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Engulfing scanner with RSI filter MT5
This indicator scans for engulfing and tweezer formations. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading.
- 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 time frame, from M1 to MN, and sends you a real-time alert when an Engulfing or Tweezer formation has been identified.
- Uses RSI as a trend filter in order to properly identify potential reversals.
- The indicator includes an interactive panel. Please see separate screenshot.
- Can be configured to show buy/sell lines and TP/SL lines (based on ATR multiplier). The lines will be shown on the chart which you open by clicking on a signal in the panel. Please see screenshot below.
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 strongly recommend to put the indicator on a clean (empty) chart without any other indicators on it which could interfere with the scanner.
Please note that due to the multifunctionality neither buy/sell advice nor lines and arrows will be drawn on the chart where the indicator is installed. They will be drawn on the chart which will be opened when clicking on a signal in the panel.