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Range Breakout Patterns Scanner

This price action indicator automates the detection and trade analysis of range breakout patterns (symmetrical triangle, ascending triangle, descending triangle, pennant and rectangle/horizontal channel; which are formed when price action is confined in a range) and generates high probability trade signals with precise analytical entry, stop loss and take profit levels.

This indicator is a complete "set and forget" trade signal generator for price action technical analysts and traders! The pattern recognition and signal analysis principle is based on a predictive algorithm and statistical methods that optimize gains and mitigate risk.

Price action can form the basis of successful trading strategies for all types of trader because it looks at the interaction of supply and demand over time. This indicator's strategy therefore works exactly the same for all timeframes and financial market (forex, stocks, indices, commodities etc) instruments that it is attached to on the MetaTrader 4 platform. However, it performs better during active market periods of the instrument.

  • Scalping traders: attach to 1/5 mins timeframe.
  • Day traders: attach to 15 mins/1 hr timeframe.
  • Swing traders: attach to 4 hrs/daily timeframe.
  • Longer-term position traders: attach to weekly/monthly timeframe.

The demo version of this indicator can be downloaded here for real-time testing.


Key points

  • This indicator generates high take profit to Stop Loss pips trade signals (which can be set to a minimum of 1:1) with entry, stop loss and profit levels and notifies through alerts and push notifications when any of these levels are reached.
  • Does not repaint. Trade signal is not replaced/deleted after entry breakout so that real-time monitoring/trading can be effective.
  • This indicator is suitable for professional and novice traders because it eliminates the time and energy of price action trade signal analysis.
  • It provides clean and simple chart pattern display that can easily be monitored/traded profitably.


Parameters

  • SEARCH
    • Search for only Signal with Minimum TP to SL Pips Ratio of 1:1
  • DISPLAY
    • Hide Pattern Illustration
    • Show Entry Level
    • Show Stop Loss Level
    • Show Take Profit Level
    • Show Second Take Profit Level (if 'Show Take Profit Level'=true)
    • Show Level Description as List
  • NOTIFICATION
    • Enable Sound Alert - enable displaying pop-up alerts.
    • Enable Push Notifications to Mobile Device - Go to the MetaTrader 4's "Tools->Options->Notifications" to ensure sure that "Enable Push Notification" is checked and fill in the MetaQuotes ID(MQID) of the mobile "MetaTrader 4" terminal(available in the section 'Settings->Messages') installed on your mobile device iPhone or Android to receive signal notifications directly on your device.
    • Add Notification Tag (maximum of 15 characters) - add customized tag to notifications


Recommendation

  • Install this indicator on Virtual Hosting to always receive instant trading signals via push notification to the MetaTrader 4 mobile terminal on your device. More details on setting up Virtual Hosting can be found in the video here.


About

This is one of the price action tools of MyChartist.

No reviews
Version 2.6 - 2017.01.12
- Basic bug fixes and improvements.
Version 2.5 - 2017.01.09
- Basic bug fixes and improvements.
Version 2.4 - 2016.12.27
- Improved overall performance.
Version 2.3 - 2016.12.05
- Improved overall performance.
Version 2.2 - 2016.11.23
- Improved algorithm and overall performance.
Version 2.1 - 2016.11.10
- Improved overall performance.
Version 2.0 - 2016.11.04
- Improved overall performance.
- Improved take profit algorithm.
- Added the option to display the pattern illustration.
Version 1.9 - 2016.10.13
- Basic bug fixes and improvements.
Version 1.8 - 2016.09.19
- Basic bug fixes
Version 1.7 - 2016.09.08
- Improved overall performance.
Version 1.6 - 2016.08.31
- Basic bug fixes and improvements.
- Scanning speed and performance improvement.
- Pattern quality algorithm improvement.
Version 1.5 - 2016.08.17
- Basic bug fixes and improvements.
- Scanning speed and performance improvement.
- Pattern quality algorithm improvement.
- Option to add customized tag to notifications added.
Version 1.4 - 2016.08.04
- Basic bug fixes and improvements.
- Reward to Risk settings added.
- Pattern quality settings was modified.
Version 1.3 - 2016.07.21
- Basic bug fixes and improvements.
- Scanning speed and performance improvement.
- Pattern quality algorithm improvement.
- Take profit algorithm improvement.
- Alerts and push notification added when take profit level is reached.
Version 1.2 - 2016.06.27
- Basic bug fixes and improvements.
- "Scan for only High Quality Patterns" settings replaced with a more comprehensive pattern quality(high, medium and low) settings.
- Added "Pennant" to list of chart patterns.
- Take profit levels reduced to two (2) and calculation logic was improved and added the settings to choose whether to show the secondary take profit line.
- Previous trend arrow was added.
- "Show Line Description on Line" default value changed to "true".
- "Detect Pattern even after the Key Level Breakout" default value changed to "false".
Version 1.1 - 2016.06.15
- Fixed several bugs.
- Improved the logic for the detection of patterns.
- Added Key Level breakout and added the option to select between this or the trend line breakout.
- Added stop loss level and take profit levels and also added whether or not to display the levels and/or its price value.
- Added the functionality to ensure that every detected pattern does not disappear and is not replaced by another after entry breakout so that real-life monitoring/trading can be effective.
- Remove the settings "Allow to Repaint" because indicator is no longer allowed to repaint.
- Added the settings to choose whether or not to detect pattern even after the breakout of the Key Level has already occurred.
- Changed the name of the setting "Pattern Minimum Bars" to "Pattern Minimum Bars Length" and also increased its default value to 20.
- Changed the name of the setting "Filter by Quality" to "Scan for only High Quality Patterns" and has been improved to only select pattern with low probability of false breakout.
- "Span over Weekend" settings now applies to all time frames and its default value has been changed to "true".
- Added the settings to choose whether to scan for only bearish or bullish patterns or both.
- Modified all alerts and push notification contents to be more explanatory.