Chartist patterns recognized by our Screener

Thank this Screener, you will find the six best chartist patterns on the market and never miss an opportunity:

1. Cup with handle
2. Head and Shoulders
3. Inverse Head and Shoulders
4. Double Bottom
5. Double Top
6. Asymmetrical Double Bottom

Cup with handle pattern

The Cup with Handle is one of the most used figures of Swing traders. It allows opening a long entry after the bullish breakout of the neckline.

Head and Shoulders Pattern

The head and shoulders pattern is one of the most known of the chartist traders. It is a short-term bearish pattern. Habitually, the traders open a sellshort entry after the bearish breakout of the neckline.

Inverse Head and Shoulders Pattern

The Inverted Head and Shoulders is a short-term bullish pattern. It allows opening a sellshort entry after the bearish breakout of the neckline.

Double Bottom Pattern

The Double Bottom is one of the most frequent figures occurring on the market. It is a bullish reversal pattern that augurs a technical rebound. The traders open a long entry after the price has broken the neckline.

Double Top Pattern

The Double Bottom is opposed to the double bottom. It is a bearish reversal pattern that augurs market consolidation. The traders open a sellshort entry after the price has broken the neckline.

Asymmetrical Double Bottom Pattern

The “Asymmetrical Double Bottom” is undoubtedly the most reliable chartist pattern. It was described for the first time by William O’Neill in his book “How to Make Money in Stocks: A Winning System in Good Times or Bad”. It is like a double bottom but the second leg down is lower than the first leg. It is the pattern that gives the best success rate. The traders open a long entry after the breakout.

Adapt your chartist screener to your needs

You can easily adapt your chartist screener to your specific needs. You can modify its chap recognition sensibility, change the calculation mode, only keep the figures having their broken necklines and add a delay.

Adapt the sensibility of the recognition

Our Screener filters the pattern by resemblance. You can modify the sensibility of the algorithm to improve the quality of the result or increase the number of opportunities. The “Similarity” variable represents the similarity in percent of the searched figure. The best setting of the similarity parameter is often between 70% and 85%.

Breakout of the neckline

You can select only the chartist patterns having their neckline broken. The bullish patterns have an “AboveNeckline” variable, and the bearish patterns have an “UnderNeckline” variable.

• If you set the “AboveNeckline” variable true, the Screener will only filter the bullish breakout.
• If you set the “UnderNeckline” variable true, the Screener will only filter the bearish breakout.

The default setting of this parameter is “True”. You can set it false to ignore the breakout.

Change the calculation mode

The “CalculatedOnCLose” parameter allows modifying the calculation mode of the chap recognition algorithm. If you set this variable true, the algorithm will determine the similarity from the close price. If you set this parameter false, the algorithm will determine the similarity on the high between the opening and the closing price.

Take a visual backtest adding a delay

You will observe the chartist figure behaviors in the past by adding a delay. You will improve your chartist trading skills and your future profits.
The “Delay” parameter allows the detection of chartist figures that have appeared in the past. If you set the Delay ten, the Screener will give the patterns that have occurred ten candles before. The default value of the Delay parameter is zero.

Summary

ProrealChart is a complete Screener, at ease in all situations: Amateur Trader, Confirmed Trader, All types of trading (Day Trading, Swing Trading, Trend Following, Long Term Investment), All types of markets (Stock Exchange, Big Caps, Mid Cap, Small Caps, Indices, ETFs, Commodities, Cryptos, and this, as well in United States, Europe, Australia, Japan, China, etc.),

Thanks to ProrealChart, you benefit from a screener highlighting the best chartist opportunities.

Benefit from all the future updates!