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Double top bottom scanner with RSI filter MT5
This multi time frame and multi symbol indicator identifies double or triple top/bottom formations or a following neckline breakout (confirmed top/bottom). It has RSI, pin bar and MACD or RSI divergence filter options which makes it possible to filter out only the strongest setups. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
- 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.
- Can monitor every time frame, from M1 to MN, and sends you a real-time alert when when the second or third top/bottom is identified or at neckline breakout. All Metatrader native alert types are supported.
- Can use RSI as a trend filter and/or divergence 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 time frame in question.
- The indicator writes the signals to a text file which can also be used by an Expert Advisor (EA) for auto trading. For instance this product.
The description and explanation of the input parameters can be found here.
Please note that due to the multifunctionality neither buy and sell advice nor lines and arrows will be drawn on the chart where the indicator has been installed. A line between the extremums as well as the neckline will be drawn on the chart which can be opened from the panel.
It is highly advisable to put the indicator on a clean (empty) chart without any other indicators or Expert Advisors on it which could interfere with the scanner.
- added an option to set how many candles must be lower/higher prior to the first extremum candle (first top/bottom)
- added an option to decide the position of the neckline candle in order to get it more to the middle (between the 2 extremum candles). Using this option will make it a more clear U/V formation for those who desires that for their trading strategy