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The candlestick pattern recognition technical indicator allows the user to test for and visualize any of 41 distinct candlestick patterns of interest. When adding the indicator to a chart object, choose as many patterns as you like from the list of available patterns. Other parameters include three values used by the indicator to perform the pattern matching.

The "Equal Percent" value is used to specify how close two prices must be to one another to be considered "equal" for the purposes of pattern recognition. . Specify the value in percentage points, e.g. 1 means 1%, .5 means one half of 1%. If a candlestick closes within "Equal Percent" of it's open, then it is considered a Doji pattern. If a body is too long to be a Doji pattern, then it is considered either "Long" or "Small". It is "Long" if the body is larger than the average of all candle body lengths in the chart and "Small" if it is smaller.

The "Long Shadow" value is used to test whether a candlestick has a long shadow. The shadow of a candle, sometimes called "wick", is the portion of the candle that protrudes above or below the candle body. The long shadow value is multiplied by the actual body length and compared with the shadow length to determine if the shadow is "long". A value of 2, the default, means that a shadow must be twice a long as the candle body to be considered a long shadow.

Similarly, the "Small Shadow" value is used to determine whether a candle has a shadow smaller than the value times the real body length. A value of 1, the default, means that smaller shadows are those whose length is less that one body length. A value of .5 means that a shadow must less than half the size of the body to be considered small.

The candle pattern recognition indicator is display in its own sub window within a chart window. Each pattern name selected is represented by a horizontal line with diamonds marking the view period positions where a the pattern was recognized. It is advisable, but not necessary, that the chart of the instrument be displayed in candlestick format. The crosshair tool may be used to line up a diamond with the actual candle.

Pointing the mouse at an instrument's candle while holding the mouse button down causes the title bar of the candle pattern recognition sub window to show the names, if any, of any patterns recognized for that candle.

Below is a list of the candlestick patterns that are currently recognized in Investor/RT.  Please email support@linnsoft.com if you have others you would like added.

Abandoned Baby Top
Advance Block
Belt Hold - Bearish
Belt Hold - Bullish
Counter Attack-Bearish
Counter Attack-Bullish
Dark Cloud Cover
Engulfing-Bearish
Engulfing-Bullish
Evening Doji Star
Evening Star
Falling Three Method
Gravestone Doji
Hammer
Hanging Man
Harami-Bullish
Harami Cross-Bullish
Harami -Bearish
Harami Cross-Bearish
High Wave
In Neck
Inverted Hammer
Long Legged Doji
Mat Hold
Morning Doji Star
Morning Star
Piercing Line
Rising Three
Separating Line-Bearish
Separating Line-Bullish
Shooting Star
Side by Side Wide Gap Down
Side by Side Wide Gap Up
Stalled
Tasuki Downside Gap
Tasuki Upside Gap
Three Gaps Down
Three Gaps Up
Three Soldiers-Bullish
Thrusting Line
Upside Gap 2 Crows