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Chart patterns scanner MT5
This multi time frame and multi symbol indicator identifies double top/bottom, head and shoulders, pennant, triangle and flag patterns. For top/bottom, head & shoulders and pennant & triangles it is also possible to setup alerts only when a neckline breakout (confirmed signal) has occured. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system.
The indicator writes the signals to a text file which can be used by an Expert Advisor (EA) for auto trading. For instance this product. You can find more information about the content and location of the text file in the blog.
The free version of this indicator can be downloaded here for testing before you decide to buy/rent. It is limited to EURUSD and USDJPY and has no support for mail and push alerts.
- 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 pattern has been identified or at neckline breakout (top/bottom and head and shoulders).
- Can use RSI as a trend filter 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 multi functionality neither buy and sell advice nor lines and arrows will be drawn on the chart where the indicator is installed. Lines showing the pattern will be drawn on the chart which will be opened by clicking on a signal in the panel.
It is highly advisable to put the indicator on a clean chart without any other indicators or Expert Advisors on it.
Please also check out my other chart patterns related products:
- added a possibility to work with pennant and triangles break-outs
- bug fix. Not mandatory of everything is already working as it should.
- the alert text for the email alert is now in the body of the email alerts instead of in the subject
- added the possibility to insert a custom text to the pop-up (on-screen) alert
- added the signal price and time (right shoulder) to the end of the alert text for Head and Shoulder alerts