Three Line Strike Scanner with trend filter
In addition to finding bullish and bearish Three line strike formations this indicator can also scan for the following candlestick patterns (please see screenshots for explanation of the patterns):
- Three white soldiers (reversal>continuation pattern)
- Three black crows (reversal>continuation pattern)
The formations do not appear very often on higher timeframes when the strict option in the indicator settings is enabled. But when they do, it is a very high-probability setup.
According to Thomas Bulkowski (internationally known author and a leading expert on candlestick patterns), the Three line strike has the highest overall performance rank of any candlestick pattern.
- 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.
- 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 when a pattern is identified.
- Can use RSI as a trend filter in order 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 timeframe in question.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any timeframe of your choice.
Please find the description and explanation of the input parameters here.
Please note that due to the multi time frame functionality, this indicator will not draw lines and arrows or sell and buy advice on any chart.
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 check out my other trend reversal products:
Trend reversal dashboard (under construction)
- added a Smiley in the upper right corner of the chart which is indicating that the indicator is up and running properly
- added the possibility to set a custom alert text for alerts (not in the panel). The custom text will be added to the end of the regular alert text
- added the possibility to set a custom panel title
- various code improvements