Please note that the information about expected price targets provided by Auto Chart Patterns isn't a recommendation for what you should personally do. Do not take this data as investment advice. It should only be used for education and research. As with any trade, always look first and then leap.
A triangle is an indefinite pattern that can herald both an increase and a fall in price. The target price level depends on the direction in which the price broke this pattern. It is expected that after the pattern breakout, the price will go approximately to the height of the triangle base in the direction of the breakout.
The indicator searches for patterns on the last 600 bars. The pattern consists of lines denoting price movements (Price Line) and lines forming a triangle (Triangle). The start and end points of each price line are in 5/5 pivots. The breakout of the pattern is fixed by the close value. The intersection of the lines of the triangle with the close value in the interval between points 1 and 5 is not allowed. In the In Progress mode, the indicator looks for not only formed, but also emerging patterns. The last two points of such a pattern may not be in pivots, and the last price line will be dotted.
The dotted horizontal line that ends with the Target label indicates the expected price level after the pattern is completed. If the pattern is not broken, then the indicator will draw 2 such lines – one in each direction. After the breakout, only the line in the direction of the breakout remains. As new bars appear, the line extends to the right until the last bar, until the pattern status changes from Awaiting to another. The label tooltip shows the price and the current status of the pattern. When the status changes, the color of the label also changes. There are 4 statuses in total:
If the indicator finds two intersecting patterns, then preference is given to the one whose status is Awaiting. If the status of the intersecting patterns is Failed or Reached, or the status of both is Awaiting, then the pattern that is larger will be displayed on the chart. A pattern with the Indefinable status is deleted if it intersects with a pattern that has a different status.