In the forthcoming update of the MarketCheese service, “Forecasts” have been redesigned, focusing on the author. The “Chart” widget has been provided with an option to disable auto-scrolling and apply new drawing objects, i.e. “Wedge” and “Expanding Channel”.
The “Forecasts” section
This section will be published with an emphasis on the author and the forecast’s title. We have enlarged the user’s icon and nickname, and also removed unnecessary elements.
New drawing objects on the chart
New drawing objects have been added to the “Chart” widget, including "Wedge" and "Expanding channel".
Wedge. This instrument is similar to a symmetrical triangle, with the trend lines converging at the top. As a rule, the pattern suggests that a trend is likely to reverse soon. It is reliable if the pattern has been forming for a long period. The direction of the breakdown level defines whether the analyzed asset is worth buying or selling. If the "Wedge" is descending, then the asset is bought, in case it is ascending — the asset is sold.
The new drawing object will highlight the pattern in the analysis. So, there is an opportunity to make the right decision and share your thoughts by creating a forecast. The pattern style can be changed in the settings, along with the exact coordinates to be set.
Expanding channel. This is another drawing object that highlights the pattern on the chart. It expresses uncertainty when there is no clearly defined trend. The pattern is often neglected by traders, but if handled correctly, it can predict price momentum with limited risks.
A possibility to disable auto-scrolling of the “Chart” with quotes updating has been added to the widget settings. If auto-scrolling is disabled, the “Chart” won’t automatically move to the left after the new bar is formed. In case it is enabled, there will always be displayed the last formed bar.
Description of Research
All the rules for conducting research and evaluating indicators have been collected on the "Description of Research" page.
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