02/07/2023 |
TrendSpider Software Update: Automated Chart Pattern Additions
Hello, traders, and welcome to another software update. In this update, we’re pleased to announce the addition of Channels to our automated chart patterns tool, as well as improvements to the Double Top and Double Bottom chart pattern recognition capability! Details after the jump.
Channel Patterns
As part of our consistent efforts to help make your analysis more efficient and precise, we’ve now added automated Ascending, Descending, and Horizontal Channel chart pattern discovery to the platform. In order to access this functionality, click on the three dots next to the chart patterns button. Doing so will open up the selection box pictured in the image below.
Simply check the boxes next to the Channel patterns you’d like the platform to automatically discover and it will apply any patterns it finds directly to your chart. As is shown in the image below, Ascending Channels are marked in red, Descending Channels in green, and Horizontal Channels in blue. As well, it is possible for one chart to contain multiple channels at once.
There are several parameters within Channel patterns that can be edited. To access these parameters, simply click the three dots next to the pattern name within the indicator list in the top left side of your chart view.
Within the parameters box, you’ll note the ability to switch the time span from short to long-term, as well as the ability to add or remove bands around the channel lines. These bands can be measured by ATR, standard deviation, percentage value, or constant value.
Just like our other automated chart pattern discovery tools, users can now easily scan for many Channel pattern conditions on any time frame you might be interested in finding them! Simply choose the ‘Chart Patterns’ option within the scanner parameters and then select the pattern of choice.
For a more in-depth understanding of how the platform recognizes these patterns, please take a moment to read through the Chart Pattern knowledge base article.
Double Top Improvements
Another small improvement to the automated Double Top and Double Bottom chart pattern discovery tool can be found within the input parameters. Accessible in the same way as we discussed above, available now is the ability to define the ‘Max Peak Distance’ between the two bottoms or tops. As can be seen in the image below, these values can be defined and adjusted via ATR and percentage.
The ability to define exactly the max distance between the two tops or bottoms is simple yet effective. By default, the ATR value is preset to 1.8 and the percentage value is preset to 5. For less spread between the two highs or lows, decrease the ATR or percentage values. For a greater spread, increase the ATR or percentage values.
As always, we hope you find these updates helpful! If you have any further questions about them, feel free to reach out to us via the ‘Contact Us’ button in the bottom right corner of your chart view.
