Three Line Strike scanner indicator

9 November 2018, 13:19
Jan Flodin
0
645

The main purpose of this blog is to describe and explain the input parameters of my Three Line Strike scanner indicator (MT4 version / MT5 version). 

Please check out my other trend reversal products for MT4:
Candle patterns scannerTrend reversal dashboard

For MT5:
Candle patterns scanner


    Input parameters

    Parameters marked with an asterisk (*) in the beginning are only available in the MT5 version and parameters marked with two asterisks (**) in the beginning are only available in the MT4 version.

    • GENERAL SETTINGS
      • Scanning interval in secondsDefault is 1. Can be set to a higher value in order to prevent possible performance issues on slower computers.
      • Panel width: Default is 300. For instance, if you are using a non-standard font size in windows you could set this to a larger value in order for the whole text to be visible.
      • Custom panel title: If you put some text here this text will be shown instead of the default panel title.
      • Template name: The template you put here will be applied to the chart which will be opened when you click on a signal in the panel. The name should include the file extension (.tpl).
      • Delay in seconds for applying chart template: This parameter can be set to a higher value in case the trade advice lines are now drawn on the chart.
      • Scan for bullish and/or bearish: This is a drop down menu where you can select if to scan for only bearish or bullish engulfing and pinbar formations.
      • Trend filter to use: List box where you can select from RSI or Bollinger.
      • Single chart modeWhen set to True the indicator will scan for patterns only on the chart where it has been installed. It will only draw arrows for future patterns and it will not redraw patterns when changing time frame.
    • SIGNAL SETTINGS
      • Amount of signals to show in the panel: Default is 20. But you can set it to more if it will fit on your chart. The signals will be shown in descending order, i.e. the latest signal first. The panel can be moved around on the chart by dragging it with the top list. It can also be minimized. If closing it with the x button the indicator will be unloaded from the chart as well. The panel does not support having font size set to for instance 125% in Windows. You can set the last (XX) signals in the indicator settings. You can change it to for instance 30. The panel height will then increase and in some cases it might not fit on your chart. To disable to panel you must set the value to 0. The text on each row contains information about time (server time) when the signal was generated, symbol, time frame, if bull or bear and type of alert. For instance "3.5 16:00-USDJPY-H4-Bear-white soldiers". The time is written in the format M.D hh:MM. When clicking on a row a new chart will be opened with the selected symbol and time frame. The opened chart will be opened with the chart template which you have defined in the indicator settings.
      • Where to write signals (For EA): Listbox with the following selections:
        • Disabled
        • File in data folderThe signals will be saved to a .csv (text) file for further usage.  The file is located in the \MQL4\Files folder (MQL5 in Metatrader 5) and the name of the file is "TLS_symbol_timeframe.csv". For instance "TLS_EURUSD_M5.csv". This file could be used by an Expert Advisor for automatical trading. The format in the file is: [type of pattern];[symbol name];[time frame (text)];[time of signal candle];[Bull or Bear]. For example "CS;EURUSD;M30;6.11.2019 12:30;Bear". Always separated by a semi colon. CS stands for Crows/Soldiers and TLS for Three Line Strike.
        • File in common folder: The file is stored in the common folder instead which is a folder shared by all Metatrader instances installed on the machine.
        • Global variablesThe name of the global variable is divided into 5 parts. The first part (TLS) is the short name of this indicator. The second part is the symbol name, the third part the time frame, the fourth part the trade direction (Bull or Bear) and the last part is the name of the formation/pattern (CS or TLS). The value of the global variable is the time of the alert/signal in MQL format.
      • Amount of signals to save in file: When this value has been reached then older signals will be deleted.
    • * MOVING AVERAGE (MA) TREND FILTER SETTINGS
      • MA period: 0 = filter disabled. Else you would typically set period 200.
      • MA shift
      • MA method
      • MA price type
      • MA time frame (current=scanned time frame): Will use this time frame regardless of which time frame is currently scanne
