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The wedge pattern is a technical analysis pattern that can be found in the price charts of a financial asset (Stocks, futures, ETFs and bonds).
There are two types of wedge pattern: Rising wedge and Falling wedge. The former is a bearish pattern that is characterized by a contracting range and by the market making higher highs and higher lows. The latter is a bullish pattern that is formed when the market makes lower lows and lower highs with a contracting range.
In the rising wedge, a bearish signal occurs when the stock or security price crosses below the rising support line. For the falling wedge, a bullish signal occurs when the stock price crosses above the falling resistance line.
The support and resistance lines are generated automatically using the "AutoSR" function. Given a specific period, this indicator creates the support or resistance line by automatically finding the line that links between two local lows (support) or two local highs (resistance).
This screen creates three columns:
Falling Wedge: Indicates whether this pattern was detected.
Rising Wedge: Indicates whether a rising wedge pattern was detected.
Signal: Return "1" if the price crosses above its resistance (falling wedge) or crosses below its support (rising wedge).
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
