Double top bottom scanner with RSI filter
This multi time frame and multi symbol indicator identifies double or triple top/bottom formations or a following neckline breakout (confirmed top/bottom). 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 when the second or third top/bottom is identified or at neckline breakout.
- 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 time frame in question.
- Signals are stored in a text file which can be used by an Expert Advisor.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any time frame of your choice.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the indicator chart. A line between the extremums as well as the neckline will be drawn on the chart which can be opened from the panel.
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 here.
- * Amount of signals to show in the panel
- * Panel width
- * Template name
- * Wait for candle close for alert (neckline only)
- 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 tops/bottoms.
- Max bars to search for first extremum: Default is 200. Will search for extremum xx bars back in time. The higher the value the more system resources will be needed.
- Min. amount of bars between extremums: Default is 30. The higher the value the stronger the setup.
- Offset in points from first extremum: Default is 150. If you set this to for instance 100 then the extremums must be within 100 points from each other. The lower the time frame the lower this value should be.
- Use offset only when above/below first extremum: 'true' or 'false'. If set to 'true' then the second extremum's candle high/low price must exceed the first extremum.
- * Candle shift for last extremum (must be >0)
- * Alert only at neckline breakout: 'true' or 'false'.
- * Regular divergence on last extremum
- Include hidden divergence: 'true' or 'false'.
- Divergence indicator/oscillator: You can select from MACD or RSI.
- Bars to check (divergence depth): Recommended max. value is 40.
- Divergence time frame: Default is 'current' but could be changed to for instance 4 hours to get alerts only if the divergence occurs on the H4 time frame.
- Enable RSI filter: Drop down menu where you can select if to apply the RSI filter on first, second or both peaks. When used then peak candle(s) must close over/under the RSI levels below.
- RSI overbought/oversold levels: Default is 70/30.
- RSI period: Default is 10.
- RSI apply to price: RSI level is calculated from this setting.
- 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.
- * Only strict pin bars: 'true' or 'false'.
- 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 select if to use the RSI filter on first, last or both peaks
- 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