Automatic Patterns
Tim Knight · 2012
This chapter discusses ProphetCharts to give an idea of what an automated pattern recognition system is capable of doing to save time while prospecting the opportunities. The Prophet historical price database automatically keeps track of patterns as they emerge. Getting to this information is simply a matter of establishing the parameters of the search so that the qualifying symbols can be delivered to the copy of ProphetCharts. The Find Patterns dialog box within the Patterns menu has five different tabs: General, Patterns, Ratings, Watch Lists, and Filters. The first tab, General, has a variety of checkboxes, drop-down menus, and radio buttons, which mostly give the ability to customize the search. The Patterns tab lets one choose which of the 16 available patterns one would like to seek. The third tab, Ratings, lets establish a minimum and maximum value for the quality of patterns one is seeking. These figures range from 0 (lowest quality) to 5 (highest quality), and the default is 0 for minimum and 5 for maximum for all six parameters. The fourth tab, Watch Lists, lets one to constrict a search to only the symbols found within or without one's watch lists. The final tab, Filters, can also save time by not bothering to show the symbols that one does not find interesting in the first place.