• Overview
  • Reviews
  • Comments (29)
  • What's new

Pivot Point Reversal x2 With Alert

Pivot Point Reversal x2 - a complex indicator for manual and automated trading. It displays the entry and exit points based on candlestick patterns. There are some fundamental parts of the indicator: signal pattern, confirmation signal, signal to exit from the position, signal filtering and ease of use (usability).

I recommend to use signal patterns as the direction / priority direction for trade. Enter the position after the confirmation signal, and exit after the exit signal.

There is also a fully working free version indicator, which only works on USDCAD - https://www.mql5.com/en/market/product/14994

Indicator Settings

Signals patterns

  • History - at what interval of history to look for patterns. Optimally, 200-500 bars
  • Show_PPR_pattern - on/off search for model Pivot Point Reversal
  • Alert_PPR_pattern - message that there was another reversal pattern Pivot Point Reversal
  • Filter_PPR_pattern_Candles_by_MA - additional filtering Pivot Point Reversal signals using multiple moving averages. If true - there are lesser signals, but they are more accurate
  • Show_PPRx2_pattern - on/off search for model Pivot Point Reversal x2
  • Alert_PPRx2_pattern - message that there was another reversal pattern Pivot Point Reversal x2
  • Show_Complex_Pivot_Point_Reversal - on/off search for Complex Pivot Point Reversal
  • Alert_Complex_Pivot_Point_Reversal - message that there was another reversal pattern Complex Pivot Point Reversal
  • Alert_on_Live_candle - aggressive option; if enabled - candlestick patterns are searched for considering the current candle, which increases the frequency of possible signals, but reduces their quality. Default - off.

Confirmation signal

  • Fractal_breakout_open_order - enabling confirmation signal - the breakdown of the fractal channel. Default is enabled. Example: Signal pattern alerted the direction BUY. The confirmation signal will only occur when the top line built on the last two upper fractals is broken through
  • Alert_Fractal_breakout - message that a new confirmation signal - the breakdown of the fractal channel
  • Show_only_Fractal_breakout - chart shows only confirmation signals without displaying the signal patterns. A very convenient option to see a clean chart with the same trading results.

Signal to exit from the positions

  • Close_orders_candle - often extremely long candles on the chart are reversal ones, after which there is a reversal trend or a strong correction. This option includes a search for such extremely long candles and marking them as exit signals by the cross icon
  • period_candles_minutes - timeframe, on which the search for exit signals is performed. Optimally - on the same period as the main chart
  • Alert_Stop_signals - message that a new exit signal has appeared.

Filters of signals

  • time_filter - option, with which the signal candlestick patterns are not searched at night with 23.00 to 8.00 at the time of the terminal MT4. The default is off
  • ShowMainLevels - option of displaying important price levels
  • NumberOfDays - number of the last days, on which the important price levels used to search for signal candle patterns are displayed
  • MainLevels_filter - option to enable the filtering of signal candlestick patterns. If enabled - displays only the signal candlestick patterns that are on the important price levels of the last three days from the signal pattern
  • Use_overbalance_filter - RECOMMENDED to be enabled! It filters all signals of the indicator using the Overbalance principle. When this option is enabled, all signals - a signal and confirmation - are shown only in the direction of the current overbalance
  • MinPoints - technical option for calculating the overbalance, the calculation shows the sensitivity of the trend and corrections.

No reviews
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.