The Candlestick Pattern Recognition indicator, developed by Spencer G (SolCollector), is an advanced tool designed to identify a wide range of candlestick patterns. This TradingView indicator is tailored for traders who want to enhance their technical analysis by recognizing patterns that signal potential market movements.
About the Indicator:
This indicator scans the charts for various candlestick patterns, ranging from single-candle patterns to more complex multi-candle formations. The TradingView indicator is highly customizable, allowing users to enable or disable the detection of specific patterns. It also includes breakout analysis, providing insights into how patterns perform after a breakout, making it an invaluable tool for traders looking to refine their strategies.
Features:
- Comprehensive Pattern Detection: Identifies a significant number of candlestick patterns from 1 to 5 candles in length.
- Breakout Analysis: Tracks the performance of patterns after breakouts in either upward or downward directions.
- Customizable Settings: Users can manipulate various inputs to tailor the pattern recognition to their specific needs.
- Performance Analysis: Provides detailed performance metrics for each detected pattern.
- Visualization: Uses clear and informative labels on the chart to indicate detected patterns.
Understanding the Indicator:
- Pattern Detection: The indicator highlights patterns directly on the chart, making it easy to see when a specific pattern forms.
- Breakout Analysis: In breakout mode, the indicator analyzes patterns based on their breakout performance, helping traders identify high-probability trades.
- Color Coding: Patterns are color-coded based on their performance, making it easy to distinguish between bullish, bearish, and neutral patterns.
- Tooltips: Hover over the labels to see detailed statistics about the pattern’s performance and characteristics.
Input Parameters:
- Pattern Detection Mode: Choose between CLASSIC and BREAKOUT modes to define how patterns are detected and analyzed.
- Breakout Candles: Set the number of candles allowed for a pattern to breakout.
- Alert Options: Enable alerts for various events such as pattern detection, breakouts, and performance returns.
- Trend Analysis Settings: Configure moving averages and trend price points to filter patterns based on the current market trend.
- Pattern Specific Settings: Adjust settings for individual patterns, including tolerances and conditions for validation.
How to avail this free indicator?
Method 1:
- Click on this link Adaptive Candlestick Pattern and it will take you directly to TradingView indicator.
- Scroll down until indicator explanation ends and you will see “Add to favorite indicators”.
- Click on it and you now you can see it under your indicators “Favorites” section.
Method 2:
- Go to TradingView indicators section, search for “Adaptive candlestick pattern” by SolCollector and click on it.
- Tip: You can also add to favorites so that next time it will be available just under your “Favorites” section
- Once the indicator is applied to your chart, go to settings and configure the input parameters as mentioned above.
- Great, you are done and can start using the indicator.
Summary:
The Candlestick Pattern Recognition indicator by Spencer G. is a robust and versatile tool that enhances your trading strategy by providing comprehensive pattern detection and analysis. With its customizable settings and detailed performance metrics, this indicator is ideal for traders looking to gain deeper insights into market behavior. Integrate this powerful indicator into your TradingView setup to stay ahead in the markets.