Hi, I am Jan, developer of this indicator.

Please feel free to ask me anything about this, or my other products.

Regards,

Jan

Hi Jan

You show an example of the alerts for the first three formations but not the pennants and triangles. Can I assume that that alert is also distinctive like the others? Just want to be sure before I buy.

Thanks

Dennis

Hi Dennis,

first of all many thanks for your interest in my indicator.

Yes, you assume correct. The message will have the same format as the others. Please have a look at the last screenshot here: https://www.mql5.com/en/market/product/23290

In a short while I will send you some more details in a private message.

Jan

Jan

Just purchased and sent you a PM. Shortly plan to also purchase Master candle strategy scanner.

Thanks

Dennis

Hi

I have the following enquiry:

1) Your engulfing and pin bar will alert for both bullish and bearish patterns, is it possible to scan and alert for either bullish, bearish or both because very often market is trending and sometimes sideways.

2) Do you have intention to combined you new published product Three line candle scanner with RSI filter with this current one as both are utilising RSI filter. On top of that both are candlestick pattern, I see it will be more convenient and easier for customer to do their trading rather than to separate it into two different products.

Regards

Siow

Hi Siow and thanks for your message.

1) This is of course possible and should not be to much effort to implement. But I am not sure if it will be used by the majority. Most of the people are using this indicator to scan for crosspairs  as well. And then of course you are interested in the trend in both directions. For the time beeing I do not plan to implement it. But if such a request will come from other people then I will do it for sure. I will let you know then.

2) Actually I had the intention to combine them. I also tried it. But it made the terminal to freeze occsionally. The reason is that the scanning is more complicated for the Three line patters since you will have to scan  4 bars back in time. In addition to that there is the average candle size calculation of the Black crows/white soldiers which is also taking some resources. Finally enabling the strict mode will also need more resources. There was simply to much scanning going on involving all patterns from both indicators. I could not promise the real time alerts if I would really combine these 2 indicators into one. It worked fine with for instance max 10 symbols and having scanning on M1 and M5 disabled. Having the indicators separated as now makes them run smoothly and you will be able to run both indicators on 2 different charts without problems.

I hope that I have been able to fully answer your questions even though you probably expected more positive answers. I really put a lot of priority on making my scanners as lite as possible.

Thanks for your interest in my products.

Jan

Thank you very much for your prompt reply.

As for the alerts, maybe for customer who wants both direction you can program it at the input parameters as default; hence customer who wants to scan cross pair need not do anything but for customer who wants either bullish or bearish  only can have a drop down menu for them to select. It is just one line at the input parameters with drop down menu. Hope to see it updated at a later date.

You said that your terminal freeze occasionally, would like to know what CPU are you using; i5 or i7 to test your product? So that I can expect the likely problem I may be facing.

Regards

I will give it a thought regarding the drop down menu. The next time such a question/request will come up I will add it for sure.

As I mentioned the freezing only occured when I tested to add scanning of Black crows/White soldiers and Three line strike to my Candle patterns scanner on my development machine. There will not appear any freezings when using the indicators separately, as I am offering them now here on MQL5.

It is also worth mentioning that when uploading a new product here, the MQL5 team is carefully validating it for any code error (for instance division by zero), performance issues etc. It already happened to me once with another scanner of mine (when I uploaded it here the first time) that even though it ran perfectly on my machine (i5), it was declined by MQL5 due to a short freezing during the initial loading of the indicator. So I had to fine tune it. After that it was accepted. Having said that I suppose that the MQL5 team are testing products on quite moderate machines in order to secure that the products are working smoothly for the vaste majority of the users here.

If you have any further questions please don't hesitate to send me a private message. I will be glad to assist :-)

Best Regards,

Jan

Hi Siow,

version 1.2 has now been published. Upon your wish I have added the possibility to enable a filter for only bullish or bearish engulfing and pinbar.

Jan

What kind of triangle patterns and pennants it will detect ?

Hi and thanks for your message. I am also selling the pennants and triangles scanner as a separate product. You can find some more information in the product description as well as in the Comments section:

https://www.mql5.com/en/market/product/23290

Please feel free to send me a private message if you would like some more information. I will be glad to answer your questions.

Jan

Hi and thanks for buying my indicator.

By design in MT4 the character limit of a text (string) parameter is 255. You can put more characters but when reading the value it seems like that MT4 cuts at 255. I have read many articles about this subject though saying that in fact sometimes it can work with more. There does not seem to be a clear answer when it will work and when not. Anyway, 255 characters will allow for 42 symbols if the symbol lenght is 6 characters. Probably the names of the currency pairs by your broker are longer then 6 characters.

If you need more currency pairs you can always drag the indicator more times to a chart and put there the rest of the currency pairs which you would like to monitor.

Jan

Thanks Jan. I will try the second option. 

Hello Zac and thanks for your interest in my indicator.

As written in the product description such type of multi time frame and multi symbol indicators are unfortunately not supported in the strategy tester. There is way to test it though at that is to put only one symbol in the symbols parameter and enable only one time frame in the indicator.

Jan

for me penant and triangle scanner does not work.

I am using it for different time-frames but so far no penant and triangle identified for all 28 currency pairs.

Please check

Hello and thanks for your message. I will send you a private message (PM) in s short while.

Jan 

I think a very useful option/filter (true/false) for the pinbar setting would be something like "only extremes" which would alert on pinbars formed only on new/fresh highs/lows of the current trading Day. This filter would be very helpful on shorter time frames.

I fully agree that this could be a useful option. 

I have already earlier upon request tried to add more logic and filters to the scanner but always ran into performance problems. The reason it that the scanning of all the 4 patterns itself requires quite a lot of computer resources. In addition to that it will also scan for RSI levels if you have that option enabled. When I for instance added a MA filter and tried scanning 25 different symbols on 5 different time frames the terminal got froozen for a short while when loading the indicator on a slower computer and I noticed that the alerts in some cases came with some seconds delay. I cannot afford that since I know that there are traders out there who would like to trade even on M1 time frame and for them it is then crucial that the alerts will come in real time.

What I will do though is to add the option for a shorter alert text. This is something which you asked for in an earlier conversation with me.

Jan