CHART PATTERNS

1. Chart Pattern Bearish Flag

A bearish flag is a technical analysis figure that implies a continuation of

the main trend after some correction. The main trend forms a flagpole,
and the correction forms a parallel flag channel. The price in the channel
should not rise above the middle of the flagpole. It is expected that after
the price breaks the flag's parallel channel down, further price decline is
expected to be approximately equal to the size of the flagpole.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and lines of the
parallel flag channel (Flag). The start and end points of each price line
are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed
by the close value. Crossing the flag line with the close value in the
interval between points 2 and 5 is not allowed. In the In Progress mode,
the indicator looks for not only formed, but also emerging patterns. The
last two points of such a pattern may not be in pivots, and the last price
line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The price did not reach the expected level, while there is
no high value in the channel above the middle of the flagpole. If
the price has broken through the lower line of the flag, then the
condition must be met that after that it has not risen above the
maximum of all the high flag channels.
  Reached. The price broke the lower line of the flag and reached
the expected level.
 Failed. The price broke the lower line, did not reach the target level
and rose above the maximum of all the highs of the channel, either
the price broke the upper line, or a high appeared in the flag
channel above the middle of the flagpole.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the statuses of the intersecting
patterns are Failed or Reached, or the status of both is Awaiting, then
the chart will display the pattern in which points 3 and 5 are located
closer to the lower line of the flag channel. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1,
2 or 4.
 Pattern Breakout. It is triggered when a bar that has closed outside
the flag appears. Only the breakout in the direction of the target is
registered. A breakout in the opposite direction will not trigger an
alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
  Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Permissible Deviation – The maximum allowable deviation of
points in the flag from the lines of the parallel channel. Calculated
as a percentage of the channel height.
 In Progress – Search for emerging patterns.

2. Chart Pattern Bullish Flag

A bullish flag is a technical analysis figure that implies a continuation of

the main trend after some correction. The main trend forms a flagpole,
and the correction forms a parallel flag channel. The price in the channel
should not fall below the middle of the flagpole. It is expected that after
the price breaks the flag's parallel channel up, further price growth is
expected to be approximately equal to the size of the flagpole.

The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements Price Line and lines of the
parallel flag channel Flag. The start and end points of each price line are
in 5/5 pivots. A pivot point is a local extremum (minimum or maximum) to
the left and right of which there are no price values that exceed this
extremum. Thus, a point will be a 5/5 pivot high if there are no high
values 5 bars to the left and 5 bars to the right of it that are higher than
this value at this point. The breakout of the pattern is fixed by the close
value. Crossing the flag line with the close value in the interval between
points 2 and 5 is not allowed. In the In Progress mode, the indicator
looks for not only formed, but also emerging patterns. The last two points
of such a pattern may not be in pivots, and the last price line will be
dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The price did not reach the expected level, while there is
no low value in the channel below the middle of the flagpole. If the
price breaks through the upper line of the flag, then the condition
must be met that after that it did not fall below the minimum of all
the low flag channels.
 Reached. The price broke the upper line of the flag and reached
the expected level.
 Failed. The price broke the upper line, did not reach the target
level and fell below the minimum of all the low channels, either the
 price broke the lower line, or a low appeared in the flag channel
below the middle of the flagpole.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the statuses of the intersecting
patterns are Failed or Reached, or the status of both is Awaiting, then
the chart will display the pattern in which points 3 and 5 are located
closer to the lower line of the flag channel. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1,
2 or 4.
 Pattern Breakout. It is triggered when a bar that has closed outside
the flag appears. Only the breakout in the direction of the target is
registered. A breakout in the opposite direction will not trigger an
alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Permissible Deviation – The maximum allowable deviation of
points in the flag from the lines of the parallel channel. Calculated
as a percentage of the channel height.
  In Progress – Search for emerging patterns.

