New TradingView Indicator FINDS Stock Chart Patterns!!! - YouTube

guys we have just potentially had a game changing  tool added to tradingview today i logged in  

i came home from work i checked out uh the  stock markets i logged into tradingview  

had a little notification up here at the top  of my screen went to go see what it was it said  

what's new this is where they post all their  news and at the top of the list says right here  

we're pleased to announce an open beta test  for brand new indicators chart patterns find  

out what these can do for your analysis in our  latest blog you click there and it goes to this  

blog right here guys this is huge especially for  this channel you know i'm big on chart patterns i  

love them i use them for my trade setups uh and i  use them to uh you know really figure out uh which  

way i think a stock is going to go or even the  whole stock market is going to go short medium  

long term all the above uh you know i love me some  chart patterns and i think a lot of the viewers of  

this channel do as well because that's probably  why you have subscribed to me because i make a  

lot of chart pattern videos right so trading  view has added chart patterns built into their  

charts now it's incredible you don't have to  go looking for them yourself and drawing them  

yourself so it takes a lot of the work out of  the job you still need that human factor though  

i've been playing around with this a little  bit and it's not perfect yet like like they  

said in the in the um little update there it's  still in beta um you know i don't know how much  

better it's going to get from here hopefully they  make some improvements based on the feedback but  

based on my initial testing it's very cool  awesome tool does a really good job but it's  

not perfect and i'll show you what i mean there  but real quick go over the the blog post uh please  

announce the launch of an open beta test so we  you can go in right now and try this stuff out  

um these are all of the patterns that they  have available right now bullish flag the  

pendant flag the double top triple top head  and shoulders triangle rectangle and wedge  

when i first read this list i wondered okay are  they going to have the inverted versions of all  

of these as well because they have head  and shoulders listed which is a bearish

pattern right but i love inverted head  and shoulders patterns because they're  

bullish right they're inverted version so  they project a bullish outcome for a stock  

and it's a very good pattern so i was really  hoping they had the inverted head and shoulders  

and they do they have the inverted versions of all  of these as well so i'll show you how to do that  

a little bit later on in this video and then  they just talk about how to add them to your  

chart and i'm going to show you guys how to do  that pretty much right now let's just scroll  

through here and see if there's anything else in  this blog that is uh super important to note out  

they said the depth of the pattern search is  limited to the last 600 bars right now i thought  

honestly that number sounds massive 600 bars right  i was actually thinking that might not be enough  

but my initial testing um made it look like it  probably is enough but it would be nice if it  

was a little bit more think about it like this  if you're looking at daily candlesticks right uh  

600 bars is 600 days that's almost two years of  a timeline looking at daily candlesticks which  

is that's a that's a lot um so it just depends  on your time frame really you know if you're  

looking at uh the one minute candlesticks 600  bars is 600 minutes right and and so forth so  

uh it can be a lot of data it just depends on  how big of a chart pattern you're looking for  

sometimes i looked i like to look at massive  chart patterns like the video i just put out a  

couple weeks ago talking about the price of gold  that is a chart pattern that has been forming for  

years now years so something to think about  there they have a cap on the amount of bars  

right now and they actually use that  wording at the moment which suggests  

it they might change that number in  the future right based on testing so  

um but yeah they also say you can invert any of  these patterns so um the opposite of all of these  

listed uh also apply which is great okay so at the  bottom let's see they just say thanks and you know  

we're looking forward to hearing your feedback  comments and suggestions for any improvements  

i wanted to provide feedback but  they didn't leave a link anywhere  

so i don't know where to go to provide feedback  yet i'll probably i'll figure it out maybe i'll  

get their email address or something i don't  know but uh yeah it says we're looking forward  

to feedback but i don't know where to go to  provide that feedback so maybe a link will pop up  

soon anyway let's jump to the chart and uh show  you guys what they are talking about here so  

i pulled up apple um as an example and what  they're telling you to do is go up to this  

button up here that says indicators we're  gonna click that and i've already pulled it  

up but you would click on technicals right here  and then you would click on chart patterns or  

you can just type in this search bar uh chart  chart patterns whatever it'll come right up  

and then you can see all of the patterns that  have they have already listed in the tool right so  

you just click on head and shoulders for example  the one i was talking about and you will see it  

is added to your little list of indicators over  here so what does that do when it adds to your  

list of indicators well it starts to look for  them on your chart uh and on this chart of apple  

you can see this popped up this is a head and  shoulders right here that they found automatically  

this is pretty significant development for  trading view here this is amazing stuff  

so they found a head and shoulders pattern right  here on apple's chart granted this is back at the  

beginning of 2001 or i'm sorry 2021. um so it  doesn't really help us a whole lot right now  

you're looking at historical data doesn't  help us figure out where apple is going to go  

tomorrow right or next week but that doesn't mean  that it can't do that this is just one example  

so let's look at this example and see if it  figured it out correctly right this looks like  

