It’s important to note that patterns aren’t necessarily a buy or sell signal by themselves. They are instead a way to look at market structure and a potential indication of an upcoming opportunity. It is always useful to look at patterns in context like any other market analysis tool and patterns are most useful when used in combination with other techniques. There are countless patterns that traders can use to identify areas of interest on a chart, where some patterns may provide insights into the balance between buyers and sellers, others may indicate a reversal, continuation, or indecision.
Reversal patterns are quite useful when used in context. Reversal patterns should form at the bottom of a downtrend or at the top of an uptrend. Otherwise, they are not a reversal patterns, but continuation patterns. Most reversal patterns require confirmation such as price move in the direction of reversal accompanied by appropriate trading . The reversal patterns can further be confirmed through other means of traditional technical analysis—like , momentum, oscillators, or indicators—to reaffirm buying or selling pressure. The patterns themselves do not guarantee that the trend will reverse. Investors should always confirm reversal by the subsequent price action before initiating a trade.
This study implements some of the most commonly used patterns in a context with indicator. On request users can adjust the strong trend threshold from dialog box, eighter can disabled correlation with indicator. To add additional sight to analysis the simple moving averages of 20, 50, 100 and 200 periods are added (configurable)
You may add additional indicators of your choice. Colored DMI, BB Cloud or Price Distance to its MAs may help
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