1. Chart Pattern Cup and Handle

Cup and Handle is an indicator that highlights a continuation pattern: a

U-shaped correction of the main trend - the cup - and another small
corrective movement after the cup, which can also have a U-shape or be
represented as a trend line with a downward slope - the handle. The
edges of the cup should be approximately at the same level. It is
expected that after the breakout of the trend line, the price will go further
up by a distance equal to the height of the bowl.
The indicator searches for patterns on the last 600 bars. The pattern
consists of a line outlining a cup and a line indicating a handle (Price
Line). Points 1, 3 and 4, as marked in the screenshot, are located on 5/5
pivot points. A pivot point is a local extremum (minimum or maximum) to
the left and right of which there are no price values that exceed this
extremum. Thus, a point will be a 5/5 pivot high if there are no high
values 5 bars to the left and 5 bars to the right of it that are higher than
this value at this point. Point 2 is located in the center of the cup and at
the price of a lowest low of the 5/5 pivot point, which is located in a small
range to the left and right of the center of the cup. The minimum width of
the cup is 20 bars, and the handle cannot be longer than the cup.
In the In Progress mode, the indicator searches not only for formed
patterns, but also for patterns that are still being formed. The last point of
such a pattern (point 4) may not be in the pivot point, in this case the
handle line will be dotted. When forming the handle, the lowest low
values between points 3 and 4 and between point 4 and the end of the
handle are taken into account. The low between points 3 and 4 should
be higher than the low between point 4 and the end of the handle line.
The breakout of the pattern is based on the close value of the symbol.
The dotted line that ends with the Target label indicates the expected
price level after the pattern is fully formed. As new bars appear, the line
extends to the right to the latest bar until the status of the pattern
changes from Awaiting to any other. The label's tooltip shows the price
and the current status of the pattern. When the status changes, the color
of the label changes as well. There are 4 statuses in total:
 Awaiting - the handle is not broken through, or it is broken through
and at the same time the price has not gone below the threshold
value (determined by the Handle Max Rollback input) and has not
reached the target yet.
 Reached - the price broke through the handle and reached the
target.
 Failed - the price did not reach the target and went below the
threshold value, or the handle became longer than the cup.
 Indefinable - the indicator cannot uniquely determine the status of
the pattern.
If the indicator finds two overlapping patterns, then preference is given to
the one with the Awaiting status. If the statuses of the overlapping
patterns are Failed or Reached or the status of both is Awaiting, then the
chart will display the pattern whose cup shape is closer to the U-shaped
one. A pattern with the Indefinable status is deleted if it intersects with a
pattern with a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
point 1, 2 or 3.
 Pattern Breakout. It is triggered when a bar appears that has
closed above the handle line.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - determines which patterns will be displayed on the chart
depending on their status. Possible values: All, Awaiting and
Reached, Only Awaiting, Last Awaiting.
  Price Targets - determines which price targets will be displayed on
the chart depending on the status of the pattern. Possible values:
All, Only Awaiting, Awaiting and Reached, None.
 Permissible Deviation - determines the maximum allowable price
difference along the edges of the cup. It is calculated as a
percentage of the height of the cup.
 Handle Max Rollback - determines the maximum allowable price
reduction in the handle, calculated as a percentage of the height of
the cup.
 Cup Max Rollback - determines the maximum allowable decrease
in the price in the cup relative to the previous trend. It is calculated
as a percentage of the height of the previous trend. The checkbox
enables/disables parameter check and trend search before the
pattern. The option is disabled by default.
 In Progress - searching for the patterns which are being formed.

3. Chart Pattern Inverted Cup and Handle

Inverted Cup and Handle is an indicator that highlights a continuation
pattern: a U-shaped correction of the main trend - the cup - and another
small corrective movement after the cup, which can also have a U-shape
or be represented as a trend line with a upward slope - the handle. The
edges of the cup should be approximately at the same level. It is
expected that after the breakout of the trend line, the price will go further
down by a distance equal to the height of the bowl.

The indicator searches for patterns on the last 600 bars. The pattern
consists of a line outlining a cup and a line indicating a handle (Price
Line). Points 1, 3 and 4, as marked in the screenshot, are located on 5/5
pivot points. A pivot point is a local extremum (minimum or maximum) to
the left and right of which there are no price values that exceed this
extremum. Thus, a point will be a 5/5 pivot high if there are no high
values 5 bars to the left and 5 bars to the right of it that are higher than
this value at this point. Point 2 is located in the center of the cup and at
the price of a highest high of the 5/5 pivot point, which is located in a
small range to the left and right of the center of the cup. The minimum
width of the cup is 20 bars, and the handle cannot be longer than the
cup.
In the In Progress mode, the indicator searches not only for formed
patterns, but also for patterns that are still being formed. The last point of
such a pattern (point 4) may not be in the pivot point, in this case the
handle line will be dotted. When forming the handle, the highest high
values between points 3 and 4 and between point 4 and the end of the
handle are taken into account. The high between points 3 and 4 should
be lower than the high between point 4 and the end of the handle line.
The breakout of the pattern is based on the close value of the symbol.
The dotted line that ends with the Target label indicates the expected
price level after the pattern is fully formed. As new bars appear, the line
extends to the right to the latest bar until the status of the pattern
changes from Awaiting to any other. The label’s tooltip shows the price
and the current status of the pattern. When the status changes, the color
of the label also changes. There are 4 statuses in total:
 Awaiting - the handle is not broken through, or it is broken through
and at the same time the price has not gone above the threshold
value (determined by the Handle Max Rollback input) and has not
reached the target yet.
 Reached - the price broke through the handle and reached the
target.
 Failed - the price did not reach the target and went above the
threshold value, or the handle became longer than the cup.
 Indefinable - the indicator cannot uniquely determine the status of
the pattern.
If the indicator finds two overlapping patterns, then preference is given to
the one with the Awaiting status. If the statuses of the overlapping
patterns are Failed or Reached or the status of both is Awaiting, then the
chart will display the pattern whose cup shape is closer to the U-shaped
one. A pattern with the Indefinable status is deleted if it intersects with a
pattern with a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
point 1, 2 or 3.
 Pattern Breakout. It is triggered when a bar appears that has
closed below the handle line.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - determines which patterns will be displayed on the chart
depending on their status. Possible values: All, Awaiting and
Reached, Only Awaiting, Last Awaiting.
 Price Targets - determines which price targets will be displayed on
the chart depending on the status of the pattern. Possible values:
All, Only Awaiting, Awaiting and Reached, None.
 Permissible Deviation - determines the maximum allowable price
difference along the edges of the cup. It is calculated as a
percentage of the height of the cup.
 Handle Max Rollback - determines the maximum allowable price
increase in the handle, calculated as a percentage of the height of
the cup.
 Cup Max Rollback - determines the maximum allowable price
increase in the cup relative to the previous trend. It is calculated as
a percentage of the height of the previous trend. The checkbox
enables/disables parameter check and trend search before
building a pattern. The option is disabled by default.
 In Progress - searching for the patterns which are being formed.