you know a left shoulder a head a right  shoulder it breaks through the next  

neckline and then it breaks down that looks pretty  valid to me it looks really good actually um so  

you know so far so good  there that checks out however

there looks like there's a head and shoulders  pattern right here that it did not identify so  

i don't know why it didn't identify that  maybe this shoulder right here is too  

high right this head is not high enough above this  shoulder i mean i don't know what the parameters  

are you know that they have set in their  algorithm to find head and shoulders patterns  

but this looks like it could have been close to  being one and it's currently breaking down as  

we speak right this also looks like a very weak  possible inverted head and shoulders right this  

is an upside down left shoulder upside down  head upside down right shoulder and then it  

breaks to the upside so let's show you guys  how to look for inverted versions of these  

tools now or this this indicator and see if it  picks that up all right so let's go up here where  

we have our head and shoulders chart pattern  listed we're going to click on this little gear  

go into the settings and then  we're going to click invert pattern

check that hit ok and you see it did  find in inverted head and shoulders  

pattern on apple it did not identify the one that  i thought it may although that's not a great head  

and shoulders right there or inverted head and  shoulders just like this one is not perfect this  

one is also not perfect so it looks like  it's pretty strict about um you know how  

perfect this this head and shoulders pattern needs  to be which is good you want it to be strict you  

don't want it to show you every single chart  pattern that could maybe be close to you know  

making the cut because then you're making trades  based off of these chart patterns that are just  

not very robust they have a lower odds of playing  out so this uh inverted head and shoulders does  

look good uh breaks above the neckline and then  it breaks to the upside um so that checks out  

to me that looks like an inverted head and  shoulder's a pretty good one it's a small  

one it doesn't break out a ton but it does uh  kind of you know fit what we're looking for  

let's look at some other um charts real quick  and let's see what it finds so here's a big one  

on facebook back at the beginning of 2020. this  one's a little wonky i don't know about this one  

they're saying that that is the left shoulder  this is a head this is the right shoulder and  

there's the breakout i i don't know i mean look  how steep that neckline is look how small that  

left shoulder is compared to that head and then  that right shoulder these are just very strange

what's the word i'm looking for uh you  know the sizes are just all off right  

they just it just doesn't look very clean to  me so that's what i meant earlier about um  

you know saying there's still a human  factor to this you have to really kind of  

take a look at all of these things that it's  trying to show you and determine for yourself is  

that something that i want to risk my money on or  not this is a great tool for identifying potential  

chart patterns uh that you may not have seen um  you know like you're just you could have a huge  

watch list now you could get through many more  stocks in a day or in an hour however much time  

you have to go through your watch list your watch  list can be longer now because you don't have to  

sift through with the naked eye looking for chart  patterns you can just stick you know i want to  

look at head and shoulders and i want to look at  bull flags and i want to look at double bottoms  

whatever you can throw them on your indicator list  and let trading view run through all these stocks  

for you and as you click through them you know  you say okay you know tradingview didn't find any  

on that one tradingview didn't find any on that  one and just keep going through look on amazon  

tradingview found in inverted head and shoulders  right here now granted this one did not break  

to the upside uh no chart pattern has a 100  success rate but it did happen to find one  

and then you would go in and say well was  this actually one that i would have traded  

personally myself looking at this no this is  not an inverted head and shoulders to me but  

tradingview tried right they said you know hey  take a look at this this might be something  

you want to look at thank you appreciate it  moving on so like i said there's still some  

human factor left there so i'm not out of a job  thank god thankfully i'm not out of a job um  

and you guys should be doing the  same as well you should be looking at  

these patterns and saying is this correct um these  are really just ideas there's a decent one i don't  

know that like i said it's kind of skewed it's  not perfect this one's okay as well not perfect  

so anyway i just wanted to show you guys that  trading view has a new chart patterns indicator  

tool in beta right now which is fantastic you  know as soon as i figure out a way to provide  

feedback i probably will if you guys know how to  provide feedback leave it down in the comments  

for me so that i can get to it but please guys  take a look at the tool play around with it let  

me know what you think down in the comments below  is this something that you think is worth using  

um and uh yeah i mean i'm pretty excited for  it especially because it's the beta which means  

there's going to be improvements they're going to  take our feedback into consideration they're going  

to play with it they're going to make improvements  so this is really good stuff i'm pretty excited  

especially just to see tradingview keeps pumping  out all of these new features like i said in the  

beginning of the video guys this little what's  new section i am constantly seeing updates almost  

every single time i log into trading view at least  once a day they're letting me know hey we just  

added this we added that we changed this like  they're just constantly doing all kinds of cool  

stuff to trading views so if you guys aren't using  trading view uh consistently and you are traders  

and your technical analysis traders i recommend  it highly recommend it okay that's what i got guys  

if you have stuck around this long you have not  hit that like button and you're not a subscriber  

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would appreciate it and let me know if you like  them thanks guys i'll see you in the next one