Candle patterns scanner with trend filter MT5
This indicator scans for Pin bars, Morning/evening stars, Engulfings, Tweezers, Three Line Strikes, Inside bars and Pennants and Triangles.
The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading. For instance this product. You can find more information about the content and location of the text file in the blog.
- 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 (pop-up, push or mail) when a pattern is identified.
- Can use RSI or Bollinger bands as filter for pin bar, morning/evening star and engulfing 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 timeframe in question.
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.
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 will be drawn on the chart which opens up when you click on a singal in the chart panel.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisors on it.
Please also check out my other candle patterns and trend reversal products:
No other products at the moment
- added moving average trend filter
- added ADX volality filter
- added the possibility to set minimum and/or maximum candle size for the master (first) bar in a inside bars formation
- lines will now be drawn on Inside bars and Pennant/Triangles formations when opening a chart from the panel
- added a parameter for the line color of the line drawings mentioned above
- added the possibility to set the panel width
- added an option to use symbols from the Market Watch window
- added an additional average candle size filter for pin bars
- added an addiotinal midpoint filter for pin bars