Hi, I am Jan, developer of this indicator.

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

Regards,

Jan 

hi Sir  bought the indicator ...I notice  the indi does not show the  pennant in the chart but only alert ...

The message does not indicates short /buy  pennant. What the point to sell or buy ?? thx

Dear dax68,  

Thank you very much for your question.

Yes, this indicator can be used for indices, commodities, futures and/or stocks. As long as you have the symbol in your market watch list (= offered by your broker), you can enter it into the 'symbols' parameter in the indicator. Please see the screenshot below.

Please let me know if you have any other questions that I can assist with. :)  I will answer your other question later today.

Best Regards,

Jan

Dear dax68,

The indicator does not draw the actual pennant/triangle and trend-lines on the chart. Unfortunately, the MT4 platform does not allow for this kind of recognition and drawing in the multi-pair, multi-time-frame coding. The images I used (for example purposes) are intended to illustrate the presence of different triangle/pennant patterns. But it should be relatively easy for you to draw using simple trend-lines. Especially since the indicator’s triple-inside-bars form such tight and symmetrical pennants/triangles.

As for now, the only way to have the lines automatically drawn for you, is to remove the multi-pair, multi-time-frame capability and create a new indicator that only monitors one chart. But I do not promote this idea, as you could be missing numerous opportunities across the various symbols. Or you would need to open over 250 charts, if you wanted to monitor the entire market. Please excuse us if there is any inconvenience, but I hope you understand my position regarding the MT4 platform and its various limitations. 

Alerts:

It is true that the alert does not show if bearish or bullish pennant. I have on purpose decided not to add such a trend detecting filter since it is very individual from trader to trader how he/she would like to identify the prevailing trend (MA, ADX indicator, highs and lows etc.).

Trading recommendations:

If you get a signal on for instance the H1 chart, all you have to do is to drop down to the 15-min chart and draw your desired trend-lines. The pennants/triangles are very obvious in these patterns, as they are very symmetrical. My own experience shows the best results when using this indicator on H1 time-frame and higher. And more importantly, the hit-rate will be much higher when the signal you take is in agreement with the higher timeframe.

For example:
If the breakout pattern occurs on the H4 chart (the triple inside bar), you should trade in the direction of the daily trend. And you can drop down to the M30 (or M15) chart to set up your trend-lines.

Here are some general guidelines how to trade pennants (please also see screenshots of trade examples below):

1. Wait for the breakout in the direction of the trend.
2. Wait for the pullback to the previous resistance/support (upper/lower trend-line).
3. Enter the trade in the direction of the prevailing trend, after price bounces off from resistance/support.

ıts not workıng onı bought ı trıed lot of tımes but not workıng dont buy.

Hello and thanks for your message. I will send you a private message later during the day.

Best Regards,

Jan

Very good signal after the FOMC statement. The signal was originally on higher tf, but it is pretty clear on 5M tf.

Hi Jan,

What does the parameter "Enables additional scanning of inside bars" set to true exactly do in comparison to false.

Thank you.

I think i figured it out, it won't notify all the time when i change the time frame when it's set to false, right? 

And if i get a notification with "5 bar inside formation detected" is the master candle calculated (included) in the 5?

Thanks again.

Hi,

setting this parameter to True will activate scanning of inside bars (alongside with scanning for pennants and triangles) which is another formation that can indicate a near breakout. You can try it on the more fast moving pairs (GBPUSD, GBPJPY etc.) on the H1 time frame and set minimum amount of inside bars to 4. Please see more info here: https://www.mql5.com/en/market/product/23352#description

Jan

Yes, it will not notify about inside bars if it is set to false.

The master candle is included in the inside bars number in the notification.

Jan

Hi and thanks for buying my indicator :-)

The sorting of the symbols in the Market Watch list is not important.

Jan

I will write you a private message in a short while.

Jan

Hi,

I just bought this indicator. 

The pattern formed on 4H EURGBP pair, but the price sort of stalled in a range. can you please check and confirm my remarks?

Thanks

Hi and thanks for buying the indicator :-)

The price quotes of my broker did not form any pennant and triangle. But generally the price can stall for some time (xx candles). This is normal.

Please don't hesitate to contact me again if you will have further questions. I will be glad to assist.

Jan