Registered User
Joined: 10/18/2005
Posts: 10
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I m a user of Telechart 2007, how can I write PCF s in order to find double bottoms, double tops, head and shoulders and inverted head and shoulders. ? Is that possible ?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You may wish to review the following for information on pattern recognition in TeleChart 2007 and TC2000 version 12 (concentrating on topics mentioning double tops or double bottoms):
Falling wedge
Cup with a handle formation
PCF for cup with a handle
Scanning for Chart Patterns
Scanning for Stocks Printing a Double or Triple Bottom
PCFs for pennants and flags
PCF's for Triangles
Does TeleChart support Elliott Wave indicators?
Double top/bottom trend
Finding Double Tops and Double Bottoms
CUP AND HANDLE AGAIN
Finding Continuation Triangles And Wedges With Telechart
Cup & Handle PCF
Double tops and bottoms
Flag wedge and pennant pcf
That said, I personally do not think complex pattern recognition is practical in TeleChart using Personal Criteria Formulas and EasyScans. This is true of pattern recognition in general with the exception of fixed size candlestick patterns (which are fairly straightforward as long as the pattern is well defined):
Boolean PCFs for Candlestick Patterns
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 10/18/2005
Posts: 10
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Thanks for your ansewer. However would like to ask the following. Why, as you said, TeleChart is not good for finding stock patterns ? Thanks again for your help Regards. Victor Rendon
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You need to be able to strictly define the pattern (or at least some identifiable aspect of the pattern) and then implement the result in a formula all contained in a single logical line of code. While you can put multiple formulas into the same Scan, the Scan will just combine the formulas together with ANDs. The end result is that it is very difficult to identify patterns where you know what they look like, but which for example can actually happen over varying periods of time or only be defined subjectively.
If you have a very specific unambiguous objective definition of a particular pattern, it might be possible to identify it, but that's not generally how people define double or triple tops and bottoms or heads and shoulders type patterns.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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