Chart pattern identification

[Ldailey]

Chart pattern recognition tool on MT trader would be invaluable for traders. And perfect addition to your candlestick recognition, maybe added in a similar way. Basic technical analysis patterns... Identifying flags, wedges, channels, triangles, double triple top/bottom etc. and drawing those trendlines on the chart automatically.

 Also, a separate option that automatically draws trend lines that connect for support and resistance as it touches the level a second and third time, whether there is a full pattern or not. Would be great to see trend lines for support/ resistance for each chart as a forecast in my opinion. What do you think of this addition realistically?

[Mike Medved]

This is tough to do. Basically, those patterns look great in pictures, but when you look at that stuff in real life... The lines are never exactly parallel, the local minima/maxima are never exactly the same, etc. I will look into it.

Candle patterns are a lot easier because they really only work on maximum 5-6 candles. The chart patterns can be quite big - 30-40 candles, right?

It would help if there was some word descriptions of those. Like let's say ascending triangle = "local maximum followed by local minimum followed by a local maximum that's approximately the same as first followed by local minimum that's significantly higher than previous one, followed by a move significantly above the maxima" - would that be an accurate description?