Candle patterns scanner with RSI filter
This indicator scans for Pinbars, Engulfings, Inside bars and Pennants and Triangles.
- Can monitor all symbols visible in your Market Watch window at the same time. Apply the indicator to just one chart and instantly monitor the entire market.
- Monitors every timeframe, from M1 to MN, and sends you a real-time alert when a pattern is identified.
- Uses RSI as a trend filter for Pinbar and Engulfing formations in order to properly identify potential reversals.
You can place the indicator on for instance EURUSD M5 chart and receive an alert from any symbol and any timeframe of your choice.
The Pennant and Triangles scanner identifies high-probability breakout patterns. It does this by identifying strong, symmetrical Pennants and Triangles. This pattern DOES NOT appear very often on higher timeframes. But when it does, it is a very high-probability setup. Please see screenshots here: https://www.mql5.com/en/market/product/23290#full_description.
- Scan for bullish and/or bearish: This is a drop down menu where you can select if to scan for only bearish or bullish engulfing and pinbar formations.
- Enable pinbar scanning?: True or false.
- Minimum candle height in points: Makes it possible to filter out the smallest Pinbars. If you for instance trade M1 and M5, you could set it to 20 points. Please be aware though that this setting is valid for all timeframes. For this reason this setting will not be very useful if you are trading on all timeframes.
- Minimum candle body size % (0 = any body size): The scanner will filter out Dojis by default. Recommended setting is 0. But if you would like a larger body, you can set a higher value.
- Minimum percent for tail: Default is 50. If you would like a larger tail you can set it to for instance 70. It will give fewer signals but higher quality.
- Only strict pinbars?: True or false. A strict Pinbar means that the Pinbar must have another color then the previous bar and that the Pinbar's high must be higher then the previous bar's high and finally that the Pinbar's body must be within the range of the previous bar. With this setting set to False any Pinbar will give a signal.
- Use pinbar RSI?: True or false. Enabled (True) will get fewer signals but higher quality.
- Enable engulfing scanning?: True or false.
- Patterns to scan for: In this list you can select from 3 different engulfing patterns (only 1 can be selected):
- range candle B engulfs range candle A
- body candle B engulfs range candle A
- body candle B engulf body candle A
- Min. engulfing candle body size % (0 = any body size): A higher percentage (larger body) will give higher quality signals.
- Min. engulfing candle size in points (0 = any size): Only Engulfing candles (second candle) larger or equal than this size will give an alert. Default is 0.
- Max. engulfing candle size in points (0 = any size): Only Engulfing candles (second candle) smaller or equal than this size will give an alert. Default is 0.
- Use engulfing RSI?: True or false. Enabled (True) will get fewer signals but higher quality.
- Engulfing RSI shift: Candle (shift) on which to calculate RSI. 1 = engulfing candle, 2 = candle prior to the engulfing candle. You can also set this to a higher value. Default is 2.
- Enable inside bars scanning?: True or false.
- Minimum amount of inside bars: Default is 3.
- Maximum amount of inside bars: Default is 20.
- Enable pennants and triangles scanning?: True or false.
- RSI overbought and oversold levels: Pinbar/Engulfing must form above/below these levels in order to be valid.
- RSI Period: Default period is 14.
- RSI apply to price: RSI level is calculated from this setting.
- Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma. If you put a symbol not visible in the Market Watch window, that symbol will not be scanned.
- Timeframes: Set to True for each timeframe you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.
- added filter for scanning bullish and/or bearish engulfing and pinbar
- 1 minor bug fix
- It is now possible to set the minimum body size in percent for the engulfing candle
- The alert will now give information about which type of pattern you have selected. Please see screenshot.