Supported candlestick patterns

Candlestick patterns scanning functionality is the central and most important feature of CandleScanner. It allows you to find any candlestick pattern occurrences quickly on the chart. You can also adjust the scanning algorithms to meet your specific requirements.

In CandleScanner, you can use Patterns Dictionary available from the HOME » New Window menu as a quick reference. From there you can navigate to the full patterns description located on our website.

Figure 1. Patterns Dictionary document.

Figure 1. Patterns Dictionary document.

CandleScanner recognizes in total 106 patterns: 20 basic candles and 86 candlestick patterns. The following list of authors and their books had the biggest influence on how the CandleScanner scanning algorithms were implemented:

The team responsible for developing CandleScanner has spent a considerable amount of time (spanning several years) on the analysis, on comparisons and on tests between what different authors had to say on the subject of candlesticks and candlestick patterns. It so happens, that even between well-known authors and their publications, there are differences, and even contradictions, on how to apply and interpret candlestick patterns. CandleScanner attempts to remain true to the spirit of the original Japanese formulation(s). Notwithstanding, rather than take and implement a rigid approach, the software also provides the opportunity for users to control various parameters.

For the detailed description of all candlestick patterns, please see our online Patterns Dictionary.

Following patterns were discovered by the CandleScanner team during the development of the software: Turn Up, Turn Down, Bullish Strong Line, Bearish Strong Line, Bullish Tasuki Line and Bearish Tasuki Line. They are included in the list of supported patterns due to their good efficiency and high frequency, which makes them potentially attractive for traders.

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