Pennants and triangles scanner MT5
This indicator 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.
The indicator also includes an Inside bars scanner.
- 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 pennant, triangle or inside bar formation is identified.
- The indicator includes an interactive panel. Please see separate screenshot.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any time frame of your choice.
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 note that due to the multifunctionality neither buy/sell advice nor lines and arrows will be drawn on the chart.
- Amount of signals to show in the panel: Default is 20. But you can set it to more if it will fit on your chart. The signals will be shown in descending order, i.e. the latest signal first.
- Panel width: Default is 200. For instance, if you are using a non-standard font size in windows, you could set this to a larger value in order for the whole text to be visible.
- Template name: The template you put here will be applied to the chart which will be opened when you click on a signal in the panel. The name must include the file extension (.tpl).
- Line color: The color of the formation lines which are drawn on the chart which has been opened from the panel.
- Enable scanning: True or False. Enables additional scanning of inside bars
- Minimum amount of inside bars: Default is 6.
- Maximum amount of inside bars: Default is 20.
- Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma without spaces. If you put a symbol which does not exist in the Market Watch window, that symbol will not be scanned.
- Use symbols from Market Watch window instead: With this option set to True all visible symbols in your Market Watch window will be scanned instead of the symbols above.
- Time frames: Set to True for each time frame you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.
to better visualize the formation
- added an option to use symbols from the Market Watch window instead of the symbols written in the Symbols parameter
- added an on-chart panel for showing signals