Fox Candlestick Scanner
The indicator provides market analysis through the detection and analysis of Japanese candlestick patterns.
Candlestick based market analysis is one of the most popular technical analysis methods. Combinations of candlesticks are used for two purposes. Firstly, they help identify the current trend and determine the suitable entry points for long and short positions. Secondly, they help to identify possible pivot points of the main trend.
The main principle of candlestick pattern analysis is finding standard patterns (reversal or trend continuation), by interpreting which you can predict further price action.
This is a new indicator - Fox Candlestick Scanner.
What is Fox Candlestick Scanner:
- An automatic indicator, which recognizes and analyzes 12 various candlestick combinations: Hammer, Hanging Man, Inverted Hammer, Shooting Star, Bearish Engulfing, Bullish Engulfing, Bullish Harami, Bearish Harami, Piercing Line, Dark Clouds, Morning Star and Evening Star.
- A text label on a chart notifying of a detected pattern.
- Graphical display of significance of the found pattern (arrow up or down, suggesting further price movement).
- Color marking of recognized patterns (green for bullish patterns, red for bearish patterns).
- Intelligent lighting of multi-candlestick combinations.
- The indicator works on any timeframe of any currency.
- After you remove the indicator from the chart, all its elements will be deleted, thus you get a clear chart.
Pattern Selection Parameters
More candlestick patterns тв analytical algorithms to be added into the indicator. An Expert Advisor will be released soon.
1)Added Doji Morning Star (Bullish) and Doji Evening Star (Bearish)
2)Increased speed of bar processing
3)Improved structures for storing already formed patterns
4)Server time and current spread in points are displayed in the upper right corner of the chart
5)You can set parameters for searching a certain type of patterns when launching the indicator