The idea of the Pattern Stat
The Pattern Stat indicator has tools for examination of the chart, collection and display of statistic data. If you want to create a pattern just set number of candles and ratio of deviation from the original and select OHLC prices to identify pattern on history. The indicator will be looking for this pattern in history and inform about number of matches. Besides it will show what candles have followed this pattern.
The indicator draws the most frequent variants and first of all in the right part of the current chart. Pattern Stat calculates only a candle which is next to the pattern. The indicator draws all possible variants of this candle in the right part of the chart. Color of the original pattern changes depending on type of the candle which goes after a template in history. For example, if 20 of 30 matches represent bullish candle, then the original pattern will have color of the bullish candle.
Every candle drawn by the indicator has a label. Click this label to change statistic data format. There are three formats:
- Consists of two digits:
- The first digit â€ number of candles closed according to a labeled candle.
- The second digit â€ total number of pattern matches.
- Shows percentage between the first and the second number.
- Combination of previous two formats.
Additional information is presented at the lower left color. This is the number of used candles and the number of matches. If the template consists of one candle, the indicator displays it as an arrow. Another indicator’s option is a built-in Magnifier tool. The Magnifier will help to easily switch to every found pattern to perform its deeper analysis.
Magnifier is rectangular in shape and can be moved from pattern to pattern via arrow buttons on the screen. There are three directional buttons. They look as follows: “<”, “||” and “>”. Buttons “<” and “>” — Magnifier step to the left and to the right. Button “||” moves the Magnifier from the current (original) pattern to the pattern found by the indicator and conversely.
You can also set notifications about obtaining desired number of matches of the original pattern in history.
There is also a possibility of fine adjustment of operating space display on the indicator’s setup panel.
- UsedHistory â€ number of used candles. If = 0, the entire history is used.
- Deviation â€ coefficient of deviation from the original pattern. The bigger the value is, the cruder the result will be .
- UseCandlesToPattern â€ number of candles used for creation of a pattern.
- UseOpenPriceRatio â€ YES/NO; use Open price for analysis.
- UseHighPriceRatio â€ YES/NO; use High price for analysis.
- UseLowPriceRatio â€ YES/NO; use Low price for analysis.
- UseClosePriceRatio â€ YES/NO; use Close price for analysis.
- Cnt_Matches_For_Alerts â€ number of matches of the original pattern in history to receive notification.
- alerts_Message â€ text notification.
- alerts_Sound â€ sound signal.
- WAV_file â€ audio file to play. Must be in WAV.
- alerts_Email â€ sending email notifications.
- alerts_Pushnotification â€ sending notifications to mobile terminal.
- use_Magnifier â€ YES/NO; use Magnifier.
Please note! The indicator does not make forecasts! The indicator only shows statistic data. It cannot be interpreted as a trading signal.