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Home -> Forex Indicators Trading -> Chart Pattern

Indicator

Chart Pattern Indicator

December 6, 2022 by Ali Muhammad

chart pattern indicator is a technical indicator that

identifies the chart patterns on the candlestick
chart to predict the trend in trading.

The price chart of every currency pair or financial

asset shows natural behaviour by making patterns
like triangle, rectangle and head & shoulders. That’s
why retail traders use these patterns to predict the
future direction of price in technical analysis. The
chart patterns repeat with different intervals of time.
And it’s easy to make a profitable trading strategy
using chart patterns.

However, finding the accurate chart patterns on

many currency pairs is difficult because you must sit
in front of a screen most of the time. Sometimes you
will also miss many profitable trade setups. To fix this
issue, you can use the chart patterns indicator to do
80% of the work for you.

I know that a programmed algorithm can make

mistakes too. That’s why I don’t recommend entirely
relying on the indicator. Still, I suggest using the
indicator for finding chart patterns and then deciding
whether to trade a chart pattern. This will surely
improve your trading strategy.

Here I will explain the chart patterns indicator that

will plot the patterns automatically on the
tradingview platform. So you don’t need to sit in
front of the screen. But you can save time using this
indicator if you are a chart patterns trader.

How does the chart pattern

indicator work?
There are 14 indicators based on different chart
patterns available on tradingview.

1. Triangle pattern indicator

2. Rectangle pattern indicator
3. Double top indicator
4. Double bottom indicator
5. Triple bottom indicator
6. Triple top indicator
7. Bullish flag pattern indicator
8. Bearish flag pattern indicator
9. Rising wedge pattern indicator
10. Falling wedge indicator
 11. Bullish pennant indicator
12. Bearish pennant indicator
13. Head and shoulders pattern indicator
14. Inverse head and shoulders pattern indicator

When you add specific chart patterns to the chart, it

will scan the chart to meet the conditions. If you are
a chart patterns trader, you should surely use these
chart pattern indicators in tradingview.

I will show you the demo of each chart pattern

indicator with a short explanation, so keep reading.

Triangle pattern indicator

In the triangle pattern, the length of each successive
wave continues to decrease, and the price forms a
triangle shape on the candlestick chart. After the
triangle pattern breakout, the price continues the
previous trend. That’s why it is used as a trend
continuation chart pattern.

triangle pattern

Rectangle pattern indicator

The rectangle pattern represents the
sideways/ranging price on the candlestick chart. The
market shows no bullish or bearish trend, and the
price is moving sideways. After the chart patterns
indicator breakout, the price follows the previous
trend. So it is a trend continuation chart pattern.

Rectangle pattern

Double top and bottom pattern indicator

Double top and double bottom are two trend reversal
patterns. The double top forecasts a bearish trend
reversal, while the double bottom shows a bullish
trend reversal.

In the double top pattern, the price will make two

tops. These two tops act as a swing high. After
these two tops, a bearish trend reversal occurs.
 double top pattern

In the double bottom pattern, the price makes two

bottoms, and these bottom price points act as a
swing low. After the formation of these swing lows,
a bullish trend reversal occurs.
 double bottom pattern

Triple bottom and top pattern indicator

Triple top and bottom chart patterns are trend
reversal patterns. The indicator will plot a triple
bottom pattern when three price bottoms at the
same price zone form. These bottom points are also
known as swing lows.

On the other hand, this indicator will plot a triple top

pattern when three price tops form in the same
price zone, as shown in the picture below.
 Triple bottom pattern

Triple top pattern

Flag pattern indicator

The flag pattern indicator plots a bearish and bullish
flag pattern on the candlestick chart. The flag
pattern consists of an impulsive wave and a
retracement price channel. After the retracement
channel breakout, the price continues the previous
trend.

These two patterns act as trend continuation chart

patterns.

Bearish flag pattern Bullish flag pattern

Wedge pattern indicator

There are two types of wedge patterns in technical
analysis.
 1. Falling wedge pattern
2. Rising wedge pattern

There is a separate indicator for each pattern in

tradingview. The falling wedge pattern indicator
identifies the wedge shape price structure. After the
breakout of the falling wedge pattern, a bullish trend
reversal occurs.

On the other hand, the rising wedge pattern acts as

a bearish trend reversal pattern.

falling wedge pattern

rising wedge pattern

Pennant pattern indicator

Pennant is a trend continuation chart pattern that
mainly forms in the trending market conditions. You
can use the pennant pattern indicator to identify this
chart pattern quickly.

Pennant pattern is also further categorized into a

bullish and bearish pattern. There is a separate
indicator for each pattern in the tradingview
platform.

Below is the image of the chart pattern identified by

the pennant pattern indicator.
 bullish pennant pattern

Head and shoulders & inverse head and

shoulders pattern indicator
Head and shoulders is also a reversal chart pattern.
Days are gone when traders manually check each
chart pattern, but now you can use the indicator with
highly accurate results.

When a simple head and shoulders pattern forms, a

bearish trend reversal occurs in the market. On the
other hand, a bullish trend reversal forms in the case
of an inverse head and shoulders pattern.
 Inverse Head and shoulders

Head and shoulders

How to access the chart pattern

indicators?
These indicators are available for free in tradingview.
If you are using the MetaTrader, you won’t be able to
use these chart pattern indicators.

1. To use the indicator, open the candlestick

chart of any currency pair or financial asset.
2. Click on the indicators button in the header of
the tradingview tools panel.
3. Select the Technical indicators and choose
the required chart pattern indicator from the
“Auto” tab.
The bottom line
These above 14 chart patterns can be identified
using the indicator accurately. The tradingview team
has developed these indicators and is continuously
updating them to increase the precision of each
indicator. I highly recommend retail traders use these
chart pattern indicators to save 80% of their time
and invest the rest of the 20% of their time in making
good decisions in trading.

This will make you a profitable trader.

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