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Ascending, Descending and Symmetrical Triangle Chart Patterns
A triangle is a chart pattern formed when two trendlines are converging. When the resistance line is increasing and the support line is horizontal, we call this chart pattern an ascending triangle. When the support line is decreasing and the resistance line is horizontal, we call it a descending triangle. Finally, the symmetrical triangle occurs when the support line is increasing and the resistance is decreasing (and of course, both lines should be converging).
This screen searches for stocks or securities that have one of the triangles patterns. It also creates two columns:
Pattern: Returns the detected pattern. Available values are ascending, descending and symmetrical.
Signal: Returns "1" if the pattern generates a long/short signal. This occurs when the security price crosses above/below horizontal line (or one of the oblique lines for the symmetrical triangle pattern).
Example:
Enter long when the stock price crosses above the resistance line of the descending triangle pattern.
In case the ascending triangle pattern is formed, a short signal appears when the stock price crosses below the horizontal support line.
