Chart Patterns Indicator: 16 Shapes Found for You

What it shows

Each pattern is a coloured line through its swing points with a light fill and a name label (head and shoulders also gets Left Shoulder, Head and Right Shoulder labels). Necklines are dotted. After a breakout, a dotted line runs to a Target label, which keeps the pattern’s colour while Awaiting and turns green when Reached, red when Failed and grey when Indefinable. Hovering the label shows the target price and status.

How Pravex works it out

Pravex searches only the last 600 candles. A candle is a swing high when its high is above the 5 candles before it and not below the 5 candles after it (a swing low mirrors that). A swing is therefore known only 5 candles after it happened. Highs and lows are then put in strict alternation: of two highs in a row (or two lows) only the more extreme one stays.
Each of the sixteen kinds is searched on those swings with its own geometry (bear and bull flags, bear and bull pennants, cup and handle and its inverse, double and triple tops and bottoms, head and shoulders and its inverse, rectangle, triangle, rising and falling wedge). This page has no tolerance inputs: every kind runs on its built-in defaults, such as a lead-in strength of 50, a tolerance of 15 (also for the cup rims, which start at 10 on the Cup and Handle page), a pullback limit of 50 and a minimum squeeze of 30. Elliott waves and the trend detector are separate indicators and are not part of this scan.
A pattern counts only once a candle has closed through its breakout line (a neckline or a channel edge, depending on the shape). If price crossed the failure level before that, the shape is dropped. Shapes that have not broken out are hidden unless unconfirmed patterns are shown.
The target is the shape’s own size measured from the breakout: the height for a double top, the head’s height above the neckline for head and shoulders, the pole for flags and pennants, the depth for a cup, the starting width for a triangle or wedge.
Two patterns of one kind never share a swing point; the newest wins. Across kinds, when two patterns cover mostly the same candles (they overlap by more than half of the shorter one), the one with more swing points stays. So a big shape usually hides a smaller one inside it.
Last come the status filter that decides which patterns stay and the filter that decides which targets are drawn.

Settings

Setting	Default	What changing it does
Which patterns to keep	All	Which found patterns stay on the chart. All keeps every one. Awaiting and Reached drops Failed and Indefinable ones. Only Awaiting keeps patterns whose target is not yet touched and that have not failed. Last Awaiting keeps only the single newest Awaiting pattern.
Where targets are drawn	Only Awaiting	Which dotted target lines and Target labels are drawn: All, Only Awaiting, Awaiting and Reached, or None. It hides the target only; the pattern itself stays as long as the pattern filter keeps it.
Show unconfirmed patterns	off	Off: a pattern appears only after a candle has closed through its breakout line. On: patterns that have not broken out yet are drawn too, with the last leg dotted and the target they would have. The last swing is then the running extreme since the previous confirmed swing, so it moves with every candle.

How traders read it

Use it as a first pass over a chart: it shows which classic shapes the recent swings fit and which already have a breakout. When one catches your eye, open that shape’s own page to tune its tolerances.

The target is a measuring rule. Here is the arithmetic with invented numbers: a double top has a neckline at 100 and tops at 110. The height is 10, so the target sits at 90, measured from where a candle closes under the neckline. One practical use: check whether the room to the target justifies the stop distance before acting, and skip the setup when it does not.

When it misleads

Running all sixteen at once means more drawings, and some of them will be shapes you would not have drawn by hand; the rules are mechanical and never judge the context. Patterns are built from confirmed swings only, so nothing is drawn on a swing that is still forming. Two things can still change after the fact. A later, more extreme swing of the same kind replaces the earlier one, and a pattern that ended on it shifts or disappears. And the breakout is judged on a candle’s close, which on the newest open candle can still move back inside. With unconfirmed patterns shown, the last point is the running extreme and moves with every candle. It also looks back 600 candles only, which on hourly gold candles is roughly five weeks of open hours, so an older shape is never drawn. A pattern describes past swings only. It says nothing about the next candle.

Questions and answers

Which patterns does the All Chart Patterns indicator find?

Sixteen: bearish and bullish flags, bearish and bullish pennants, cup and handle and its inverse, double and triple tops and bottoms, head and shoulders and its inverse, rectangle, triangle, rising wedge and falling wedge.

Does the chart pattern indicator repaint?

In part. A confirmed swing never moves, but a later, more extreme swing of the same kind replaces it, and a pattern ending on it shifts or goes. A breakout on the newest open candle can also undo itself before the candle closes.

Why is a pattern I can see on the chart not drawn?

Usually one of four reasons: the swings miss the shape’s rules, a candle has not yet closed through the breakout line (unless unconfirmed patterns are shown), price crossed the failure level before the breakout, or the shape is older than the last 600 candles.

What does Awaiting mean?

The breakout has happened, the target has not been touched yet, and price has not crossed the failure level. Reached, Failed and Indefinable are the other three states.

How far back does it look for patterns?

The last 600 candles. On the hourly gold chart that is roughly five weeks of open hours; on the 4-hour chart it is several months.