Cup With Handle

1/ What is the Cup with Handle indicator? 

Introduction: 

Cup With Handle Pro indicator for TradingView automates the detection of the highly acclaimed Cup with Handle pattern, a beacon for traders seeking to leverage market momentum for substantial gains.

Cup With Handle Pro transcends traditional pattern recognition by combining technology with a deep understanding of market psychology.

Its proprietary algorithm sifts through market noise to pinpoint the formation of Cup with Handle patterns with remarkable accuracy.

Benefits:

  • Precision Pattern Recognition: Leverage the indicator's ability to identify Cup with Handle formations accurately.
  • Strategic Trade Execution: Gain insights on optimal entry points, stop loss, and take profit levels.
  • Adaptability Across Markets: Whether you're trading forex, stocks, indices, or commodities, the Cup With Handle Pro indicator is your versatile companion.
  • Customizable Notifications: Stay ahead of the game with personalized alerts via pop-up, sound, email, and push notifications, ensuring you never miss a golden opportunity to trade.

2/ Indicator Setting - Trend Focus

Cup Shape Coefficient: Adjusts the sensitivity for recognizing the curvature of the cup pattern. A higher value requires a more perfect "U" shape, while a lower value allows for more variation in the cup's shape.

Maximum Ratio of Handle to Cup Depth: Sets the maximum allowed ratio between the depth of the handle and the depth of the cup. This helps in filtering out patterns where the handle is disproportionately deep compared to the cup.

Maximum Difference Between Cup Extremes: Specifies the maximum allowable difference in the highs (for a bullish pattern) or lows (for a bearish pattern) of the cup's rim. This ensures the cup's rim is relatively flat.

ZigZag Depth: Determines how far back (in bars) the ZigZag algorithm looks to find significant highs and lows. Increasing this value makes the ZigZag lines smoother and less responsive to minor price changes.

ZigZag Deviation: Sets the minimum price movement required to form a new ZigZag line. A higher deviation filters out smaller price fluctuations, making the ZigZag lines represent only significant price movements.

ZigZag Backstep: The number of bars the algorithm looks back to check if the current ZigZag line remains valid or if it needs adjustment based on new price movements.

SL & TP (Stop Loss & Take Profit) Settings:

  • ATR Period for SL Shift: Defines the period over which the Average True Range (ATR) is calculated, used for determining the stop loss distance.
  • SL Shift Coefficient (from ATR): Multiplies the ATR to set the stop loss distance from the entry point, allowing for volatility-based stop loss placement.
  • TP Coefficient (from SL): Determines the take profit distance as a multiple of the stop loss distance, helping to maintain a consistent risk-reward ratio.

STYLING:

  • Up Arrow Color: Chooses the color of the arrow indicating a bullish pattern completion.
  • Down Arrow Color: Chooses the color of the arrow indicating a bearish pattern completion.
  • Up/Down Arrow Size: Adjusts the size of the arrows on the chart for better visibility.
  • Display TP/SL on Chart: Toggles the visibility of the suggested take profit and stop loss levels directly on the chart.
  • TP Color: Sets the color for the take profit level line.
  • SL Color: Sets the color for the stop loss level line.

  • How can I set up alerts?

To stay updated on potential trading opportunities, you can set up alerts within the Cup with Handle.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.

Step 3: Select Trend Focus from the “Condition” dropdown list:

Step 4: A pop-up will appear as follows. You click on “Notifications”.

Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.