To start a new search, click on the 'New Search' button at the top of the Search Pane (near the top left corner of the screen). The first step in creating a search is to specify the symbols to which the scan must be applied.

Basic Search (Selecting symbols/instruments)

The Basic Search functionality is also known as "Grouping". The basic search allows one to choose between selecting a predefined group (usually symbols on a particular exchange or symbols for a particular time granularity) and selecting symbols individually to form a unique portfolio.


When a new group has been selected, the search name is automatically set to the default name of the group. The search name can be edited or augmented at any time.

To search for specific symbols choose the "Symbol" option on the radio button, add preferred symbols by typing in the name of the Forex pair or other symbols and an auto-complete list will appear and update as one types.

Next, select the relevant time granularity for each symbol and click on the "Add" button to add the symbol to a custom list.

Note: The search name will automatically change to the latest symbol added each time an addition is made to the symbol list.

Search Name
The lower part of the search window provides a text field to enter a name for the search. It changes automatically to the last group that was selected, or the last symbol that was added to a custom list. The name of the search will be displayed in the Search Pane.

The last step in the process of creating a basic search is to click the "Create Search" button at the bottom of the popup window.

Advanced Search Filters

To create an "Advanced Search" filter on a new or existing search, select the "Advanced Search" link at the bottom of the basic search options.


The Advanced Search screen will expand with a list of additional criteria to refine a search. Note the three separate tabs for Chart Patterns, Fibonacci Patterns and Key Levels. Each tab displays specific criteria that will refine the search for the selected category of pattern or Key Level.

The selected tab is displayed in a lighter grey, and all the filter criteria relevant to that analysis type can be changed below.

NOTE: Beware not to make the advanced filter criteria too restrictive. It can easily happen that two or three criteria can be made too restrictive and cause the search to end up with an empty result set and message "No Patterns Found "in the Results Pane.

Each set of search criteria will be discussed in separate sections below.

Advanced Filters: Chart Patterns

Price Range

This functionality is useful for scanning Equities and CFD.s. One can define a minimum to maximum price range in the text boxes provided, for example to limit penny stocks or very expensive equities.

Direction

Search results can be filtered according to the direction of the possible outcome of price movement after the pattern is identified. Select a market direction of choice by clicking the applicable radio button.

Trend Change

The forecast price movement after a chart pattern is found would either be in the same direction as the Initial Trend, or in the opposite direction. If the forecast price movement after the pattern follows the same direction as the Initial Trend it is known as a continuation pattern. If it goes in the opposite direction to the Initial Trend it is called a reversal pattern.

Minimum Pattern Length

Pattern length is determined by the number of candles (bars) of the price chart that are contained in the pattern. For example, a pattern length of 30 on a graph with 60 minute bars would mean that the pattern was formed over 30 hours.

Chart Pattern Quality Indicators

Autochartist automatically rates 5 objective indicators to measure the visual quality of Chart patterns: Clarity; Initial Trend; Volume; Uniformity and Breakout strength. (Disclaimer: Visual Quality is not an assessment of the efficacy of the Chart Pattern, nor the possible profit or loss one can realize from specific trading opportunities)

Quality indicators reflect the visual appeal of the pattern. A high quality pattern will appear more attractive, well-proportioned and symmetrical. The overall quality measure is the arithmetic average of all other indicators.

Quality is expressed as a number ranging from 0 to 10, where 10 is the best quality and 0 is the poorest. Use the sliders to set the required levels of pattern quality for a search (see image below).

It is important to remember that the settings in this section determine the minimum requirements for quality. A lower threshold would allow more patterns to pass the search criteria. If the requirements are set too high, the search may return very few results or none at all. If all the quality indicator filters are set to zero, no results will be filtered out on quality and all results will be returned.

Overview of Chart Pattern Quality Indicators:

Clarity: Indicates the level of "noise" in the price graph. If there are many spikes in the price movements the clarity will be low.

Initial Trend: The strength of the trend that precedes a pattern. A long, consistent Initial Trend will have a higher rating for this indicator.

Volume: An important indicator that measures the increase in volume during the breakout of a price through support/resistance. Volume is only applicable to exchange-traded instruments (equities, ETFs).

Uniformity: If the points touching the support and resistance lines are more evenly spaced over time, the pattern will have a better Uniformity rating.

Breakout Strength:  The size of the candle with which the price breaks through a support or resistance level

Types of Chart Patterns

Autochartist identifies 16 different Chart Patterns. Any of these can be filtered out in the Advanced Filter section of a search. For descriptions of each of these patterns, click on the  icon next to the pattern.

Advanced Filters: Fibonacci Patterns

Price Range

This functionality is useful for scanning Equities and CFD's. Traders are able to define a minimum to maximum price range in the text boxes provided, for example to limit penny stocks or very expensive equities.

Direction

Search results can be filtered according to the direction of the forecast price movement after the pattern is identified. Every pattern has either a bullish or bearish outlook. If you are interested only in a particular market direction you can select it here by clicking the applicable radio button.

Minimum Pattern Length

Pattern length is determined by the number of candles (bars) of the price chart that are contained in the pattern. For example, a pattern length of 30 on a graph with 60 minute bars would mean that the pattern was formed over 30 hours.

Fibonacci Pattern Quality Indicators:

Three indicators measure Fibonacci pattern quality. Each Indicator is discussed below. Quality indicators reflect the visual appeal of the pattern. A high quality pattern will appear more attractive, well-proportioned and symmetrical. The overall quality measure is the arithmetic average of all other indicators.

Quality is expressed as a number ranging from 0 to 10, where 10 is the best quality and 0 is the poorest. Use the sliders to set the required levels of pattern quality for a search (see image below).


Clarity
Indicates the level of "noise" in the price graph. If there are many spikey movements in the price movements the clarity will be low.

Time Symmetry
The degree to which time differences between turning points follow the same Fibonacci ratios found in price levels.

Price Symmetry
Price Symmetry is the degree to which the identified ratios match the theoretical Fibonacci ratios, within some margin of error. Therefore, the smaller the margin of error, the higher the Price Symmetry.

Fibonacci Pattern Types
Autochartist identifies six different Fibonacci patterns. Any of these can be filtered out in the Advanced Filter section of a search. For descriptions of each of these patterns, click on the icon next to the pattern.

Advanced Filters: Key Levels

Chart patterns, Fibonacci Patterns and Key Levels are accompanied by their own set of unique search criteria.  Each section is described below.

Price Range


This functionality is mainly useful for scanning Equities and CFD's. Traders can define a minimum to maximum price range in the text boxes provided, for example to limit penny stocks or very expensive equities.

Minimum Pattern Length

Pattern length is determined by the number of candles (bars) of the price chart that are contained in the pattern. For example, a pattern length of 30 on a graph with 60 minute bars would mean that the pattern was formed over 30 hours.

Quality Indicators

By default, any Key Level will have at least 3 touching points, but this set of radio buttons allows traders to select a higher minimum number of touching points to filter on. Note that the higher number this filter is set to, the fewer results will be displayed.

Key Level Pattern Types