4. Chart Pattern Double Bottom

Please note that the information about expected price targets
provided by Auto Chart Patterns isn't a recommendation for what
you should personally do. Do not take this data as investment
advice. It should only be used for education and research. As with
any trade, always look first and then leap.
Double bottom is a reversal pattern formed by two consecutive
lows that are at the same level (a slight difference in values is
allowed) and an intermediate high between them. It is expected
that after the price again reaches the level of the first low and then
turns around and goes above the intermediate high level, further
price growth is expected to continue further by about the difference
between the lows and the high.
The indicator searches for patterns on the last 600 bars. The
pattern consists of lines indicating price movements (Price Line)
and neck lines (Neck Line). The neckline is a horizontal line drawn
through the intermediate maximum. The start and end points of
each price line, except for the last one (point 5), are located in 5/5
pivots. A pivot point is a local extremum (minimum or maximum) to
the left and right of which there are no price values that exceed
this extremum. Thus, a point will be a 5/5 pivot high if there are no
high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. Point 5 is located at the
intersection of the last price line with the neck line. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The second bottom of such a pattern may not
be in the pivot and the price lines forming it will be dotted.
 The pattern is considered formed when, after the appearance of
the second bottom, the price (close) rises above the neck line. The
dotted horizontal line that ends with the label Target indicates the
expected price level after the pattern is formed. As new bars
appear, the line extends to the right until the last bar, until the
status of the pattern changes from Awating to another. The label
tooltip shows the price and the current status of the pattern. When
the status changes, the color of the label also changes. There are
4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
below the second bottom.
 Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went below
the second bottom.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
 If the indicator finds two intersecting patterns, then preference is
given to the one whose status is Awaiting. If the status of the
intersecting patterns is Failed or Reached or the status of both
is Awaiting, then the pattern will be displayed on the chart, in which
the price values of the bottoms are the most similar, i.e., more
accurate. A pattern with the Indefinable status is deleted if it
intersects with a pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the first bottom or intermediate maximum.
 Pattern Formed. It is triggered when, after the appearance of the
second bottom, a bar appears that has closed above the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the pattern itself. The height of the
pattern is considered to be the difference in the price of the
minimum of the bottoms and the intermediate maximum.
Percentage value.
 Second Bottom – Determines which patterns to display with
respect to whether the second bottom of the first bottom is
above Higher or below Lower. If Both is selected, all patterns will
be displayed.
  Permissible Deviation – The maximum allowable difference in
vertex depth. The depth of the low is calculated from the
intermediate maximum. Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.

5. Chart Pattern Double Top

Double top is a reversal pattern formed by two consecutive highs

that are at the same level (slight difference in values is allowed)
and an intermediate low between them. It is expected that after the
price again reaches the level of the first high and then reverses
and falls below the level of the intermediate low, the fall will
continue further by about the difference between the highs and the
low.
The indicator searches for patterns on the last 600 bars. The
pattern consists of lines indicating price movements (Price Line)
and neck lines (Neck Line). The neck line is a horizontal line drawn
through the intermediate minimum. The start and end points of
each price line, except for the last one (point 5), are located in 5/5
pivots. A pivot point is a local extremum (minimum or maximum) to
the left and right of which there are no price values that exceed
this extremum. Thus, a point will be a 5/5 pivot high if there are no
high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. Point 5 is located at the
intersection of the last price line with the neck line. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The second peak of such a pattern may not be
in the pivot, and the price lines that form it will be dotted.
 The pattern is considered formed when, after the appearance of
the second peak, the price (close) falls below the neckline. The
dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern has formed. As new bars
appear, the line extends to the right until the last bar, until the
pattern status changes from Awaiting to another. The label tooltip
shows the price and the current status of the pattern. When the
status changes, the color of the label also changes. There are 4
statuses in total:
 Awaiting. The price did not reach the expected level and did not go
above the second top.
 Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went above
the second top.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
 If the indicator finds two intersecting patterns, then preference is
given to the one whose status is Awaiting. If the status of the
intersecting patterns is Failed or Reached or the status of both
is Awaiting, then the pattern will be displayed on the chart, in which
the price values of the vertices are the most similar, i.e., more
accurate. A pattern with the Indefinable status is deleted if it
intersects with a pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the first top or the intermediate minimum.
 Pattern Formed. It is triggered when, after the appearance of the
second top, a bar appears that has closed below the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the pattern itself. The height of the
pattern is the difference in price between the maximum of the tops
and the intermediate minimum. Percent value.
 Second Top – Determines which patterns to display with respect to
whether the second top of the first top is above Higher or
below Lower. If Both is selected, all patterns will be displayed.
  Permissible Deviation – The maximum allowable difference in tops
heights. The height of the top is calculated from the intermediate
minimum. Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.

6. Chart Pattern Elliott Wave

Elliott Waves are a system of repeating patterns discovered by Ralph

Nelson Elliott. Elliott discovered 13 patterns in total, but the 5-3 pattern
consisting of 8 waves is considered the basic one.

