This advanced TradingView script is designed to automatically detect Cup and Handle chart patterns, as well as a wider range of similar reverse formations, providing traders with a comprehensive tool for identifying potential trend reversals and key market signals. It is ideal for traders who rely on pattern-based technical analysis to make informed trading decisions.
The script offers a variety of powerful and customizable settings to optimize pattern detection. Users can choose which points to use for identifying patterns — either along the edges of candle wicks (tails or shadows) or along the edges of the candle bodies. You can also define the minimum number of pivot points a pattern must contain, as well as the minimum depth of the shapes, which is crucial for accurate and effective trading analysis.
One of the most valuable features of this script is its advanced filtering functionality. Unlike previous versions that only identified patterns, this script can filter out formations that appear in less relevant or inappropriate areas. This base-level filter removes many false positives, ensuring that the detected patterns are more reliable and useful for actual trading decisions. For traders seeking even more advanced filtering capabilities and enhanced customization, additional development options are available upon request.
Additional settings allow you to control how “flat” the detected patterns should appear relative to the horizontal axis, ensuring that only the most relevant and properly shaped formations are highlighted on your charts.
The script also supports full style customization, so you can adjust colors, line thickness, and other visual elements to match your personal chart preferences. Every major setting comes with detailed tooltips, making the script user-friendly for both beginners and experienced traders.
Furthermore, this script includes the ability to create real-time alerts. Using the alert system, you can receive notifications whenever a Cup and Handle pattern or its inverted counterpart appears, helping you stay informed of potential trading opportunities without constantly monitoring your charts.
Overall, this Cup and Handle chart pattern indicator for TradingView combines precise chart pattern recognition, advanced filtering, visual customization, and real-time alert capabilities into a single, comprehensive technical analysis tool. It is perfect for traders looking to enhance their market analysis, improve decision-making, and identify key trend reversal signals with confidence.
