Candle patterns scanner with RSI filter
This indicator scans for Pin bars, Morning/Evening stars, Engulfings, Tweezers, Three line strikes, Inside bars and Pennants and Triangles.
The indicator can write the signals to a file which can be used by an Expert Advisor for auto trading. For instance this product.
- 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 and Bollinger bands as filter for pin bar, morning/evening star and engulfing formations in order to properly identify potential reversals.
- Can use moving average as a major trend filter.
- 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.
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.
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.
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.
I recommend you to put the indicator on EURUSD M5 chart. A clean chart without any other indicators, Expert Advisors etc. on it is preferable.
Please also check out my other candle patterns products:
- added the possibility to use RSI trend filter in combinaton with Bollinger bands. Both must be on overbought/oversold area.
- added ADX filter
- added moving average trend filter
- lines will now be drawn on Inside bars and Pennant/Triangles formations when opening a chart from the panel
- added a parameter for the line color if the drawing mentioned above
- it is now possible to select to scan all visible symbols from the Market Watch window instead of using the 'Symbols' input
- added a smiley in the upper right corner of the chart showing that the indicator is up and running properly
- corrected an issue with the sound file for custom sound alerts
- made it possible to enable Tweezer scanning separately from Engulfing
- added Bollinger filter option which can be used instead of the RSI filter
- added support for testing in the Strategy tester
- added possibility to set a custom sound file for alerts
- added possibility to use a custom chart template when opening a chart from the panel
- added possibility to set short text version for alerts
- added filter for scanning bullish and/or bearish engulfing and pinbar
- 1 minor bug fix
- It is now possible to set the minimum body size in percent for the engulfing candle
- The alert will now give information about which type of pattern you have selected. Please see screenshot.