According to Elliott's wave theory, waves are divided into "Motive” and
"Corrective”. Motive waves are price movements that coincide with the
direction of the main trend, Corrective waves are movements against the
main trend. In the screenshot shown above, the motive waves are (1),
(3), (5), (a), and (c), and corrective waves are (2), (4), and (b). Also,
according to Elliott, any motive wave of the basic model can be
represented as five smaller waves, and any corrective wave as a three.
Thus, the basic model 5-3 can be represented as 2 waves of a higher
wave level and as 34 waves of a lower one.
The Chart Pattern Elliott Wave indicator is configured to recognize the
most common wave patterns, which are built according to the following
rules:
Impulse (Motive wave):
1. Wave structure: 5-3-5-3-5
2. Wave 2 does not retrace more than 100% of the length of wave 1
3. Wave 3 moves beyond the end of wave 1
4. Wave 3 cannot be the shortest among waves 1, 3, and 5
5. Wave 4 does not go beyond the level of wave 1
ZigZag (Corrective wave):
1. Wave structure: 5-3-5
2. Wave b is shorter than a
3. Wave c goes beyond the level of wave a
The indicator analyzes the last 600 bars in search of patterns,
conditionally dividing them into two levels by nesting (main and sub-
waves). The start and end points of the waves in the patterns found are
tied to the most suitable pivot points. Then the indicator checks the rules
for impulse and zigzag and draws patterns that capture the most
amplitude price movements.
The following marking is used to indicate the level that the wave belongs
to:
Main Waves: (1), (2), (3), (4), (5), (a), (b), (c)
Sub-waves: 1, 2, 3, 4, 5, a, b, c
This marking does not correspond to the historical levels of the Elliott
wave theory; it is conditional. It displays the nesting level of the pattern.
When the pattern is in the In Progress mode, the indicator builds as
many waves as possible based on the pivots, and uses a local
extremum (highest high or lowest low) to build the last wave. If that last
wave does not complete the pattern, the indicator draws possible
projections of the next wave using Fibonacci proportions. Depending on
the length of wave 3, wave 5 will be projected either from wave 1 or from
the height of the movement of the first three waves. The projections of
wave C are constructed from the length of wave A. All other projections
are calculated based on the wave preceding them. The minimum
number of waves in the in-progress pattern is 3.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart, or when a previously drawn pattern is rebuilt and at the
same time the position of two or more points changes. The
rebuilding of the very first point of the pattern is not taken into
account.
 New Potential Wave. It is triggered when a new forming wave is
added to a previously found pattern, or when the last formed wave
is rebuilt to a new point and becomes forming again.
 Wave Formed. It is triggered when any of the forming waves of the
pattern are formed.
Inputs:
 Invert Pattern - This flag allows you to change the direction of the
pattern, to search for impulse in a downtrend, and a zigzag in an
uptrend.
  In Progress - Enables the search for incomplete patterns that are
in the process of being formed.
 Length type - How the wavelength is calculated when checking the
rules of pattern construction:
 Absolute - the wavelength is calculated as the price difference
between the start and end point of the wave.
 Percent - the wavelength is calculated as the percentage change
in price between the start and end points of the wave.
 Show Projections - Enables possible projections of future waves
when in In Progress mode.
Important note:
When new data is received, the indicator updates and clarifies
previously found patterns. Changing any settings of the indicator leads
to its complete recalculation. The result may differ from the expected
one.
7. Chart Pattern Head And Shoulders

Head and Shoulders is a reversal pattern formed by three consecutive

highs and two intermediate lows. The first and third peaks are called
shoulders. They are located approximately at the same level below the
second – the head. Also, important is the line drawn along the
intermediate lows – the neckline. The pattern is considered completed
only when the price, having formed the right shoulder, falls below the
neckline. It is expected that further price movement down will be
approximately equal to the height of the head.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and neck lines
(Neck Line). The neck line is drawn through intermediate lows and is
limited by intersections with price lines. The start and end points of each
price line, except for the last one (point 7), are located in 5/5 pivots. A
pivot point is a local extremum (minimum or maximum) to the left and
right of which there are no price values that exceed this extremum. Thus,
a point will be a 5/5 pivot high if there are no high values 5 bars to the
left and 5 bars to the right of it that are higher than this value at this
point. Point 7 is located at the intersection of the last price line with the
neck line. In the In Progress mode, the indicator looks for not only
formed, but also emerging patterns. The right shoulder of such a pattern
may not be in the pivot, and the price lines forming it will be dotted.
The pattern is considered formed when, after the formation of the right
shoulder, the price (close) falls below the neckline. The dotted horizontal
line that ends with the Target label indicates the expected price level
after the pattern has formed. As new bars appear, the line extends to the
right until the last bar, until the pattern status changes from Awaiting to
another. The label tooltip shows the price and the current status of the
pattern. When the status changes, the color of the label also changes.
There are 4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
above the right shoulder.
 Reached. The price reached the expected level.
  Failed. The price did not reach the expected level and went above
the right shoulder.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached or the status of both is Awaiting, then the
most obvious pattern will be displayed on the chart. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the left shoulder, head, or one of the intermediate minima.
 Pattern Formed. It is triggered when, after the appearance of the
right shoulder, a bar appears that has closed below the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the head. The height of the head is
calculated as the difference between the price value of the pivot, in
which the head is located, and the neck lines on the same bar.
Percent value.
  In Progress – Search for patterns that have not been fully formed
yet.

