Introduction to Price Pattern Scanner
Price Pattern Scanner is the automatic pattern scanner that can detect the price pattern and chart pattern like triangle pattern, falling wedge pattern and rising wedge pattern and so on. Triangle, falling wedge, and rising wedge patterns occurs when the volatility of the market are gradually reduced. Normally, before some important news like Non-Farm Payroll or Unemployment Rate release, you can observe triangle, falling wedge, and rising wedge patterns frequently. Triangle, falling wedge, and rising wedge patterns are the sign of the high volatility in the future. At the same time, triangle, falling wedge, and rising wedge patterns indicates the increase in natural orders in the market. In another words, after triangle, falling wedge, and rising wedge pattern, we can observe some good trendy movement, which we can use for the potential entry.
Chart Pattern MT4 and Chart Pattern MT5 contains the highly sophisticated pattern detection algorithm. In addition, this price pattern scanner is non repainting pattern scanner. However, we have designed it in the easy to use and intuitive manner. Chart Pattern MT4 and Chart Pattern MT5 will show all the patterns in your chart in the most efficient format for your trading.
Detectable Price Patterns
Following pattern can be detected.
1) Triangle (Pattern Code = 0)
2) Falling Wedge (Pattern Code = 1)
3) Rising Wedge (Pattern Code = 2)
4) Double Top (Pattern Code = 3)
5) Double Bottom (Pattern Code = 4)
6) Head and Shoulder (Pattern Code = 5)
7) Reverse of Head and Shoulder (Pattern Code = 6)
8) Cup and Handle or Cup with Handle (Pattern Code = 7)
9) Reverse of Cup and Handle or Cup with Handle (Pattern Code = 8)
1) Pattern Detection in Indicator Window: Detected Patterns are located in the indicator window for your market analysis. To view or hide, just click the Circle button in the indicator window.
2) Pattern Detection in Main Window: Detected patterns are also located in the main window for your market analysis. To view or hide, just click the circle button in the main window.
3) Call Patterns: You can also call any patterns at the desired location in your chart. To access Call Pattern feature, click call button. Now you will have pointer in your chart. Move the pointer anywhere in your chart to located patterns, then click “Call” button again. You will see patterns corresponding to the location of pointer.
4) Multiple Timeframe Pattern Detection: You can also scan above patterns across different timeframe from one indicator. You can also switch on and off any specific timeframe per your need. Please note that Multiple Timeframe Pattern Detection requires much heavier computation.
5) Pattern Locking: You can also lock any patterns in your chart for your future use. Just click over Lock button to lock patterns in your chart.
Here is a Simple Video Tutorial for Chart Pattern MT4 and Chart Pattern MT5.
Below are the links to Chart Pattern MT4 and Chart Pattern MT5.
You can also use this product together with Peak Trough Analysis tool to yield better profit. Peak Trough Analysis is free tool for everyone. Below is how to download this free peak trough analysis indicator.
YouTube Video about Triangle Pattern, Falling Wedge, Rising Wedge Pattern
Image and article originally from www.mql5.com. Read the original article here.