Candle patterns scanner with trend filter MT5
I recommend you to read the product's blog (manual) from start to end so that it is clear from the beginning what the indicator offers.
This multi time frame and multi symbol indicator scans for Pin bars, Morning/evening stars, Engulfings, Tweezers, Three Line Strikes, Inside bars and Pennants and Triangles. The indicator can also be used in single chart mode. Please read more about this option in the product's blog. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
- 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 time frame, from M1 to MN, and sends you a real-time alert (pop-up, push or mail) when a pattern is identified.
- Can use RSI and Bollinger bands as filter for pin bar, morning/evening star, engulfing and tweezer formations in order to properly identify potential reversals.
- Can use moving average as a major trend filter and ADX as volality filter.
- 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.
- The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading.
The Pennant and Triangles scanning identifies high-probability breakout patterns. It does this by identifying strong, symmetrical Pennants and Triangles. This pattern DOES NOT appear very often on higher time frames. But when it does, it is a very high-probability setup. Please see screenshots here.
Please find the description and explanation of the input parameters here.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the chart where the indicator has been installed. Lines pointing out the Inside bars and Pennant and Triangles formations and arrows for the other candle patterns will be drawn on the chart which opens up when you click on a singal in the chart panel.
It is highly advisable to put the indicator on a clean (empty) chart without any other indicators or Expert Advisors on it which could interfere with the scanner.