All about the Zerodha Pi Pattern Recognition Scanner:
1) The Pattern Recognition Screener is a unique feature to Pi. You will not find this particular feature on any other retail trading platforms in India.
2) The Pattern recognition screener is not a live screener. It scans across any time frame you manually specify through the historical chart data.
3) You cannot run this screener on a group of stocks. You need to open individual chart and run the Screener on each chart.
4) The Pattern Screener, plots chart pattern on the historical data and ranks it using its inbuilt Artificial intelligence.
5) Open a Pi chart and run the Pattern Recognition from the Artificial Intelligence menu.
6) The Zerodha Pi has 20 predefined default Pattern templates you can use. Default patterns include Trend Channel, Flags, Double bottom, Elliot wave, head shoulders etc.
7) Previously there was an option to design your own pattern. But with the latest update this feature has been removed from Pi.
The Pattern Recognition Scanner is useful for traders:
1) Who have identified a chart pattern visually and needs a confirmation using an Artificial Intelligence algorithm.
2) To confirm new SUPPORTS and RESISTANCE on individual charts analyzing the past pattern formation at different price levels.
3) To automatically plot trend channels on the chart for identifying breakouts.
Video of the Zerodha Pi Pattern Recognition Scanner: