Pennants and triangles scanner MT5
This indicator 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.
The indicator also includes an Inside bars scanner.
- 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 pennant, triangle or inside bar formation has been identified.
You can place the indicator on for instance EURUSD M5 chart and receive an alert from any symbol and any timeframe of your choice.
Please note that due to the multi-timeframe functionality this indicator is not supported in the strategy tester. Please also note that due to the same reason the formation will not be drawn on any chart.
- Enable scanning: True or False. Enables additional scanning of inside bars.
- Minimum amount of inside bars: Default is 3.
- Maximum amount of inside bars: Default is 20.
- 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 without spaces. If you put a symbol which does not exist in the Market Watch window, that symbol will not be scanned.
- Time frames: Set to True for each timeframe you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.