Double top bottom scanner with RSI filter

29 March 2018, 17:04
Jan Flodin

Due to the limitation of 3600 characters for the product description I have put a part of the parameter description in this blog.

Links to the indicator: MT4 version - MT5 version

  • Amount of signals to show in the panel: 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. You can set the last (XX) signals in the indicator settings. Default is 15 but you can change it to for instance 25. 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, type of alert and bar time for the first top/bottom and bar time for the neckline candle. For instance "18:00-USDJPY-H1-double top-2018.3.4 17:00-2018.3.5 14:00". 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 your chart template which you have defined in the indicator settings. A line between the extremums as well as the neckline will be drawn on the new chart.
  • Panel width: 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.
  • 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 must include the file extension (.tpl). The purpose of this parameter is to make it easier for quick desicion if to take the trade or not. Or if to wait for real reversal confirmation. Typically you would then use your own template which for instance could contain a support/resistance indicator.
  • Wait for candle close for alert: If set to 'false' then the alert will come as soon as the conditions are fulfilled, without waiting for the candle to close. When set to False then this setting is only used for neckline breakouts. 
  • Candle shift for last extremum (must be >0): Default is 1. You can set it to a higher value in order to wait for a confirmation of the possible reversal. If you enable divergence you need to set it to 2 or higher.
  • Alert only at neckline breakout:  'true' or 'false'. If set to 'true' then you will be alerted at a possible neckline breakout (confirmed top/bottom).
  • Regular divergence on last extremum: Set to 'true' if to alert only if a regular divergence occurs at this candle. For confirmed divergences only it is necessary to set 'Candle shift for last extremum' above to 2 or higher.
  • Minimum percent for tail: Default is 60. If you would like a larger tail you can set it to for instance 70. 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 than 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.

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