TradingView announces that it has completed the period of open beta testing of Auto Chart Patterns.
Auto Chart Patterns is a group of indicators that automatically detect various patterns on the chart, such as Double Top, Flag, Wedge, and others. From this day on, new Chart Patterns will be available only for Premium subscription holders.
During the beta period, TradingView has continuously improved its indicators based on traders’ feedback. In the release version of automatic patterns, through the indicator settings, you can change how actively it reacts to changes on the chart: in the “In Progress” mode, patterns are searched for that have not yet been completed, i.e., their last two points have not yet been found and may not be reversal points. This approach makes it possible to identify patterns at the early stages of their formation.
If you disable this setting, the indicator will only show formed patterns, but they will be farther from the last candle on the chart.
In Progress indicators also provide Price Target — additional logic, which is designed to quickly assess the target price level and track the status of the pattern as new data appears. By hovering over the “Target” label, the chart will display information about the price level at which the pattern is expected to end and whether this level has been reached.
There are currently 15 indicators available that define different patterns. They can be found on the chart in the Indicators, Metrics & Strategies menu, Technicals section and Patterns group.
TradingView continues to work on improving and expanding the capabilities of the Auto Pattern Chart and hopes traders find these indicators useful.