8. Chart Pattern Inverse Head And Shoulders

Inverted head and shoulders is a reversal pattern formed by three
consecutive lows and two intermediate highs. The first and third lows are
called shoulders. They are located approximately at the same level
above the second – the head. Also, important is the line drawn along the
intermediate highs – the neckline. The pattern is considered completed
only when the price, having formed the right shoulder, rises above the
neckline. It is expected that further price movement up will be
approximately equal to the height of the head.

The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and neck lines
(Neck Line). The neck line is drawn through intermediate highs and is
limited by intersections with price lines. The start and end points of each
price line, except for the last one (point 7), are located in 5/5 pivots. A
pivot point is a local extremum (minimum or maximum) to the left and
right of which there are no price values that exceed this extremum. Thus,
a point will be a 5/5 pivot high if there are no high values 5 bars to the
left and 5 bars to the right of it that are higher than this value at this
point. Point 7 is located at the intersection of the last price line with the
neck line. In the In Progress mode, the indicator looks for not only
formed, but also emerging patterns. The right shoulder of such a pattern
may not be in the pivot, and the price lines forming it will be dotted.

The pattern is considered formed when, after the formation of the right
shoulder, the price (close) rises above the neckline. The dotted
horizontal line that ends with the Target label indicates the expected
price level after the pattern has formed. As new bars appear, the line
extends to the right until the last bar, until the pattern status changes
from Awaiting to another. The label tooltip shows the price and the
current status of the pattern. When the status changes, the color of the
label also changes. There are 4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
below the right shoulder.
 Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went below
the right shoulder.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached or the status of both is Awaiting, If the
status of the intersecting patterns is Failed or Reached or the status of
both is Awaiting, then the most obvious pattern will be displayed on the
chart. A pattern with the Indefinable status is deleted if it intersects with a
pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the left shoulder, head, or one of the intermediate maxima.
 Pattern Formed. It is triggered when, after the appearance of the
right shoulder, a bar appears that has closed above the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
 Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the head. The height of the head is
calculated as the difference between the price value of the pivot, in
which the head is located, and the neck lines on the same bar.
Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.
9. Chart Pattern Inverse Head And Shoulders

Inverted head and shoulders is a reversal pattern formed by three

consecutive lows and two intermediate highs. The first and third lows are
called shoulders. They are located approximately at the same level
above the second – the head. Also, important is the line drawn along the
intermediate highs – the neckline. The pattern is considered completed
only when the price, having formed the right shoulder, rises above the
neckline. It is expected that further price movement up will be
approximately equal to the height of the head.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and neck lines
(Neck Line). The neck line is drawn through intermediate highs and is
limited by intersections with price lines. The start and end points of each
price line, except for the last one (point 7), are located in 5/5 pivots. A
pivot point is a local extremum (minimum or maximum) to the left and
right of which there are no price values that exceed this extremum. Thus,
a point will be a 5/5 pivot high if there are no high values 5 bars to the
left and 5 bars to the right of it that are higher than this value at this
point. Point 7 is located at the intersection of the last price line with the
neck line. In the In Progress mode, the indicator looks for not only
formed, but also emerging patterns. The right shoulder of such a pattern
may not be in the pivot, and the price lines forming it will be dotted.
The pattern is considered formed when, after the formation of the right
shoulder, the price (close) rises above the neckline. The dotted
horizontal line that ends with the Target label indicates the expected
price level after the pattern has formed. As new bars appear, the line
extends to the right until the last bar, until the pattern status changes
from Awaiting to another. The label tooltip shows the price and the
current status of the pattern. When the status changes, the color of the
label also changes. There are 4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
below the right shoulder.
  Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went below
the right shoulder.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached or the status of both is Awaiting, If the
status of the intersecting patterns is Failed or Reached or the status of
both is Awaiting, then the most obvious pattern will be displayed on the
chart. A pattern with the Indefinable status is deleted if it intersects with a
pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the left shoulder, head, or one of the intermediate maxima.
 Pattern Formed. It is triggered when, after the appearance of the
right shoulder, a bar appears that has closed above the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the head. The height of the head is
calculated as the difference between the price value of the pivot, in
 which the head is located, and the neck lines on the same bar.
Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.

