Automatic Candlestick Pattern Recognition on Tradingview
Tradingview is, without a doubt, one of the most (if not the most) used trading and charting platforms out there. Tradingview is, in my opinion, superior to any of the competing platforms out there. They have enough instruments to please (almost) everyone, different asset classes, indicators, social features, etc. The list goes on and on.
Yesterday I stumbled upon a new feature which is listed in the title; Candlestick pattern recognition.
You can find this by clicking the “indicators” button and go to “Candlestick pattern.” Chose any (or several) of the patterns listed, and a small info box will appear on your chart whenever the pattern develops.
This is a neat feature, and surely something a lot of trading will find useful. The list of candlestick patterns currently offers a total of 27 different options.
- Abandoned Baby
- Evening Star
- Gravestone Doji
- Hanging Man
- Long Upper Shadow
- Marubozu Black
- Shooting Star
- Three Black Crows
- Dragonfly Doji
- Inverted Hammer
- Long Lower Shadow
- Marubozu White
- Three White Soldiers
- Spinning Top Black
- Spinning Top White
All patterns are listed as either bullish or bearish.
If you are into technical analysis, this may aid you in optimizing entries and exits. It will also remove a lot of the guesswork involved with candlestick patterns (as the %-sized candles can be difficult to spot by skimming the charts).
This is definitely another neat feature and something that will make tradingview stand out from the crowd.
It’s easy to fall into the trap of believing that a single indicator or candlestick pattern will be your ticket to profitable trading. It’s not. But combined with a solid strategy, you may be able to enhance it. Use candlestick as a tool, and not as a standalone trading strategy.
The only thing missing with this feature on tradingview is being able to export the signals. When having a pattern active on the chart, it will not show in the CSV file when exporting the chart data. This is unfortunate, as this would make it a lot easy to do some proper backtesting with the various patterns.
Hopefully, this is something that will be added in the future.