Cup and Handle chart pattern

Feb 25, 2023

This script identifies chart patterns: Cup and Handle. At the same time, it identifies not only these classical patterns, but even a wider range of similar reverse figures.
It has many useful settings:
-- You can choose by which pivots you want to identify patterns - by the edges of wicks (tails, shadows), or by the edges of candle bodies.
-- You can set the minimum number of pivot points that the pattern must contain.
-- You can also set the minimum depth of the shapes. It is important for successful trading.
-- !!! Most importantly, I have added a very useful functionality for those who trade based on chart patterns. Unlike my previous scripts which only identified patterns, in this one I've added the functionality to filter out patterns that I think appear in the wrong places. It is the base level filter. It filters out many, but not all, patterns in inappropriate places. If you want to order the development of such functionality with great opportunities - please contact me.
-- In addition, you can set how "flat" relative to the horizon the identified patterns should be.

You can also customize your styles.

! All key settings are accompanied by detailed tooltips

Feb 26, 2023

Release Notes

— Bug fixes and some minor improvements

Jun 7, 2023

Release Notes

The ability to create alerts has been added at the request of a subscriber. You can now create the script alert using the "Create Alert" dialog box. Then you will be notified when this pattern or its inverted counterpart appears according to your alert settings.

Jan 16

Release Notes

At the request of a blind user, data on pattern formation moments after this update is displayed in the Data Window. If the current bar is missing or has not yet completed the formation of a Regular or Inverted Cup and Handle pattern, both the "Regular patt entry" and "Inverted patt entry" parameters in the Data Window always display values ​​of -1. If the formation of a Regular Cup and Handle pattern (the cup is facing UP) has completed on the current bar, the "Regular patt entry" parameter in the Data Window will display the price value at the extreme point of the Cup's Handle. If the formation of an Inverted Cup and Handle pattern (the cup is facing DOWN) has completed on the current bar, the "Inverted patt entry" parameter in the Data Window will display the price value at the extreme point of the Cup's Handle. Some traders use these values ​​as entry points. My opinion is that in every situation, at a minimum, it is necessary to simultaneously use a combination of non-correlated indicators and metrics to reduce the risk of loss to an acceptable level.