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Trend Breakout Patterns Scanner DEMO

This price action indicator automates the detection and trade analysis of trend breakout patterns (channel, wedge, flag and broadening wedge; which are formed during a pause in the current market trends) 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.

This demo version is designed to work only with GBPCAD M1 and M5 timeframes. Purchase the full version (Trend Breakout Patterns Scanner) to use this product without limitations.


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 Notification - enable sending notifications directly to the MetaTrader 4 mobile terminal installed on your device. More details on setting up push notifications can be found in the article here.
    • Add Notification Tag (maximum of 15 characters) - add customized tag to notifications


Recommendations

  • Enable "Chart shift" and "Chart autoscroll" on the common tab under chart properties for clarity of the horizontal lines.
  • 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 1.7 - 2016.12.05
- Improved overall performance.
- Improved take profit algorithm.
Version 1.5 - 2016.11.23
- Improved algorithm and overall performance.
Version 1.4 - 2016.11.10
- Improved overall performance.
Version 1.3 - 2016.11.04
- Improved overall performance.
- Improved take profit algorithm.
- Added the option to display the pattern illustration.
Version 1.2 - 2016.10.13
- Basic bug fixes and improvements.
Version 1.1 - 2016.09.19
- Basic bug fixes