10. Chart Pattern Bearish Pennant

A bearish pennant is a technical analysis figure that implies a

continuation of the main trend after the consolidation area. The main
trend forms a flagpole, and the consolidation area is a triangle – a
pennant. It is expected that after the price breaks the lower line of the
pennant, its further decline will continue to approximately the height of
the flagpole.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and lines
forming a triangle – a pennant (Pennant). The start and end points of
each price line are in 5/5 pivots. A pivot point is a local extremum
(minimum or maximum) to the left and right of which there are no price
values that exceed this extremum. Thus, a point will be a 5/5 pivot high if
there are no high values 5 bars to the left and 5 bars to the right of it that
are higher than this value at this point. The breakout of the pattern is
fixed by the close value. Crossing the pennant line with the close value
in the interval between points 2 and 5 is not allowed. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The last two points of such a pattern may not be in
pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The price did not break through either the lower or the
upper line of the pennant, or it broke through the lower one, but at
the same time did not reach the expected level and did not go
above point 5.
 Reached. The price broke the bottom line of the pennant and
reached the expected level.
 Failed. The price broke through the lower line, did not reach the
target level and rose above point 5, or the price broke through the
upper line of the pennant without breaking through the lower line.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the statuses of the intersecting
patterns are Failed or Reached, or the status of both is Awaiting, then
the pattern will be displayed on the chart, for which the distance from
point 1 to point 5 is greater. A pattern with the Indefinable status is
deleted if it intersects with a pattern that has a different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1,
2 or 4.
 Pattern Breakout. It is triggered when a bar that has closed outside
the pennant appears. Only the breakout in the direction of the
target is registered. A breakout in the opposite direction will not
trigger an alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 In Progress – Search for emerging patterns.
11. Chart Pattern Bullish Pennant
Please note that the information about expected price targets provided
by Auto Chart Patterns isn't a recommendation for what you should
personally do. Do not take this data as investment advice. It should only
be used for education and research. As with any trade, always look first
and then leap.

A bullish pennant is a technical analysis figure that implies the

continuation of the main trend after the consolidation area. The main
trend forms a flagpole, and the consolidation area is a triangle – a
pennant. It is expected that after the price breaks the upper line of the
pennant, its further growth will continue to approximately the height of
the flagpole.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines denoting price movements (Price Line) and lines
forming a triangle – a pennant. The start and end points of each price
line are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed by
the close value. Crossing the pennant line with the close value in the
interval between points 2 and 5 is not allowed. In the In Progress mode,
the indicator looks for not only formed, but also emerging patterns. The
last two points of such a pattern may not be in pivots, and the last price
line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The price did not break through either the upper or lower
line of the pennant, or it broke through the upper line, but at the
same time did not reach the expected level and did not go below
point 5.
 Reached. The price broke the upper line of the pennant and
reached the expected level.
 Failed. The price broke through the upper line, did not reach the
target level and fell below point 5, or the price broke through the
lower line of the pennant without breaking through the upper line.
  Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the statuses of the intersecting
patterns are Failed or Reached, or the status of both is Awaiting, then
the pattern will be displayed on the chart, for which the distance from
point 1 to point 5 is greater. A pattern with the Indefinable status is
deleted if it intersects with a pattern that has a different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1,
2 or 4.
 Pattern Breakout. It is triggered when a bar that has closed outside
the pennant appears. Only the breakout in the direction of the
target is registered. A breakout in the opposite direction will not
trigger an alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 In Progress – Search for emerging patterns.
12. Chart Pattern Rectangle

A rectangle is an indefinite pattern that can herald both an increase and

a fall in price. The target price level depends on the direction in which
the price broke this pattern. It is expected that after the breakout of the
pattern, the price will go approximately to the height of the rectangle in
the direction of the breakout.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines denoting price movements (Price Line) and lines
forming a rectangle (Rectangle). The start and end points of each price
line are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed by
the close value. The intersection of the horizontal lines of the rectangle
with the close value in the interval between points 1 and 4 is not allowed.
In the In Progress mode, the indicator looks for not only formed, but also
emerging patterns. The last two points of such a pattern may not be in
pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. If the pattern is not
broken, then the indicator will draw 2 such lines – one in each direction.
After the breakout, only the line in the direction of the breakout remains.
As new bars appear, the line extends to the right until the last bar, until
the pattern status changes from Awaiting to another. The label tooltip
shows the price and the current status of the pattern. When the status
changes, the color of the label also changes. There are 4 statuses in
total:
 Awaiting. The rectangle is not broken or is broken and the price
has not yet reached the target level in the direction of the
breakdown and has not gone beyond the last opposite point of the
rectangle.
 Reached. The price broke through one of the horizontal lines of the
rectangle and reached the target in the same direction.
 Failed. The price broke through one of the lines of the rectangle
and, having not reached the target, went beyond the last point
opposite to the direction of the breakdown.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached, or the status of both is Awaiting, then the
pattern that is larger will be displayed on the chart. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
The pattern is considered new if the position of the first point has
changed.
 Pattern Breakout. It is triggered when a bar that has closed outside
the rectangle appears. If there is a breakout of the same line on
which the last point of the pattern is located, then in case of an
unsuccessful attempt to rebuild point 4, this alert will trigger on
reverse rebuilding if no more than 5 bars have appeared since the
breakout.
  Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Permissible Deviation – The maximum allowable deviation of a
point from its corresponding line. It is calculated as a percentage of
the distance between the lines of the rectangle on the same bar
where this point is located.
 In Progress – Search for emerging patterns.
13. Chart Pattern Triangle

