Candle patterns scanner with RSI filter
This indicator scans for Pin bars, Morning/Evening stars, Engulfings, Tweezers, Inside bars and Pennants and Triangles.
- 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 as a trend filter for pin bar, morning/evening star and engulfing formations in order 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 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: https://www.mql5.com/en/market/product/23290.
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.
Parameters marked with an asterisk (*) in the beginning are explained more in detail in the following blog: https://www.mql5.com/en/blogs/post/717561
- * Amount of signals to show in the panel
- * Template name
- Scan for bullish and/or bearish: This is a drop down menu where you can select if to scan for only bearish or bullish pin bar, engulfing, tweezer and star formations.
- Trend filter to use: Drop down menu where you can select the desired trend filter.
- Enable pin bar scanning: 'true' or 'false'.
- * Minimum candle height in points
- * Minimum candle body size % (0 = any body size)
- * Minimum percent for tail
- * Only strict pin bars
- Use candle midpoint logic (0=disabled): See screenshot below.
- * Average body-size period (0 = any size)
- Use trend filter: 'true' or 'false'. Enabled ('true') will give fewer signals but higher quality.
- Enable tweezer scanning: 'true' or 'false'.
- Enable engulfing scanning: 'true' or 'false'.
- Engulfing pattern to scan for: In this list you can select from 3 different engulfing patterns (only 1 can be selected):
- Range candle B engulfs range candle A.
- Body candle B engulfs range candle A.
- Body candle B engulf body candle A.
- Min. candle body size % (0 = any body size): A higher percentage (larger body) will give higher quality signals.
- Min. candle size in points (0 = any size): Only candles (second candle) larger or equal than this size will give an alert. Default is 0.
- Max. engulfing candle size in points (0 = any size): Only candles (second candle) smaller or equal than this size will give an alert. Default is 0.
- Use trend filter: 'true' or 'false'. Enabled ('true') will get fewer signals but higher quality.
- * Trend filter candle shift
- Enable morning/evening star scanning: 'true' or 'false'.
- Use trend filter: 'true' or 'false'.
- Enable inside bars scanning: 'true' or 'false'.
- Minimum amount of inside bars: Default is 3.
- Maximum amount of inside bars: Default is 20.
- Enable pennants and triangles scanning: 'true' or 'false'.
- RSI overbought and oversold levels: The candle must form above/below these levels in order to give an alert.
- Bollinger shift
- Bollinger deviation
- Trend period
- Apply to price
- Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma. If you put a symbol not visible in the Market Watch window, that symbol will not be scanned.
- Use symbols from Market Watch window instead: With this option set to True all visible symbols in your Market Watch window will be scanned instead of the symbols above.
- Time frames: Set to 'true' for each time frame you would like to monitor.
- Alerts: Set to 'true' for each alert type you would like to receive.
- Short alert: A shorter version of the alert. The format is: '[Symbol] - [Time frame] - [Bear/bull] - [Formation]'
- 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.