• Overview
  • Reviews (2)
  • Comments (5)
  • What's new

RR Breakout Patterns Scanner

This price action indicator automates the detection of range breakout patterns and retest breakout patterns. It generates trade signal with analytical entry, stop loss (SL) and take profit levels (TP1 and TP2).

The chart pattern recognition and quantitative analysis are based on a proprietary algorithm that looks at the interaction of supply and demand over time.

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


Key points

  • Notifies through sound alert, push notification and email when signal is detected and the stop loss and profit levels are reached.
  • The indicator can be applied to any financial market (currencies, cryptocurrencies, stocks, indices, commodities and bonds) instruments and time frame. Note that for 1 min, 5 mins and 15 mins time frames, scanning will not exceed the beginning of the week (to avoid scanning the weekend market data because of the accuracy that is necessary on these time frames).
  • This indicator detects only high probability chart patterns and also can be used to generate high take profit to stop loss pips trade signals.
  • Does not repaint. Trade signal is not 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, energy and skill needed for 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 Patterns that fits the Trading Style: not applicable(n/a) to 'Range Breakout'
      • Very Aggressive (tight stop loss + wide take profit)
      • Aggressive (wide stop loss + wide take profit)
      • Conservative (tight stop loss + tight take profit)
      • Very Conservative (wide stop loss + tight take profit)
    • Search for only Patterns with high TP to SL pips - only patterns with this minimum TP to SL pips will be detected for the selected Trading Style: Very Aggressive: 2.0, Aggressive: 1.5, Conservative: 1.0, Very Conservative: 0.5. Only patterns with a minimum TP to SL pips of 1.0 will be detected for 'Range Breakout'.
    • Enable Optimal Speed Scanning - monitors the available system resources to determine the maximum number of history bars that would be scanned in order to always ensure high-speed scanning. If disabled, a minimum of 100 bars will always be scanned.
    • Search for Range - search for range breakout patterns
    • Search for Retest - search for retest breakout patterns
  • DISPLAY
    • Show Stop Loss Level
    • Show Take Profit Level
    • Show Second Take Profit Level (if "Show Take Profit Level"=true)
    • Show Level Description on the Level.
  • NOTIFICATION
    • Add Notification Tag (maximum of 15 characters) - add customized tag to notifications
    • Enable Sound Alert - enable pop-up alerts
    • Enable Push Notifications to Mobile Device - go to Tools → Options → Notifications to ensure 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
    • Enable Email Notification
    • Take Screenshot - screenshots will be saved to: MQL4/tester >Files > RR Breakout Patterns Scanner (in the terminal menu select to view: File -> Open Data Folder).


Recommendation

Install this indicator on Virtual Hosting to always receive instant trading signals via push notifications to the MetaTrader 4 mobile terminal on your device. More details on setting up Virtual Hosting can be found in the video here.
Lukasz Pomianowski
83
2016.12.14 21:05 
 

4 stars -> 1 star because I'm unable to add it to 10+ charts because my metatrader stops responding with normal speed

jinhee Lee
644
2016.11.25 17:21 
 

Not much acurate. Losing trades more than winning trades so far. Not recommend.

Version 2.2 - 2017.12.27
- ‎Improved take profit and stop loss algorithm.
- Improved algorithm so that only high probability patterns are detected.
- Improved scanning speed.
- Bug fixes and general improvement.
Version 2.1 - 2017.09.19
- Bug relating to system resources usage and others fixed.

- Added input setting 'Enable System Resources Optimal Scan' to increase or decrease the bars scanned according to the available system resources.
Version 2.0 - 2017.09.06
- Improved pattern detection algorithm.

- Added input setting 'Search for only High Probability Breakout Patterns'.

- Trading styles(very aggressive, aggressive, conservative or very conservative) can now be selected for appropriate stop loss and take profit levels.

- Option to take screenshots for all notifications added. Screenshots will be saved to: MQL4/tester >Files > RR Breakout Patterns Scanner (in the terminal menu select to view: 'File' -> 'Open Data Folder').

- 'Hide Pattern Illustration' setting changed to 'Show Pattern Illustration'.

- 'Show Level Description as List' setting changed to 'Show Level Description on the Level'.

- Basic bug fixes and improved overall performance.
Version 1.9 - 2017.05.19
- Basic bug fixes and improved overall performance.
- Email notification added.
- Improved take profit algorithm.
Version 1.8 - 2017.03.22
- Basic bug fixes and improvements.
Version 1.7 - 2017.03.17
- Basic bug fixes and improvements.
Version 1.6 - 2017.03.03
- Basic bug fixes and improvements.
- Added input setting 'Search for only Signal that does not Span over Weekend' with a default value of 'true'.
Version 1.5 - 2017.02.15
- Comprehensive optimization done to speedup the indicator operation and make it less CPU (processor) intensive.
- Basic bug fixes and improvements.
- Improved take profit algorithm to increase signal profitability ratio.
- Added input setting 'Search for only High Quality Signal' with a default value of 'false'.
- "Hide Pattern Illustration" input settings changed to "Show Pattern Illustration" with a default value of "true".
Version 1.4 - 2017.01.12
- Basic bug fixes and improvements.
Version 1.3 - 2016.12.27
- Improved overall performance.
- Improved take profit algorithm.
Version 1.2 - 2016.12.05
- Improved overall performance.
- Improved take profit algorithm.
Version 1.1 - 2016.11.23
- Improved algorithm and overall performance.