    • TREND FILTER SETTINGS
      • RSI overbought and oversold levels: Candle must form above/below these levels in order to be valid.
      • Bollinger shift
      • Bollinger deviation
      • Period: Period for RSI/Bollinger
      • Apply to price: RSI/Bollinger level is calculated from this setting.
    • THREE-LINE STRIKE SETTINGS
      • Enable scanning: True or false. Set to true to enable scanning of these patterns (bearish and bullish).
      • Only strict formations: True or false. When set to True the following rules apply:
        • The bodies of each of the three candles prior to the reversal candle must have at least a body size according to the setting below.
        • Opening price is within the previous body.
      • Min. 3 line candles body size % (only used in strict mode): Minimum size in percentage of the candle bodies for the three candles prior to the reversal candle. If for instance lower and upper wicks together counts for 60% on any of the three candles then a body size setting larger then 40 will make the pattern invalid and no alert will be sent. Please note that this setting will not apply if strict is set to False.
      • Enable RSI (on candle prior to reversal candle): True or false. Applies to the candle (shift 2) prior to the reversal candle.
    • THREE WHITE SOLDIERS/BLACK CROWS SETTINGS
      • Enable scanning: True or false. Set to true to enable scanning of these patterns.
      • First (reversal) candle's body must engulf prev. candle's body: True or false. The reversal candle is the first of the three candles. If set to True then this candle's body must engulf the previous candle's body.
      • Average body-size period (0 = any size): Default is 12. It will calculate the average body size from the last 12 bars (counted from the last bar in the formation (shift 1)). Each body of the three candles in the formation must have at least the calculated average body size.
      • Only strict formations: True or false. When set to True the following rules apply:
        • The second candle must be bigger than the first candle's body
        • The third (last) candle must have at least the same size as the second candle
        • No gap between close and next candle's open is allowed
      • Max. size % of wick for 2nd and 3rd candle: Maximum allowed wick percent for second and third candle. Used in both strict and non strict mode (please see screenshot for explanation).  When using strict mode it is recommended to set the wick percentage not higher than 10. The second and especially the third candle should close near its high/low.
      • Enable RSI (on candle prior to reversal candle): True or false. Applies to the candle prior to the first candle in the formation (shift 4).
    • CHART OBJECT PROPERTIES
      • Panel background color
      • Panel text color
    • SYMBOLS AND TIME FRAMES
      • Symbols to scan:  Here you will put all symbols you would like to monitor. Every symbol must be entered in the exact way as it is visible in the Market Watch window and separated with a comma, without spaces. By design in Metatrader 4 the amount of character in a text (string) parameter is limited to 255. You can put more characters in the Symbols parameter but when reading the value, Metatrader cuts at 255. 255 characters will allow for 36 symbols and 35 commas (,) if the symbol length is 6 characters. If you need more symbols you can always drag the indicator with the remaining symbols to another chart. To come around this limitation you can set the value in the 'Use symbols from Market Watch window instead' parameter below to true. By doing this the indicator will use the symbols visible in your Market Watch window instead.
      • Additional symbols to scan
      • Use symbols from Market Watch window insteadWith this option set to True all visible symbols in your Market Watch window will be scanned instead of the symbols above. Due to performace reasons It is not recommended to use more than 50 symbols if you have a slower computer. 
      • Time frames: Set to True for each time frame you would like to monitor.
    • ALERTS
      • Alerts: Set to 'true' for each alert type you would like to receive. All alert types are supported.
      • Custom sound alert (if True then no pop-up alert): True or False.
      • Custom sound file: If you would like to use another sound file than the default it must exist in the Sounds folder. For example: c:\program files (x86)\metatrader 4\sounds.
      • Custom alert text: Blank by default. The text you put here will be inserted after the time frame in the pop-up (on screen) alert. For example  'GBPUSD H1 - Bullish Three line strike ([your custom text])'


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