RTR Breakout Patterns Scanner
This price action indicator automates the detection of range breakout patterns, trend breakout patterns and retest breakout patterns, and generates trade entry signal with precise analytical stop loss (SL) and take profit levels (TP1 and TP2).
This indicator is a complete "set and forget" trade signal generator for price action technical analysts and traders! The chart pattern recognition and quantitative analysis is based on a proprietary algorithm.
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 time frames 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 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.
- 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.
- Search for only Signal with Minimum TP to SL Pips Ratio of 1:1
- Search for Range - search for range breakout patterns.
- Search for Trend - search for trend breakout patterns.
- Search for Retest - search for retest breakout patterns.
- Hide Pattern Illustration
- Show Stop Loss Level
- Show Take Profit Level
- Show Second Take Profit Level (if 'Show Take Profit Level'=true)
- Show Level Description as List
- 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 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
- Add Notification Tag (maximum of 15 characters) - add customized tag to notifications.
- Install this indicator on Virtual Hosting to always receive instant trading signals via push notification to the mobile 'MetaTrader 4' terminal on your device. More details on setting up Virtual Hosting can be found in the video here.
This is one of the price action trading apps of MyChartist.
- Email notification added.
- Improved take profit algorithm.
- Added input setting 'Search for only Signal that does not Span over Weekend' with a default value of 'true'.
- 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".