Chart patterns scanner MT5
- Jan Flodin
- Version: 2.0
- Updated: 10 February 2023
- Activations: 10
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 identifies double top/bottom, head & shoulder, pennant/triangle and flag patterns. It is also possible to setup alerts only when a neckline/triangle/flagpole breakout has occured (neckline breakout = confirmed signal for top/bottoms and head & shoulders). 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.
- Can monitor every time frame, from M1 to MN, and sends you a real-time alert when when the pattern has been identified or at a breakout. All Metatrader native alert types are supported.
- Can use RSI as a trend filter 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.
- The indicator writes the signals to a text file which can be used by an Expert Advisor (EA) for auto trading. For instance this product. You can find more information about the content and location of the text file in the blog.
The description and explanation of the input parameters can be found here.
Please note that due to the multi functionality neither buy and sell advice nor lines and arrows will be drawn on the chart where the indicator is installed. Lines showing the pattern will be drawn on the chart which will be opened by clicking on a signal in the 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.
This very cheap indicator allows finding good entry signals with a lot of possibilities to customise settings. Jan is really helpful and very reactive. Well documented and EA compatible. I totally recommend this product!