Absolutely, the big boys have technical analyst in their employ...

Absolutely, the big boys have technical analyst in their employ for various reasons. My TA teacher used to be hired by institutions to educate them. After all to be able to write algorithms one need to understand the technical side very well first. So yes there are a number of ways to write algos depending on what the set targets are and so the big boys can engage in "chart shaping" in order to influence retail investors in their decision making.

Some years back now, I did a course on how to writing algorithms, quite successful I might add. The target was to have an algorithm that could trade once started by itself. Even though is was back tested and was profitable the trouble is, you also have to trust it, that it keep going and will make $$$ over time.
That was my trouble anyway, I kept on watching it, checking it, that it was doing the right things when and as it was designed. LOL and that isn't the sense of an automated trading system! However this gained knowledge helped me a great deal in trading PM, indices and currencies when I was doing it actively.