- If it would be just a classic candlestick pattern, it would generate much more false signals.
- The most important filter is the candle itself. The strengths of the candle is adjustable!
- All important ratios of the candle are adjustable, the wicks will be ignored.
- The ratio calculation for the candle is based on the ATR-value (default is 20 and adjustable).
- The confirmation candle needs at least a value of X% of ATR20-value (ATR20-value from current timeframe)
If you like to set a trend filter (MA, Kijun-sen), choose the value and the direction => with or against the trend => signals in both directions are possible.
When the confirmation candle reaches its value, it will not disappear (no repaint).
- based on classic candle pattern
- no repaint
- test mode
- use a second indicator and set test_mode true, it will move the arrows and change the colors, which is perfect to compare different settings
- no crossover signal
- signal after close ± X pips
- inverse trend option
- reversal candle is adjustable
- switch confirmation candle on, off
- all Timeframes
- all instruments
- 3 different moving averages and Kijun-sen as trend filter
- 2 alert sessions (from - to)
- send email
- push notification
- Bars to process - the number of bars of the chart you want to be analyzed (60 to 1000 is recommended).
- Alert - activates the pop-up alerts.
- Email - if true, it shows the selected info in header.
- Notification - if true, it sends the alert to the MetaTrader 4 APP of your smartphone.
- Screenshot - if true, it sends the alert with a screenshot to ...\MetaTrader 4\MQL4\Files.
- show Arrows - if true, it shows the chosen arrows only.
- show History Arrows / only "Live-Setting" - if true, there is no history arrow, only the first upcoming arrow of the trend direction will appear and stay, as long as the timeframe and instrument will not be changed.
- Kijun-sen Filter - if true, the Kijun-sen from Ichimoku gets involved as a trend filter.
- Trend MA, MA II, MA III - signals will come in trend direction of the MAs only, an opportunity to filter Reversal Patterns from corrections.
- inverse Trend - shows the signal against the trend as a real Reverse Signal, only if a Trend MA is set up. (Signal with the trend are often much better.)
- Trend - predefined trend values (8, 13, 36 SMA).
- Trade-Session A / B - define time slots for signals.
- Candle-Properties in relation to ATR - define the signal candle in ratios to the ATR in %.
- plus ATR-Value in % to fill the signal - to get the signal, the price needs to run a certain value after the reversal pattern.
- Arrow Style - choose a arrow style = thin, cross, normal, hollow, Thumbs, Triangle.
- Arrow Position - default is 0.6. Nice to have if you compare settings with a second/third indicator.
- send short Comment - add personal comments to your signals in Alert, Notification, Email.
- Email Header - change the email header for your personal needs.
- Picture height - default is 720, if Screenshot=true.
- Picture width - default is 1280, if Screenshot=true.
- Picture short Comment - if you like to give your filename an additional information.
- use confirmation-candle - without the confirmation candle, it is not a reversal pattern anymore. (The original Pattern requires the confirmation candle.)
- Test Mode - compare settings and use a second Reversal Indicator in the same chart and activate "Test Mode".
- Look for an instrument with an obvious upcoming movement in a clear direction on a higher timeframe.
- Entry right after a signal
- Exit example: major Fibonacci and dynamic support/resistance lines. Use the same to move your stop and for taking first profits.
- If the trade still runs, ignore further arrows.
- SL example: below/above the second higher/lower candle.
- I only go for a clear trend on the higher timeframe
- I stay out before high-impact news hit the market
- Always on my mind, major Support and Resistance
- No trade without money management, please calculate your risk, trade smart
- There is no guarantee of success as in any trading business / in my examples above
second price for the Trendfilter I
changed some options to drop-down menus
ready Trendfilter (same settings like "Reversal Trend" Indicator)
- appears only within the trend
Bid and Ask of the signal will be send now
- Removed pivot-filter-funktion because it does not work in live conditions
- confirm-candle: on / off - switch
WARNING: without the confirm-candle, it is not a reversal pattern anymore!
- should work with all brokers
- indicator runs on all timeframes without stopping
- signal sessions can be adjusted with hours and minutes
- two additional, adjustable moving averages as trend filters
- infos are disabled and come in a separate indicator, see my homepage