The pattern recognition tool on the Next Generation platform simplifies the identification of technical and candlestick patterns, helping traders spot potential opportunities quickly and effectively. Using pattern-tools function can highlight the most popular technical pattern types, including triangles, channels, double tops and head & shoulders formations on any chart and most time intervals.
This video provides an overview of manual pattern recognition using the US30 chart as an example.
Key Features:
Pattern recognition tool
Start adjusting the time frame and settings according to trading preferences. The platform includes a "patterns" feature for identifying potential trade opportunities. By selecting a pattern type (e.g., triangle), the tool automatically highlights technical patterns on the chart. This feature also allows historical backtesting to see how frequently certain patterns lead to successful outcomes.
Price projections & star ratings
Each identified pattern is accompanied by a price projection box and a star rating system. The star rating reflects how strongly technical indicators support the pattern's breakout direction, with more stars indicating stronger confirmation.
Multiple pattern analysis
Users can overlay up to three patterns on the same chart for a more comprehensive analysis. The platform offers various pattern types, including triangles, wedges, channels, double tops, triple bottoms, and head-and-shoulders formations.
Customization options
The tool allows for customization of chart colors and thickness to suit personal preferences. The platform continuously updates in real-time, adjusting to the selected time frame, making it easier to track developing patterns.
Candlestick pattern recognition
In addition to chart patterns, the platform also identifies candlestick formations. Different formations (such as Doji, Marubozu, and Three White Soldiers) are color-coded for easy identification. These formations can indicate potential market trends, with orange indicating selling patterns, blue for bullish, and gray for continuation patterns.
Real-time updates
The platform constantly scans for new patterns, evolving in real time as price action unfolds. This feature is particularly useful for traders who want to track patterns as they develop.
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