Double top bottom scanner with RSI filter
This multi time frame and multi symbol indicator identifies double or triple top/bottom patterns (before neckline break-out). It has RSI, pin bar and MACD or RSI divergence filter options which makes it possible to filter out only the strongest setups.
- 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 top/bottom is identified.
- Can use RSI as a trend filter and/or divergence to properly identify potential reversals.
- The indicator includes an interactive panel. When clicking on an item a new chart will be opened with the symbol and timeframe in question.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any timeframe of your choice.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the chart.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators on it.
Parameters marked with an asterisk (*) in the beginning are explained more in detail in the following blog: https://www.mql5.com/en/blogs/post/716924
- * Amount of signals to show in the panel: Default is 15. But you can set it to more if it will fit on your chart (setting it to 0 will disable the panel). The signals will be shown in descending order, i.e. the latest signal first.
- * Template name: The template you put here will be applied to the chart which will be opened when you click on a signal in the panel. The name must include the file extension (.tpl).
- Scan for tops and/or bottoms: Drop down menu where you can select if to scan for only tops or bottoms.
- Scan for double or triple top/bottom: Drop down menu where you can select if to scan for double or triple top/bottoms.
- MACD divergence on last peak: Set to 'true' if to alert only if a hidden or regular divergence occurs at the top/bottom signal candle.
- Candle shift for last peak (must be >0): Default is 1. You can set it to a higher value in order to wait for a confirmation of the possible reversal. If you enable divergence you need to set it to 2 or higher.
- Max bars to search for peak: Default is 300. Will search for top/bottom xx bars back in time. The higher the value the more system resources will be needed.
- Min. amount of bars between peaks: Default is 30. The higher the value the stronger the setup.
- Offset in points from first peak: Default is 150. The number of points within each top/bottom. If you set this to for instance 100 then the tops/bottoms must be within 100 points from each other. The lower the time frame the lower this value should be.
- Enable RSI filter: If set to 'true' the first top/bottom candle must close over/below the RSI levels below.
- RSI overbought/oversold levels: Default is 70/30.
- RSI period: Default is 10.
- Enable pin bar filter: If set to 'true' the top/bottom signal candle must be a Pin bar.
- Minimum candle body size % (0 = any body size): Default is 5. If you would like a larger body, you can set a higher value. The scanner will filter out Dojis by default.
- Minimum percent for tail: Default is 60. 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 pin bars: 'true' or 'false'. A strict Pin bar means that the Pin bar must have another color then the previous bar and that the Pin bar's High must be higher than the previous bar's High and finally that the pin bar's body must be within the range of the previous bar. With this setting set to 'false' any Pin bar will give a signal.
- 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.
- Time frames: Set to 'true' for each time frame you would like to monitor.
- Alerts: Set to 'true' for each alert type you would like to receive.
- Sound file: If you would like to use another sound file than the default it must exist in the Sounds folder. For example: c:\program files (x86)\metatrader 4\sounds.
- Short alert: A shorter version of the alert. The format is: '[Symbol] - [Formation] - [Time frame]'
- added possibility to use RSI divergence instead of MACD
- added possibility to select the divergence depth
- added neckline info to the alerts
- added option to search also for hidden divergences