Screeners: Cup and Handle

Cup and Handle Screener for ProRealTime

Quickly spot Cup and Handle patterns across the markets

The Cup and Handle is a bullish continuation chart pattern that forms during an uptrend.

After an initial rise, the price enters a correction phase before gradually recovering towards its previous highs, forming the cup. A new, generally shallower consolidation then forms the handle below the neckline.

As long as the neckline has not been broken, the pattern remains a potential setup. A bullish breakout above the neckline validates the Cup and Handle pattern, and a continuation of the uptrend may then be considered.

In trading, two theoretical targets can then be considered: a first target by projecting the height of the handle above the neckline, followed by a second target based on the height of the cup.

Description

This Screener analyzes the last 150 bars to identify Cup and Handle chart patterns matching the criteria defined by the user.

Results are ranked according to the price position within the detected pattern: potential handle-bottom area, proximity to the neckline, or an ongoing neckline breakout.

General filtering on the daily timeframe, based on price and trading volume, allows you to select the desired liquidity level.

Many parameters allow you to adapt the search to your own criteria. All settings can be adjusted directly from ProRealTime's “Variables” menu, without modifying the code.  

Adjustable validation criteria:

• Number of bars scanned before the cup
• Maximum neckline slope
• Minimum handle length relative to the cup
• Minimum and maximum cup depth
• Minimum and maximum handle depth

Available filters: 

• Price within the potential handle-bottom area
• Price close to the neckline
• Ongoing neckline breakout

General filtering:

• Minimum price
• Minimum average volume
• Average volume period
• Volume calculation: number of shares or traded value

Video presentation:

Details of available settings:

Download guide

Characteristics

• Works on all timeframes
• Compatible with ProRealTime V11 and later
• Free ProRealTime (daily closings) compatible
• Settings can be adjusted without modifying the code
• Cup and Handle indicator included
• Free automatic updates for life

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Disclaimer

Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.