Well, now that is going to change! The Candle Pattern Builder/Profiler (CPBP) is a Pine Script toolkit that lets you define, visualize, and evaluate the performance of candlestick/bar patterns on TradingView charts...for any symbol and for any timeframe.
Turn any pattern idea into a tested strategy with real metrics (Win%, PF, Expectancy, etc.) in minutes.
CPBP combines a user-friendly and compact pattern language (similar to Pine Script), a real-time syntax checker, a library of popular built-in patterns, a large list of pre-coded patterns, and most importantly, a bar-by-bar analysis engine that tracks performance for every pattern you select (custom and/or built-in). This means that you can test the performance of patterns over thousands of bars in the securities and timeframes that you care about.
When you first load the indicator, nothing will be displayed. But the process to get it up and running is simple. Just type in one or more candle/bar patterns into the pattern editor (a syntax checker is provided to quickly track down any errors).
We also provide a large number of pre-coded patterns that you can select from and simply copy and paste into the editor...you will find these near the end of the User Guide. You can use these pre-coded patterns as-is or modify them as you see fit.
Lastly, we provide 12 popular built-in patterns that you can select for analysis OR include as part of any custom pattern definition.
Once you have created and syntax-checked your custom pattern definition (or selected one or more of the built-in patterns) you can quickly test the performance of those patterns over thousands of bars of price data.
Using the Pattern Analysis module you will quickly see which patterns occur most frequently and which patterns are the most reliable/profitable. Also, patterns whose performance exceeds values that you define will be highlighted in the table.
The Pattern Analysis module turns each qualifying signal into an independent trade which starts at the next bar’s open. Stops are implemented using ATR-based distances and are recalculated on each bar. You can adjust the stop logic as needed via the provided Initial Stop and Trailing Stop menu options.
For each pattern that is tested, the following metrics are provided:
Trades, Wins, Win%, NetPts, PF, Exp/T, AvgBars, AvgMFE, AvgMAE, BestR, WorstR, AvgWin, AvgLoss, RR, LLS, and RollingPF.
You can also sort the table by any of the metrics in ascending or descending order. The highlight rules (set in the menu) will highlight any rows that meet your minimum Trades, PF, Win%, Exp/T, and RollingPF thresholds.
We have an extensive User Guide which you can view here, and you can find out more on the CPBP landing page. Currently, CPBP is only available for the TradingView platform and you can request a 14-day trial by sending your TradingView profile name to support@sr-analyst.com.
For those of you using the HPC Lite for TradingView system, this is a no-brainer. For the securities and timeframes you are interested in, just run CPBP first to see which patterns (custom and/or built-ins) are performing well and, going forward, use those as confirmation signals for the HPC patterns.
Request your 14-day trial today! We are confident that if you try it, you will want to buy it!
Divergence Software, Inc.
www.sr-analyst.com
support@sr-analyst.com
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