Price Breakout Pattern Scanner MT5
Price Breakout pattern Scanner is fully automatic and powerful geometric analysis for traders and investors. It can detects following patterns automatically from your chart.
- Head and Shoulder - Common tradable pattern.
- Reverse Head and Shoulder - This pattern is the reverse formation of the Head and Shoulder.
- Double Top - When the price hits resistance level twice and decline toward the support level, the trader can anticipate sudden bearish breakout through the support level.
- Double Bottom - The double bottom pattern is the reverse shape of the Double Top.
- Triple Top - When the price hits resistance level three times and decline toward the support level, the trader can anticipate sudden bearish breakout through the support level.
- Triple Bottom - The triple top pattern is the reverse pattern of the triple top.
- Triangle - Several different types of triangle pattern include symmetric Triangle, Ascending Triangle and Descending Triangle.
- Rising wedge - This pattern is similar to triangle. However, their angle is stiffer than standard triangle.
- Falling wedge -This pattern has similar look to triangle too. However, their angle is stiffer than standard triangle.
- 52 Candlestick patterns – the Price Breakout Pattern Scanner can detect 52 different bearish and bullish candlestick patterns include hanging man, shooting star, engulfing, doji, Harami, etc.
Beside this pattern detection, you can use full feature of Smart Renko Indicator, automatic round number detection and guided trading instruction feature.
Main Parameter Description
You can use Price Breakout Pattern Scanner for many different mode. If support and resistance are important for your trading, then you can run the Price Breakout Pattern scanner in Support Resistance mode. For that, set “Display As Support Resistance” = true. If you set “Display As Support Resistance” = false, then Price Breakout pattern scanner will show patterns drawn in triangles. With Price Breakout pattern scanner, it is possible to apply them in custom timeframe. This means that you can apply several price breakout pattern scanner in one chart. To apply price breakout pattern scanner in custom timeframe, set “Timeframe to detect Price Breakout Patterns” to your preferred one including H1, H4, D1, W1 or MN1, etc.
- Set false to switch off Price Breakout Pattern Scanning:
- Use Renko Filter for Pattern detection : true or false only
- Timeframe to detect Price Breakout Patterns
- Display As Support Resistance (true = support resistance, false = triangle)
- Max number of patterns to display: Control this input if you want to see more than one pattern simultaneously. For example, set this to 3, then price breakout pattern scanner will show 3 latest patterns at the same time.
- Pattern Index from which to display: 0 = default
- Enable sound alert: set to true to get sound alert
- Send email if pattern is found: set to true to receive email alert
- Send notification if pattern is found: set to true to receive push notification. Push notification is recommended over email notification.
How to apply Price Breakout pattern Scanner on multiple timeframe
You can apply Price Breakout Pattern Scanner on multiple timeframe in single chart. This will allow you to perform total geometric analysis in fully automatic manner. You can get short, medium, long terms analysis in one single chart. To apply multiple Price Breakout Pattern Scanner in one chart, you need to change the “Timeframe to detect Pattern” and “Button Coordinate Y”. If you do not change “Button Coordinate Y”, then you will not be able to control all price Breakout Pattern Scanner since some buttons will be hidden under the other buttons. For a general guidance, set Button Coordinate Y to 80 for second Price Breakout Pattern Scanner. Likewise, you can set button coordinate Y to 100 for third Price Breakout Pattern Scanner assuming that your button height is 20.
Further Note about Price Breakout Pattern Scanner
Price Breakout Pattern scanner is very sophisticated trading system. We cannot put all the description in this short page. For more details, please find out from our comment section here.
Feature 1: Options to switch on and off each pattern type. With this option, you can switch off or switch on any pattern type as you wish. For example, if you want to turn off Bat pattern from Harmonic Pattern Plus. Yes. You can. You can do the same for the price Breakout Pattern Scanner. For example, if you don’t want to see head and shoulder pattern, then you can just switch off them. How to use this feature is very intuitive. You just need to set the swton on and off in your Indicator Input settings.
Feature 2: Options to filter out small patterns. We will add “Pattern Size Filter” input. With this input, you can filter out small patterns and you can only trade with big patterns. You can use this feature in our Price Breakout Pattern Scanner too as well as with Harmonic Pattern Scenario Planner. Pattern Size Filter is simply done by counting number of candles inside patterns. So Make Pattern Size Filter large, then you will only see large patterns. If you want to see any patterns, then just set Pattern Size Filter = 0.
