Candle patterns scanner MT5 indicator

16 April 2018, 13:51
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.

Link to the indicator:

  • Amount of signals to show in the panel:  Default is 15. But you can set it to more if it will fit on your chart (setting it to 0 will disable 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. 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. Default is 15 but you can change it to for instance 20. 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 18:00-USDJPY-H4-Bear-PINBAR". The times are written like 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.
  • 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.
  • 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 timeframes. For this reason this setting will not be very useful if you are trading on all time frames.
  • Only strict pin bars: 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.
  • 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.
  • Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma. If you put a symbol not visible in the Market Watch window, that symbol will not be scanned.

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