Candle patterns scanner with trend filter MT5
This indicator scans for Pin bars, Morning/evening stars, Engulfings, Tweezers, Inside bars and Pennants and Triangles.
- 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 or Bollinger bands as a trend filter for pin bar, morning/evening star and engulfing formations 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.
You can place the indicator on for instance EURUSD M5 chart and receive an alert from any symbol and any timeframe of your choice.
The Pennant and Triangles scanner 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. Please see screenshots here: https://www.mql5.com/en/market/product/23290.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the 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.
Parameters marked with an asterisk (*) in the beginning are explained more in detail in the following blog: https://www.mql5.com/en/blogs/post/717574
- * Amount of signals to show in the panel
- * Template name
- Scan for bullish and/or bearish: This is a drop down menu where you can select if to scan for only bearish or bullish engulfing and pinbar formations.
- Trend filter to use: This is a drop down menu where you can select from RSI or Bollinger bands.
- Enable pin bar scanning: 'true' or 'false'.
- * Minimum candle height in points
- Minimum candle body size % (0 = any body size): The scanner will filter out Dojis by default. Recommended setting is 0. But if you would like a larger body, you can set a higher value.
- Minimum percent for tail: Default is 50. If you would like a larger tail you can set it to for instance 70. It will give fewer signals but higher quality.
- * Only strict pin bars: 'true' or 'false'.
- Use pinbar RSI: 'true' or 'false'. Enabled ('true') will get fewer signals but higher quality.
- Enable engulfing scanning: 'true' or 'false'.
- Include tweezer scanning (Engulfing must be enabled): 'true' or 'false'.
- * Engulfing pattern to scan for
- Min. engulfing candle body size % (0 = any body size): A higher percentage (larger body) will give higher quality signals.
- Min. engulfing candle size in points (0 = any size): Only Engulfing candles (second candle) larger or equal than this size will give an alert. Default is 0.
- Max. engulfing candle size in points (0 = any size): Only Engulfing candles (second candle) smaller or equal than this size will give an alert. Default is 0.
- Use engulfing RSI: 'true' or 'false'. Enabled ('true') will get fewer signals but higher quality.
- Engulfing RSI shift: Candle (shift) on which to calculate RSI. 1 = engulfing candle, 2 = candle prior to the engulfing candle. You can also set this to a higher value. Default is 2.
- Enable morning/evening star scanning: 'true' or 'false'.
- Use morning/evening star RSI (on second candle in formation): 'true' or 'false'.
- Enable inside bars scanning: 'true' or 'false'.
- Minimum amount of inside bars: Default is 3.
- Maximum amount of inside bars: Default is 20.
- Enable pennants and triangles scanning: 'true' or 'false'.
- RSI overbought and oversold levels: Pin bar/Engulfing must form above/below these levels in order to be valid.
- Bollinger shift and deviation: Default is 0 and 2.
- RSI/Bollinger Period: Typically 10 for RSI and 20 for Bollinger.
- RSI/Bollinger apply to price: The level is calculated from this setting.
- * Symbols to scan
- Time frames: Set to 'true' for each timeframe you would like to monitor.
- Alerts: Set to 'true' for each alert type you would like to receive.
- Short alert: A shorter version of the alert. The format is: '[Symbol] - [Time frame] - [Bear/bull] - [Formation]'