A triangle is an indefinite pattern that can herald both an increase and a

fall in price. The target price level depends on the direction in which the
price broke this pattern. It is expected that after the pattern breakout, the
price will go approximately to the height of the triangle base in the
direction of the breakout.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines denoting price movements (Price Line) and lines
forming a triangle (Triangle). The start and end points of each price line
are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed by
the close value. The intersection of the lines of the triangle with the close
value in the interval between points 1 and 5 is not allowed. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The last two points of such a pattern may not be in
pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. If the pattern is not
broken, then the indicator will draw 2 such lines – one in each direction.
After the breakout, only the line in the direction of the breakout remains.
As new bars appear, the line extends to the right until the last bar, until
the pattern status changes from Awaiting to another. The label tooltip
shows the price and the current status of the pattern. When the status
changes, the color of the label also changes. There are 4 statuses in
total:
 Awaiting. The triangle is not broken or broken, and the price has
not yet reached the target level in the direction of the breakdown
and has not gone beyond the last opposite point of the triangle.
  Reached. The price broke through one of the triangle lines and
reached the target in the same direction.
 Failed. The price broke through one of the lines of the triangle and,
having not reached the target, went beyond the last point opposite
to the direction of the breakdown.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached, or the status of both is Awaiting, then the
pattern that is larger will be displayed on the chart. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has changed the position of
point 1, 2 or 4.
 Pattern Breakout. It is triggered when a bar that has closed outside
the triangle appears. If there is a breakout of the same line on
which the last point of the pattern is located, then in case of an
unsuccessful attempt to rebuild point 5, this alert will trigger on
reverse rebuilding if no more than 5 bars have appeared since the
breakout.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
  Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Permissible Deviation – The maximum allowable deviation of point
3 from the corresponding line. It is calculated as a percentage of
the distance between the lines of the triangle on the same bar
where point 3 is located.
 In Progress – Search for emerging patterns.

14. Chart Pattern Triple Bottom

Triple bottom is a reversal pattern formed by three consecutive lows that

are at the same level (a slight difference in price values is allowed) and
two intermediate highs between them. It is expected that after the price
reaches the third low and then turns around and goes above the level of
the intermediate maximum, then further price growth will continue further
by about the difference between the highs and lows.

The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and neck lines
(Neck Line). The neck line is drawn along the highest of the intermediate
maxima. The start and end points of each price line, except for the last
one (point 7), are located in 5/5 pivots. A pivot point is a local extremum
(minimum or maximum) to the left and right of which there are no price
values that exceed this extremum. Thus, a point will be a 5/5 pivot high if
there are no high values 5 bars to the left and 5 bars to the right of it that
are higher than this value at this point. Point 7 is located at the
intersection of the last price line with the neck line. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The third bottom of such a pattern may not be in the
pivot, and the price lines that form it will be dotted.
The pattern is considered to be formed when, after the appearance of
the third bottom, the price (close) rises above the neck line. The dotted
horizontal line that ends with the Target label indicates the expected
price level after the pattern has formed. As new bars appear, the line
extends to the right until the last bar, until the pattern status changes
from Awaiting to another. The label tooltip shows the price and the
current status of the pattern. When the status changes, the color of the
label also changes. There are 4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
below the last bottom.
 Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went below
the last bottom.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached or the status of both is Awaiting, then the
chart will display the pattern with the most similar values of the price of
the bottoms, i.e. more accurate. A pattern with the Indefinable status is
deleted if it intersects with a pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the first or second bottom or one of the intermediate maximum.
 Pattern Formed. It is triggered when, after the appearance of the
third bottom, a bar appears that has closed above the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the pattern itself. The height of the
pattern is the difference in the price of the minimum of the bottoms
and the maximum of the intermediate highs. Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.
 Bottoms – The maximum allowable difference in the depth of
bottoms. The depth of the bottom is calculated from the highest of
the intermediate maxima. Percent value.
  Intermediate Maxima– The maximum allowable height difference
of intermediate maxima. The height of the maximum is calculated
from the lowest of the bottoms. Percentage value.

15. Chart Pattern Triple Top

Triple Top is a reversal pattern formed by three consecutive highs that

are at the same level (a slight difference in price values is allowed) and
two intermediate lows between them. It is expected that after the price
reaches the third high and then falls below the level of the intermediate
low, then the fall will continue further by about the difference between the
highs and lows.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and neck lines
(Neck Line). The neck line is drawn along the smallest of the
intermediate lows. The start and end points of each price line, except for
the last one (point 7), are located in 5/5 pivots. A pivot point is a local
extremum (minimum or maximum) to the left and right of which there are
no price values that exceed this extremum. Thus, a point will be a 5/5
pivot high if there are no high values 5 bars to the left and 5 bars to the
right of it that are higher than this value at this point. Point 7 is located at
the intersection of the last price line with the neck line. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The third peak of such a pattern may not be in the
pivot, and the price lines that form it will be dotted.
The pattern is considered formed when, after the appearance of the third
peak, the price (close) falls below the neckline. The dotted horizontal line
that ends with the Target label indicates the expected price level after
the pattern has formed. As new bars appear, the line extends to the right
until the last bar, until the pattern status changes from Awaiting to
another. The label tooltip shows the price and the current status of the
pattern. When the status changes, the color of the label also changes.
There are 4 statuses in total:
 Awaiting. The price did not reach the expected level and did not go
above the last top.
 Reached. The price reached the expected level.
 Failed. The price did not reach the expected level and went above
the last top.
 Indefinable. The indicator cannot unambiguously determine the
status of the patterns.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached or the status of both is Awaiting, then the
chart will display the pattern whose vertex prices values are most similar,
i.e. more accurate. A pattern with the Indefinable status is deleted if it
intersects with a pattern that has a different status.
Alerts:
 New Pattern. It is triggered when a new pattern appears on the
chart. A pattern is considered new if it has a different position of
the first or second top or one of the intermediate minima.
 Pattern Formed. It is triggered when, after the appearance of the
third top, a bar appears that has closed below the neckline.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Trend Height – Sets the required height of the trend preceding the
pattern relative to the height of the pattern itself. The height of the
pattern is the difference in price between the maximum of the tops
and the minimum of the intermediate lows. Percent value.
 In Progress – Search for patterns that have not been fully formed
yet.
 Tops – The maximum allowable difference in tops heights. The
height of the top is calculated from the minimum of the
intermediate lows. Percent value.
 Intermediate Minima – The maximum allowable difference in the
depth of intermediate minima. The depth of the minimum is
measured from the highest of the peaks. Percent value.
16. Chart Pattern Falling Wedge

