SF - Formations
The tool offline finds classic graphical formations and sends a signal to the widget
Widget location
To add the Formations tool to your workspace, first click on the "Widget menu" button in the platform header. Then click on the button of the same name in the "Technical" section.
Tool functionality
Formations is a scanner that finds and displays classic technical analysis formations formed on charts in real time. The user receives the information in the form of a table.
The visualization of the model has 3 color values:
Bullish formations are marked in green.
Bearish formations are marked in red.
Neutral formations are marked in gray.
There are two filters used in the widget:
timeframe filter;
formation filter.
The default value of the timeframe filter is 5m. This means that the tool will monitor all charts on the 5-minute timeframe and will send a signal to the user if a formation is detected. The following timeframes are available:
1m (minute);
5m (five minutes);
15m (fifteen minutes);
30m (thirty minutes);
1h (hourly);
4h (four hours);
1d (daytime).
By default, the value of the Formation filter is not populated. This means that the tool will track all the formations available to it. The following formation types are available:
CHANNEL - side channel or flat;
CHANNEL_DOWN is a descending trend channel;
CHANNEL_UP is an uptrend channel;
DESCENDING_TRIANGLE is a triangle;
UP_DESCENDING_TRIANGLE is an ascending triangle;
FALLING_WEDGE - descending wedge;
RISING_WEDGE - rising wedge.
In case the filter by formations is filled, the widget will send situations only with marked formations.
The widget table has the following columns with data:
Column for adding/removing the traded asset to/from the list(s) favorites⭐
SYMBOL - name of the ticker, for which the signal has come.
FORMATION - name of the formation from which the signal came to the widget.
A small diagram visualizing the price pattern of technical analysis is placed next to the name of the formation.
When you click on a specific signal, an eye icon is displayed next to the name. This is a switch that, in case the user has the Chartwidget synchronized with Formations open, automatically displays the formation on the chart.
Automatic display of formations on the chart
](https://sf-gitbook-images.s3.eu-central-1.amazonaws.com/assets/Formations.gif)
Like all tools SpreadFighter, Formations has the ability to synchronize with other tools marked with the same color. When you click on a specific signal, all synchronized tabs will switch to the corresponding ticker.
Model Description
The Formations scanner is a powerful tool that allows you to search for and identify various graphical formations on charts. These formations can be key indicators of future price movements and create potential opportunities for profitable trading.
The scanner uses complex algorithms and technical indicators to automatically analyze a large amount of data and highlight the most significant formations.
The Formation Scanner is based on analyzing and identifying various chart patterns such as trend lines, triangles, channels and more. It automatically scans a large number of charts, applying predetermined criteria and conditions. When interesting formations are detected, the scanner gives signals to the trader, indicating potential trading opportunities.
How do I use Formations?
Formation Scanner helps traders save a significant amount of time that they used to have to spend manually analyzing charts. Allows you to find promising trading setups that fit the trader's strategy.
Formations helps you discover highly profitable formations that may not be obvious to a trader analyzing charts manually.
Using a formation scanner gives the trader a strategic advantage by allowing them to react quickly to opportunities that arise.
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