Double top bottom scanner with RSI filter
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.
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. Information in the text file: [symbol],[timeframe],[price of first top],[price of neckline],[buy or sell (0=buy, 1=sell)],[time of first extremum],[time of neckline],[time of second extremum] + 3 additonal parameters which will be used only by the EA mentioned above.
- 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 when the second or third top/bottom is identified or at neckline breakout.
- 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.
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 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 indicator chart. A line between the extremums as well as the neckline will be drawn on the chart which can be opened from the panel.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisor on it.
Please also check out my Double top/bottom Expert Advisor.
- 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
- added an option to clear signals in the text file in case of parameter change
- added an option to use symbols from the Market Watch window instead of the symbols written in the Symbols parameter
- added possibility to select if to use the RSI filter on first, last or both peaks
- added possibility to use RSI divergence instead of MACD
- added possibility to select the divergence depth
- added neckline info to the alerts
- added option to search also for hidden divergences