A falling wedge is a reversal pattern that is an inclined, converging

channel that limits the price movement. The channel lines are directed
downwards. It is expected that after the price breaks the upper line of
the wedge, it will move further up to approximately the height of the base
of the wedge.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and lines
forming a wedge (Wedge). The start and end points of each price line
are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed by
the close value. The intersection of the wedge lines with the close value
in the interval between points 1 and 4 is not allowed. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The last two points of such a pattern may not be in
pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The wedge has not been broken, or it has been broken
and at the same time the price has not gone below the extreme
point of the bottom line of the wedge and has not yet reached the
target.
 Reached. The price broke the upper line of the wedge and
reached the target.
 Failed. Having broken through the upper line of the wedge, the
price did not reach the target and went below the extreme point of
the lower line of the wedge, or the lower line was broken.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached, or the status of both is Awaiting, then the
pattern that is larger will be displayed on the chart. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1
or 3.
 Pattern Breakout. It is triggered when a bar that has closed outside
the wedge appears. Only the breakout in the direction of the target
is registered. A breakout in the opposite direction will not trigger an
alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Channel Width Ratio Start/End – The minimum required channel
height difference at the beginning and end of the pattern. Percent
value.
 In Progress – Search for emerging patterns.
17. Chart Pattern Rising Wedge

Rising wedge – a reversal pattern, which is an inclined converging

channel that limits the price movement. The channel lines are directed
upwards. It is expected that after the price breaks the lower line of the
wedge, it will go further down to approximately the height of the base of
the wedge.
The indicator searches for patterns on the last 600 bars. The pattern
consists of lines indicating price movements (Price Line) and lines
forming a wedge (Wedge). The start and end points of each price line
are in 5/5 pivots. A pivot point is a local extremum (minimum or
maximum) to the left and right of which there are no price values that
exceed this extremum. Thus, a point will be a 5/5 pivot high if there are
no high values 5 bars to the left and 5 bars to the right of it that are
higher than this value at this point. The breakout of the pattern is fixed by
the close value. The intersection of the wedge lines with the close value
in the interval between points 1 and 4 is not allowed. In the In
Progress mode, the indicator looks for not only formed, but also
emerging patterns. The last two points of such a pattern may not be in
pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the
expected price level after the pattern is completed. As new bars appear,
the line extends to the right until the last bar, until the pattern status
changes from Awaiting to another. The label tooltip shows the price and
the current status of the pattern. When the status changes, the color of
the label also changes. There are 4 statuses in total:
 Awaiting. The wedge has not been broken, or it has been broken
and at the same time the price has not gone above the extreme
point of the upper line of the wedge and has not yet reached the
target.
 Reached. The price broke the lower line of the wedge and reached
the target.
  Failed. Having broken through the lower line of the wedge, the
price did not reach the target and went above the extreme point of
the upper line of the wedge, or the upper line was broken.
 Indefinable. The indicator cannot unambiguously determine the
status of the pattern.
If the indicator finds two intersecting patterns, then preference is given to
the one whose status is Awaiting. If the status of the intersecting
patterns is Failed or Reached, or the status of both is Awaiting, then the
pattern that is larger will be displayed on the chart. A pattern with
the Indefinable status is deleted if it intersects with a pattern that has a
different status.
Alerts:
 New Pattern. Triggered when a new pattern appears on the chart.
A pattern is considered new if it has a different position of point 1
or 3.
 Pattern Breakout. It is triggered when a bar that has closed outside
the wedge appears. Only the breakout in the direction of the target
is registered. A breakout in the opposite direction will not trigger an
alert.
 Pattern Failed. Triggers when the pattern status changes to failed.
Triggers only if the pattern is fully formed.
 Target Reached. Triggers when the price reaches the pattern
target. Triggers only if the pattern is fully formed.
Inputs:
 Patterns - Defines which pattern will be drawn depending on its
status. Possible values: All, Awaiting and Reached, Only Awaiting,
Last Awaiting. If Last Awaiting is selected, only one pattern with the
Awaiting status will be displayed, the first point of which is located
to the right of all the others.
 Price Targets - Defines which price targets will be drawn
depending status of the pattern. Possible values: All, Only
Awaiting, Awaiting and Reached, None.
 Channel Width Ratio Start/End – The minimum required channel
height difference at the beginning and end of the pattern. Percent
value.
 In Progress – Search for emerging patterns.