Once again, SlopeCharts has another exciting feature for you to enjoy: Candle Hunter. It allows you to seek out any of fourteen different candlestick patterns in your charts. To use it, choose this item from either Menu or Links;
That brings up a dialog box in which you can check off any (or all) of these candle patterns.
Any chart you look at will then tint any patterns that have been found. If you point at a pattern, the name of the pattern will be revealed.
I will stop right now and tell you two things I’ve discovered during my testing of this new feature:
(1) There are a LOT of candlestick patterns. Let’s face it, these patterns are based on just one, two, or three bars, thus you are going to get a tremendous number of results.
(2) You may find it more useful to examine candlesticks by using Weekly or Monthly charts, since obviously there will be fewer “hits” and the patterns may be more powerful.
Here is an example:
You can even fine-tune every single one of the fourteen tints in terms of color, opacity, and so forth. Just click the Styles tab in the Candle Hunter dialog box, choose whatever pattern from the dropdown you want to change, and set the style to your liking.
We’ve also added a keyboard shortcut, Ctrl-P, which toggles prices on and off. This is extremely valuable with Candle Hunter, because it makes it vastly easier to spot the “tints” where the candle patterns have taken place.
I hope you enjoy this new feature, and I’m eager to get your feedback. I actually have a lot of other ideas about candlesticks – – this might just be the start – – but I want to see if people like it or not before spending any more effort expanding this.