FIG. 2: TURNING POINT INDICATION AT A CHART OF DOW JONES INDUSTRIAL AVERAGE DURING 2013.
How to chart this graph on your own and see a turning point indicator based on the bullish engulfing pattern within the favorites list? Very simple:
- 01. Open a chart for your underlying.
- 02. Drag and drop the “candle pattern” indicator onto the chart.
- 03. Go to the properties section on the right. Identify and select a candlestick pattern you want to use.
Scan for Candle patterns.
It is often useful to get automatic alerts based on candlestick patterns across a universe of underlings. You can implement this by using market scanner. It will enable you to find all bullish engulfing patterns (or whatever candlestick pattern you desire) within a few seconds:
- 01. Go to the symbol lists and select a list to scan
- 02. Right click and select “open in market scanner”
- 03. Click done.
- 04. Drag and drop the candlestick pattern indicator onto this list
- 05. Select bullish engulfing on the properties page
- 06. Run the scan.
You can do the same with the “candle patterns” indicator instead of using the “candle pattern” indicator. It has the same effect, however, the “patterns” indicator provides all possible candlestick patterns, whereas the “pattern” indicator only applies one single pattern to your chart.