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Pivot Point Reversal x2 With Alert

Pivot Point Reversal x2 indicator shows entry and exit points based on candle patterns. The indicator consists of: the signal pattern, confirming pattern (fractal channel breakout), exit signal (based on extremely long candles), signals filtration (by signal occurrence time, Moving Average, predominance, daily interval and reversal zones). There are data buffers making it possible to use the indicator within EAs.

First, the indicator looks for reversal patterns consisting of 3-7 candles. After that, the signals are sorted out. The best filters are MA (if the signal is above МА - only buys, if below - only sells) and a daily interval (a bullish reversal signal occurs in the lower 35%, while a bearish one appears in the upper 35% of a daily interval).

There is also a free version of the indicator working on USDCAD only - https://www.mql5.com/en/market/product/14994


Signal pattern

  • History - interval, within which patterns are searched for. Recommended - 200-500 bars
  • Show_PPR_pattern - search for Pivot Point Reversal pattern (see the image)
  • Alert_PPR_pattern - Pivot Point Reversal pattern detection alert
  • Show_PPRx2_pattern - search for Pivot Point Reversal x2 (see the image)
  • Alert_PPRx2_pattern - Pivot Point Reversal x2 pattern detection alert
  • Show_Complex_Pivot_Point_Reversal - search for Complex Pivot Point Reversal (see the image)
  • Alert_Complex_Pivot_Point_Reversal - Complex Pivot Point Reversal pattern detection alert

Confirming signal

  • Fractal_breakout_open_order - enable confirmation - fractal channel breakout. The parameter can be used to add to a position opened according to a signal pattern. Example: the signal pattern shows BUY. The confirming signal is triggered only after the line based on the last two upper fractals is broken upwards
  • Alert_Fractal_breakout - new fractal channel breakout alert
  • Show_only_Fractal_breakout - chart displays only confirming signals with no signal patterns

Position exit signal

  • Close_orders_candle - long candles on a chart are often reversal ones. They are followed by a reversal or a strong correction. The option is searching for such candles on a chart and marks them as an exit signal
  • period_candles_minutes - chart (in minutes) where exit signals are searched for
  • Alert_Stop_signals - new exit signal alert message

Signals filtration

  • time_filter - do not search for signal candle patterns at night within 23.00 and 8.00 (terminal time). Default - disabled
  • ShowMainLevels - display critical price levels (High/Low of the last three days)
  • NumberOfDays - number of previous days, for which critical price levels are displayed. These are the levels used to search for signal candle patterns
  • MainLevels_filter - enable filtration of signal candle patterns. If enabled, only the patterns located on critical price levels are displayed
  • Use_overbalance_filter - sort out all signals according to the PREDOMINANCE principle. If enabled, all signals (both signal and confirming ones) are generated in the direction of the current predominance
  • MinPoints - technical option for calculating the predominance. The parameter shows the sensitivity of trends and corrections calculation
  • MA_filter - enable signals filtration according to Moving Average
  • MA_filter_period - МА value for filtration. The optimal value is 800 for М15, 400 for М30, 200 for Н1, 50 for Н4, 8 for D1.
  • Percent_filter - enabled by default! Enable filtration by daily interval
  • PERCENT - daily interval percentage. The optimal value is 35%. A lesser value decreases a number of signals and increases their quality. The opposite is true as well
  • Zones_filter - enable filtration by reversal zones (several candles in a row with wicks on one side - reversal zone)
  • Candle_zones - number of candles near single-level wicks to search for. Default is 4
2017.02.20 15:43 

Not an effective indicator by itself.

Version 1.48 - 2017.02.20
- added the reversal pattern version - daily reversal working on D1 only. Reaching the High of the last 5 candles and closing below 50% of the first candle's body mean buy reversal by D1
- added the Мoving Аverage signals filter. The default value is МА800 for M15
- added the daily interval signals filter. If a sell pattern is in the upper part of the current interval, the signal reaches a user. If a sell pattern is in the lower part of the current interval, the signal is sorted out. The default PERCENT value is 35% of the interval width
- added the filter by buy/sell zones based on several (usually four) candles with long wicks followed by a price reversal - buy/sell zones. If the filter is enabled, reversal patterns are displayed in reversal zones only
Version 1.45 - 2016.04.28
- fixed bugs in several patterns of filtered_ppsx2
- now the entry point is not the point, but only the direction for entry and time of direction.
- added filtering signals by fractal channels
- added an exit signal after an extremely long candle
- added filtering of signals based on the Overbalance
- added information buffer for the breakdown of the fractal channel
Version 1.40 - 2016.04.05
- display of important price levels
- signal filtering on important price levels - the number of signals decreases by 10 times, and their quality increased by up to 95% (confirmation on the screenshot below)
- signal filtering by time (disable signals at night)
- ability to send email or push notifications
Version 1.34 - 2016.03.24
- Added alert on the current candle if one of the selected candle parameters is found (enabled by the Alert_on_Live_candle parameter). The optimal search history is five bars or lower.
- The actual symbol spread is considered on the current candle for more accurate detection of candle patterns.
- Added the indicator value buffers.
- Added ability to change the distance from candles to arrows.