Pattern Detection Mode
With Advanced Price Pattern Scanner, you can choose your favourite pattern detection mode from your chart. At least, four different pattern detection mode can be used.
- Backward Pattern Detection Mode: Backward pattern detection mode is identical to Price Breakout Pattern Scanner. This means that you can use all the existing features of Price Breakout Pattern Scanner with the Advanced Price Pattern Scanner. You can control pattern redrawing and repainting issue with the built in pattern locking features in this mode.
- Forward Pattern Detection – Fast Mode: This is new pattern detection algorithm, very different from backward pattern detection method. This mode is fast but it can repaint
- Forward Pattern Detection – Slow Mode: This new pattern detection algorithm too. It is lagging but non-repaint.
Manual Pattern Detection Mode with built in Smart Renko: You can enable Smart Renko within the Price Breakout Pattern Scanner in your chart. You can detect pattern manually in the renko chart much easier.
Note: You can also combine each modes for more accurate decision making. In addition, strategy tester will not test correctly with Backward Pattern Detection Mode (=Price Breakout Pattern Scanner). Forward Pattern Detection mode is testable in the strategy tester.
Backward Detection Mode (=Price Breakout Pattern Scanner)
When you enable the Backward Detection Mode, the pattern detection capability and usage are the same as Price Breakout Pattern Scanner. You can detect triangle, Rising Wedge, falling wedge, double top, double bottom, triple top, triple bottom, head and shoulder, the reversed head and shoulder patterns.
Forward Detection Mode
In Forward Detection Mode, you can use both fast (repainting) and lagging (non-repainting) pattern detection mode. You can detect triangle, rising wedge, falling wedge, double top and double bottom. In fact, while you are detecting double bottom and double top, occasionally the pattern coincide with triple top and triple bottom because two successive double top (or double bottom) makes up triple top (or triple bottom). Forward Detection Mode use entirely different pattern detection algorithm.