TrendSpider automatically detects the candlestick formations on any chart and timeframe, including single candlesticks and multi-candlestick patterns. In this documentation, we will explore the following:
- Adding Automated Candle Pattern Recognition
- Manage Automated Candle Pattern Recognition Preferences
- How Automated Candle Pattern Recognition Works
- MTFA & Automated Candle Pattern Recognition
- Requesting the New Candle Pattern
Let’s get started 🚀
Adding Automated Candle Pattern Recognition
You can easily add the automated candle pattern recognition to the chart by simply clicking on the Patterns button from the top toolbar.
As a result of this action, TrendSpider will automatically identify the candlestick formations on the chart (based on the selected preferences) without involving any manual efforts.
In the illustration below, you can observe a Doji Star candlestick pattern formation:
Manage Automated Candle Pattern Recognition Preferences
You can manage the preference settings to control which candle pattern(s) should be automatically detected by the system.
Step 1: Click on the vertical ellipsis (⋮) adjoining the Patterns button from the top toolbar.
You will be provided with the option to select the Candlestick pattern from the list of more than 100 available patterns.
Step 2: You can scroll down from the list of the available patterns and check the pattern you want the system to identify on the chart.
Alternatively, you can also use the search field, enter the candlestick pattern name in the field, and check the pattern from the list.
You can further narrow your search by using the filter dropdown menu to populate the candlestick patterns in the list based on different categories.
The effect of selecting a particular category has been illustrated in the table below:
|All Patterns||No filter will be applied and all the candlestick patterns will appear in the list to choose from.|
|The Strat||Select the third-party candlestick patterns from Rob Smith. Please check TheSTRAT Patterns for more information.|
|The Pattern Site||Select the third-party candlestick patterns based on the definitions ThePatternSite.com, created by Thomas N. Bulkowski.|
|Newsome Candles||Select the third-party candlestick patterns from Jerremy Newsome, CEO of Real Life Trading.|
You can also remove all the candlestick patterns selected from the list by clicking on the clear selection.
Tip: To know more about a specific candlestick pattern, you can click on the corresponding documentation link 💡
Step 3: Click on the Apply to execute your changes for candlestick preferences.
How Automated Candle Pattern Recognition Works
Each candlestick pattern includes a count of how many candlesticks are required next to it. For example, "3cdl" means that three candlesticks are required for the pattern. Candlestick patterns that require more candlesticks are rarer than those that only require one candlestick.
TrendSpider instantly identifies and highlights any relevant candlestick patterns on the chart, highlights them, and adds a label. You can hover over any label to expand it and reveal the full name of the candlestick pattern.
MTFA & Automated Candle Pattern Recognition
With MTFA enabled, TrendSpider can automatically detect and plot candlestick formations on the chart belonging to different time frames while also highlighting them and adding a label. For example, you can plot weekly “Hammer'' candlestick patterns on the Daily chart.
The candlestick pattern belonging to the secondary timeframe (Monthly in this example) will be enclosed in the box made of dashed lines whereas the candlestick pattern on the current timeframe (Weekly in this example) will be enclosed in the box made of solid lines.
Requesting the New Candle Pattern
You can submit the request to the TrendSpider team for adding a new candlestick pattern in the technical analysis.
Step 1: Click on the vertical ellipsis (⋮) adjoining the Patterns button from the top toolbar and select REQUEST NEW.
Step 2: Fill out the details requested in the form and hit the Submit button.
Our development team will look into the suggestion and if it fits the requirements of the traders in our ecosystem, then the same shall be added to the list and the support documentation for it will also be developed.