Chart Pattern Triangle

Please note that the information about expected price targets provided by Auto Chart Patterns isn't a recommendation for what you should personally do. Do not take this data as investment advice. It should only be used for education and research. As with any trade, always look first and then leap.

A triangle is an indefinite pattern that can herald both an increase and a fall in price. The target price level depends on the direction in which the price broke this pattern. It is expected that after the pattern breakout, the price will go approximately to the height of the triangle base in the direction of the breakout.

The indicator searches for patterns on the last 600 bars. The pattern consists of lines denoting price movements (Price Line) and lines forming a triangle (Triangle). The start and end points of each price line are in 5/5 pivots. The breakout of the pattern is fixed by the close value. The intersection of the lines of the triangle with the close value in the interval between points 1 and 5 is not allowed. In the In Progress mode, the indicator looks for not only formed, but also emerging patterns. The last two points of such a pattern may not be in pivots, and the last price line will be dotted.

The dotted horizontal line that ends with the Target label indicates the expected price level after the pattern is completed. If the pattern is not broken, then the indicator will draw 2 such lines – one in each direction. After the breakout, only the line in the direction of the breakout remains. As new bars appear, the line extends to the right until the last bar, until the pattern status changes from Awaiting to another. The label tooltip shows the price and the current status of the pattern. When the status changes, the color of the label also changes. There are 4 statuses in total:

Awaiting. The triangle is not broken or broken, and the price has not yet reached the target level in the direction of the breakdown and has not gone beyond the last opposite point of the triangle.
Reached. The price broke through one of the triangle lines and reached the target in the same direction.
Failed. The price broke through one of the lines of the triangle and, having not reached the target, went beyond the last point opposite to the direction of the breakdown.
Indefinable. The indicator cannot unambiguously determine the status of the pattern.

If the indicator finds two intersecting patterns, then preference is given to the one whose status is Awaiting. If the status of the intersecting patterns is Failed or Reached, or the status of both is Awaiting, then the pattern that is larger will be displayed on the chart. A pattern with the Indefinable status is deleted if it intersects with a pattern that has a different status.

Alerts:

New Pattern. It is triggered when a new pattern appears on the chart. A pattern is considered new if it has changed the position of point 1, 2 or 4.
Pattern Breakout. It is triggered when a bar that has closed outside the triangle appears. If there is a breakout of the same line on which the last point of the pattern is located, then in case of an unsuccessful attempt to rebuild point 5, this alert will trigger on reverse rebuilding if no more than 5 bars have appeared since the breakout.

Inputs:

Patterns - Defines which pattern will be drawn depending on its status. Possible values: All, Awaiting and Reached, Only Awaiting, Last Awaiting. If Last Awaiting is selected, only one pattern with the Awaiting status will be displayed, the first point of which is located to the right of all the others.
Price Targets - Defines which price targets will be drawn depending status of the pattern. Possible values: All, Only Awaiting, Awaiting and Reached, None.
Permissible Deviation – The maximum allowable deviation of point 3 from the corresponding line. It is calculated as a percentage of the distance between the lines of the triangle on the same bar where point 3 is located.
In Progress – Search for emerging patterns.