Feature 3 (only applied to Price Breakout Pattern Scanner): Just like in Harmonic Pattern Plus, you will be able to recalculate and research patterns in Price breakout Patten Scanner by pressing “Symbol” buttons.
Set Round Number Spacing to zero if you don't want to see these round numbers from your chart.
For example, you can use Brick Height (in pips) = 10, 20, 25, 50, 100, 200, 500, etc, as they are the fact of 100 or 1000 pips. As long as you are using these brick height, the brick will be drawn in the same level regardless of the amount of historical bars and your brokers. This is really good property as traders can develop strategy universally working across different platform.
This improved version of Smart Renko 6.0 is included in the new update for Price Breakout Pattern Scanner. Number of detected patterns can be different according to your brick height for Smart Renko and now you can even find that pattern specially formed around psychological number (round number) if this is one of your preferred strategy.
At the same time, user can choose to detect pattern over normal candle stick too as before. To choose the detection mode, user can use the following variable.
Use Renko Filter for Pattern detection : true or false only
We have currently set the default as Renko Filter Mode.
(Important note, Renko can be calculated sub time frame. For example, Renko brick can be calculated using M5 or M15 time frame when you actually put this indicator on H1 chart. If the data is loaded, then there is not a problem. But sometime, data loading may be issue. But this is the issue present inside Meta Trader terminal. It might be fixed in the future. To avoid this issue, your default calculation time for Renko brick calculation is set to current time frame. But you can always change to experiment. In our experience, there can be small difference when you change the calculation time frame.)
This feature can help traders to identify important support and resistance for their trading.
To enable support and resistance mode, just set "Display As Support Resistance" = true
- Minor updates.
Note that this feature is great so you can study How breakout patterns evolved through historcal data. This is very powerful feature. For example, you can learn how breakout patterns worked in 2005 and compare its appearance on 2015. You can apply this knowledge for your trading. Something like this can't be achieved by manual traders.
However, scanning more bars requires a lot more computation time. So please be careful in using this feature. Also maxium number of patterns indicators can search and store is 1000 patterns. So Know that there is some limitation too.
For average traders, 1500 bars (default setting) is more than fine.
There are some differences between MT5 Price Breakout Pattern Scanner and MT4 Price Breakout Pattern Scanner in calling Smart Renko indicator internally.
MT5 Price Breakout Pattern scanner can call most of functionality of Smart Renko indicator whereas MT4 Price Breakout Pattern Scanner can only use some functionality of Smart Renko indicators. This is caused by the programming structure difference between MT4 and MT5 terminals (i.e. MT4 terminal does not use indicator handle yet). This is beyond my programming ability.
However, the partial functionality of MT4 Price Breakout Pattern Scanner can still offer much more clear entry and exit decisions for traders. This is even more true for MT5 Price Breakout Pattern Scanner.
To control the Smart Renko indicator from Price Breakout Pattern Scanner, users can control the following inputs from Price Breakout Pattern Scanner.
=========================== Input description ==========================
Brick Height Mode: choose between 0 and 1. Brick Height Mode 0 = User specified input for Brick height. Brick height Mode 1 = automatic calculation of Brick height using standard deviation and Z value.
Brick Height value: If Brick Height Mode is 0, this uses specified pip value for brick height. If Brick Height Mode is 1, this is Z value for the standard deviation. Sensible Z value can range from 0.5 to 4. However, mostly Z value of 1.0, 1.68 and 1.96 are used in the industry. If you are already familiar with Renko charting, then you should have some preferences in your brick height. In such a case, just use Brick Height Mode 0.
Bars to scan: Count bars in your current timeframe where indicator is attached. Bricks will be displayed on this bars.
Time Frame used for Brick Calculation: This is a sub-timeframe to be used for brick calculation. Note that Smart Renko uses sub-timeframe to calculate bricks and the bricks are displayed on the current timeframe.
Time Frame used to update Renko Chart: You can also choose different timeframe for updating your chart. If 'Time Frame used to update Renko Chart' = M1, then the chart is updated every 60 seconds.
1. Added Text Size variable for trade instruction: if Text Size for Trade instruction = 0, then the indicator does not display any instruction. The indicator will only display the name and shape of the patterns.
2. Added push notifications for sending messages to your mobile terminal.
3. Added ability to change button text size (Button Text Size variable).