Ascending Triangle is a bullish continuation chart pattern consisting of 2 trend-lines.
This indicator draws two trend lines of Ascending Triangle on chart when the pattern is formed. You can also consider it as an automatic chart pattern drawer.
Any chart pattern can be as simple as one or two trend lines, each trend line consist of two or three highs or lows. But the difficult part is that there are many possibilities of each chart pattern, due to series combination of number of bars and the price difference between the highs and lows.
For example, in Ascending Triangle pattern, the number of bars between the 2 Lows(troughs) which form the lower trend line can be 8, but it can also be 14, 20 or even 30. This is because a chart pattern can take shape either in a short period of time or in a long term.
Furthermore, the price difference between the the 2 Lows(troughs) which form the lower trend line may vary. In a short term(could be small time frame or formation with fewer bars) Ascending Triangle pattern, the price difference could be much smaller than it in a long term one.
For example, price difference in a 5 mins chart is 8 tick size. But it may be more than 20 tick size in a 1 hour chart.
In order to refine the results that allow you to identify the exact pattern you need,
our chart pattern indicator has the following advanced functions.
Note: if you set Highbar1 to 6, it means the The number of bars between the first High and the first Low is at least 6, not exact equal to 6. It can be 7 or any number greater than 6.
The same rule apple to Highbar2, Lowbar1 and Lowbar2.
By using different combination of parameters, you can easily identify the Ascending Triangle pattern in short term, mid term and long term.
You can also load the indicator three times on chart, with your desired settings to plot Ascending Triangle pattern in short term, mid term and long term at the same time.
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