Trend reversal dashboard

The main purpose of this blog is to describe and explain the input parameters of my Trend reversal dashboard indicator ( MT4 version / MT5 version under construction). Further below you will also find a list of known bugs and other shortcomings as well as a list of planned changes.

Please check out my other trend reversal and dashboard products for MT4:
Candle patterns scanner, Three line strike and Three black crows/white soldiers scanner, Trend dashboard, Divergence dashboard, Market analysis dashboard

Input parameters

• Template name: The purpose of this parameter is to make it easier for quick decision if to take the trade or not. Typically you would then use your own custom chart template (.tpl) which for instance could contain the MA line(s) and a support/resistance indicator.
• Trend filter to use: Drop down list from where you can select from Moving average or RSI.
• Trend time frame: Default is D1. If set to 'current' then the then the trend values will be taken from each scanned time frame.
• Enable sorting (ranking): Default is true. It will then sort the symbols according to the highest probability reversals at the top of the table. This is a simple sorting based on the color.
• Use point ranking: If set to true the sorting will be based on a point system. The points will be calculated according to time frame and if more then one pattern was found on a time frame. The value for the first time frame will be 1 and then accumulated by 1 for each visible time frame. If all time frames are visible the highest value will be 8. If the color is red (bearish pattern) the value will be negative. If there are more patterns the value will be multiplied by 2. Please see an example calculation on the picture below (ABS converts a negative total sum to a positive value). If all time frames are enables then a total sum of 20 or higher must be considered as a high probability setup. Especially if the price is at, or close to, a supply/demand zone.

• Min. point value for alert (if set to True above): This value will be used if >0 and the 'Use point ranking' parameter above has been set to  true. If set to true but the value here is 0 then you will be alerted in the classical way, hence color count. Plese see the next parameter.
• Alert if signal on xx TF:s (0=all visible TF:s): By default 8 time frames are visible (M5, M15, M30, H1, H4, D1, WK1 and MN). The alert will come when the color is the same on all time frames. This will be very rare. Setting this value to for instance 4 will alert you as soon as the color is the same on at least 4 time frames.
• Enable pin bar scanning: 'true' or 'false'.
• Minimum candle height in points: Makes it possible to filter out the smallest pin bars. If you for instance trade M1 and M5, you could set it to 20 points. Please be aware though that this setting is valid for all time frames. For this reason this setting will not be very useful if you are trading on all time frames.
• Minimum candle body size % (0 = any body size): The scanner will filter out Dojis by default. Recommended setting is 0. But if you would like a larger body, you can set a higher value.
• Minimum percent for tail: Default is 65. If you would like a larger tail you can set it to for instance 70 or 75. It will give fewer signals but higher quality.
• Only strict pin bars: 'true' or 'false'. A strict pin bar means that the pin bar must have another color then the previous bar and that the pin bar's high must be higher then the previous bar's high and finally that the pin bar's body must be within the range of the previous bar. With this setting set to 'false' any pin bar will give a signal.
• Use candle midpoint logic (0=disabled): See screenshot below.
• Average body-size period (0 = any size): This can be used fo filter out small pin bars. The pin bar candle size must then be larger than the average candle size for the past xx candles.
• Enable tweezer scanning: 'true' or 'false'.
• Enable engulfing scanning: 'true' or 'false'.
• Engulfing pattern to scan for: In this list you can select from 3 different engulfing patterns (only 1 can be selected):
• Range candle B engulfs range candle A.
• Body candle B engulfs range candle A.
• Body candle B engulf body candle A.
• Min. candle body size % (0 = any body size): A higher percentage (larger body) will give higher quality signals.
• Min. candle size in points (0 = any size): Only candles (second candle) larger or equal than this size will give an alert.
• Max. engulfing candle size in points (0 = any size): Only candles (second candle) smaller or equal than this size will give an alert.
• Trend filter candle shift: Candle (shift) on which to calculate the trend indicator. 1 = engulfing candle, 2 = candle prior to the engulfing candle. You can also set this to a higher value. Default is 2.
• Enable morning/evening star scanning: 'true' or 'false'.
• Enable Three line strike 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 three white soldiers/black crows 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): It will calculate the average body size from the last xx 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.
• 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. Please note though that depending on your screen size/resolution, having more then for instance 40 symbols might make the text of the symbols very small.
• Use symbols from Market Watch window instead: With 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 40 symbols.
• Time frames: Set to true for each time frame you would like to monitor.
• MOVING AVERAGE TREND FILTER SETTINGS
• Period
• MA shift
• Method
• Price type
• RSI TREND FILTER SETTINGS
• Period
• Overbought level
• Oversold level
• Price type
• ALERTS (set to true to allow for alerts to be sent)
• Enable alerts: Set to true to allow for alerts to be sent.
• Alert interval (minutes): If you set this to 10, you will receive an initial alert when a pair is in alignment and then again every 10 minutes as long as the pair remains in alignment.
• Customer alert text: If you write something here then the alert will have to following format: "Trend reversal dashboard: [symbol] Bullish or Bearish - [your customized text]"
• On-screen (pop-up) alert
• Custom sound alert (if true then no pop-up alert)
• Custom sound file
• Mail alert
• Push alert
• COLORS AND TEXT
• Text color: Default is black but can be changed to for instance white in case you have black chart background.
• Font size: Used for the symbol and time frame texts. Default is 8.
• Score offset: Default is 800 but can be adjusted to another value if the score is overlapping into the last time frame column or if the score is to far away.

Known bugs