Pattern Scanner

About this indicator

I got tired of drawing the same channels and triangles by hand, so this does it for me. It looks back over recent bars, scores every pattern it can find out of 100, and draws the best one, or the best two when the second actually adds something. A typical example is a falling channel that broke out a few bars ago, with a consolidation forming since. It knows about channels and ranges, rising and falling wedges, ascending, descending and symmetrical triangles, flags and pennants, double and triple tops and bottoms, head and shoulders (normal and inverse), broadening formations (off by default) and plain consolidation boxes. Patterns that have broken out in the last few bars are ranked above ones still forming, and each one is labelled with what it is, which way it broke and how long ago. A breakout that slips straight back inside doesn’t count. If nothing scores high enough, you get a small note in the corner instead of a drawing. Worth knowing: * It works on highs and lows by default. There’s a setting to use closes instead, which some people prefer on daily charts. * “Minimum score” is the main control. Raise it if you want fewer, cleaner patterns; lower it if you want it to find more. * Lower the pivot strength if it’s missing patterns on smooth, fast moves. * You can switch any pattern family off, and change the fill colours. It’s pattern recognition, not a crystal ball, and reading patterns is subjective. You won’t agree with every call it makes, but it agrees with me most of the time. Feedback welcome.

No reviews yet, be the first to share how it works for you.