Candlestick Patterns
ATAS indicator to automatically identify candlestick patterns such as Hammer, Shooting Star, Engulfing, or Harami
How it works
This indicator automatically marks known candlestick patterns for you.
For example, you can have Hammer, Shooting Star, Doji, Bullish Harami, Bearish Harami, Bullish Engulfing, and Bearish Engulfing patterns marked.
The patterns are indicated with a small horizontal line above the candles.
What can I use the indicator for?
Market Entry Strategy
This indicator can be used to identify optimal entry points in the market by highlighting reversal patterns like Hammer or Shooting Star. It enables traders to make informed decisions by visually marking the moments when the market sentiment may be shifting. Utilizing this tool, investors can strategize their buys and sells based on the emergence of bullish or bearish patterns.
Risk Management
By identifying candlestick patterns such as Bullish Engulfing or Bearish Engulfing, this indicator aids in assessing potential risk and managing trades more effectively. Traders can set stop-loss orders more accurately, minimizing potential losses by exiting positions when bearish patterns emerge. It serves as a critical tool for maintaining a balanced portfolio by signaling when to take a defensive stance.
Trend Confirmation
This indicator can confirm the strength of ongoing trends through patterns like Bullish Harami and Bearish Harami, offering insights into market momentum. It helps in distinguishing between temporary pullbacks and genuine trend reversals, providing a clearer picture of market direction. Investors can leverage this information to reinforce their positions during strong trends or to prepare for a trend change.
Portfolio Diversification Strategy
Utilizing the indicator to spot Doji patterns among different asset classes allows investors to identify potential turning points in various markets. This insight can guide the diversification of investments, spreading risk across assets that are at different stages of their market cycles. It enables a more strategic allocation of capital, optimizing portfolio performance by capitalizing on emerging opportunities in different sectors.
Settings
This indicator comes with comprehensive settings that allow traders to tailor their pattern recognition preferences. You can select from a variety of candlestick patterns including Hammer, Shooting Star, Doji, Bullish Engulfing, Bearish Engulfing, Bullish Harami, and Bearish Harami. This flexibility enables traders to focus on specific patterns that align with their trading strategies, enhancing their ability to identify key market signals and make informed decisions.
Marker Color: Allows you to customize the color of the marker on the chart.