bias and a lower timeframe to find entries, traders can avoid false signals and whipsaws that might be present in a single timeframe analysis.
█ Settings
Price Input Selection: Choose between regular open and close prices or Heikin Ashi candles as the basis for calculation.
Data Window Control: Decide between displaying the full data window or only the active data. You can also enable a counter that keeps track of the number of candles.
Alert Configuration: Set the desired number and color of consecutive candles that must occur in a row to trigger an alert.
Table Display Customization: Customize the location and size of the display table according to your preferences.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Pattern Forecast (Expo)█ Overview
The Pattern Forecast indicator is a technical analysis tool that scans historical price data to identify common chart patterns and then analyzes the price movements that followed these patterns. It takes this information and projects it into the future to provide traders with potential price actions that may occur if the same pattern is identified in real-time market data. This projection helps traders to understand the possible outcomes based on the previous occurrences of the pattern, thereby offering a clearer perspective of the market scenario. By analyzing the historical data and understanding the subsequent price movements following the appearance of a specific pattern, the indicator can provide valuable insights into potential future market behavior.
█ Calculations
The indicator works by scanning historical price data for various candlestick patterns. It includes all in-built TradingView patterns, credit to TradingView that has coded them.
Essentially, the indicator takes the historical price moves that followed the pattern to forecast what might happen next.
█ Example
In this example, the algorithm is set to search for the Inverted Hammer Bullish candlestick pattern. If the pattern is found, the historical outcome is then projected into the future. This helps traders to understand how the past pattern evolved over time.
█ How to use
Providing traders with a comprehensive understanding of historical patterns and their implications for future price action allows them to assess the likelihood of specific market scenarios objectively. For example, suppose the pattern forecast indicator suggests that a particular pattern is likely to lead to a bullish move in the market. A trader might consider going long if the same pattern is identified in the real-time market. Similarly, a trader might consider shorting the asset if the indicator suggests a bearish move is likely, if the same pattern is identified in the real-time market.
█ Settings
Pattern
Select the pattern that the indicator should scan for. All inbuilt TradingView patterns can be selected.
Forecast Candles
Number of candles to project into the future.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Chart pattern - Head and ShouldersThis script identifies the Head and Shoulders chart pattern as well as the reversed Head and Shoulders chart pattern.
It has many settings. For example, you can choose by what points you want to identify patterns - along the edges of wicks (tails, shadows), or along the edges of candle bodies .
In addition, there are several settings with which you can determine the parameters of the detected patterns - the length and ratio of the lines included in it.
The "Sensitivity" parameter will allow you to control the frequency of detected patterns , depending on whether you want the patterns to be detected more often, or if they cover a larger number of candles and thus be more reliable.
You can also customize your styles.
All key settings are accompanied by tooltips.
Ross Hook Pattern (Expo)█ Overview
The Ross Hook pattern is one of the most consistent and successful trading patterns that have been around for years. The Ross Hook is the first correction following the breakout of the 1-2-3 formation . This means that the Ross Hook only occurs in established trends. In other words, Ross Hook is a trend continuation setup. To fully understand the Ross Hook formation, you must understand the 1-2-3 pattern .
Ross Hook Pattern (Expo) is an indicator designed to detect the Ross Hook formation automatically and in real-time in any market and timeframe. With the inbuilt alert feature, the Ross Hook Pattern (Expo) Indicator analyzes the market for you and notifies you when the Ross Hook formations have been found.
█ How to use
Use this indicator to identify the Ross Hook pattern and to find good trend continuation setups. The formation can be used to determine when a trend is confirmed and established.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
