Candlestick Scanner pro
Candle Scanner Pro is a multi-currency & multi-timeframe indicator which can scan from a single chart.
- Track up to 30 currencies and all the timeframes from 1 minute to 1 month from single chart.
- Get alerts on screen, email, push notifications (Mobile).
- Use 4 filters (MA, MACD, RSI and PSAR) to filter candle patterns in uptrend or down trend.
List of Candlestick Patterns Detected
- Bullish Pin Bar
- Bearish Pin Bar
- Bullish Engulfing
- Bearish Engulfing
- Dark Cloud
- Shooting Star
- Evening Doji
- Morning Doji
- Bullish Outside Bar
- Bearish Outside Bar
- Inside Bar
We have selected only most strongest Japanese candlestick patterns which a trader can trust.
We have also given option to filter out the candlestick patterns with advanced indicators like Moving Average, MACD, RSI and PSAR.
I have been trading since many years now. I always wanted a system which can alert me when pin bar is formed in any chart and on different timeframe. In this way I don't have to keep watching my charts all day and I can track easily 30 currencies and all the timeframes at the same time from single chart.
Among others, you can change the following parameters:
- Currency—Here you can add any number of currency you want to scan and keep track which is supported by your broker (eg. EURUSD, AUSUSD, USDCAD). You can add any number of currencies here.
- TimeFrame—Here you can add any timeframe you like to track (eg. M5, M15, M30, H1, H4, D1, W1, M1). To get better results, use only higher timeframe.
- Bars Back—If you keep it equal to 1, it will check the last bar closed bar candle pattern. If you want to see if there was any pattern 3 bars back then you can set it to 3. We don't suggest 0 as it will show off current open bar pattern which will change on candle close so you will not get accurate results.
- Alert settings—Here you can set alert to true/false. You can set true to those patterns you wish to get alert for. Example if you want to just get alerts for Pin Bar and Shooting Star then set to true and the rest set to false.
- Onscreen display—This will hide the short codes on screen if you set it to false.
As you know we have selected some of the strong candlestick patterns only and they are classified as below:
- Bullish Patterns: Bullish Pin Bar, Bullish Engulfing, Piercing, Hammer, Bullish Outside Bar
- Bearish Patterns: Bearish Pin Bar, Bearish Engulfing, Dark Cloud, Shooting Star, Bearish Outside Bar
- Neutral Patterns: Evening Doji, Morning Doji, Inside Bar
We have given more advanced options to filter patterns if you are an advanced trader. We will explain you each filter in details. You can combine or use single filter as per your needs.
MA filter. Let's say you want to filter patterns by Moving Average, for example you want to see bullish patters only when it is above your preferred Moving Average. Now let's say you have kept that Simple Moving Average 14, so filter will only show bullish patters which are formed above Moving Average 14 and bearish patterns formed below Moving Average 14. If a bullish pattern like Bullish Pin Bar is formed below simple Moving Average then its not a valid pattern as it has been filtered my MA filter.
MACD filters. Whenever MACD is below zero line it is considered down trend and above zero it is considered as up trend. So if you keep this filter true it will filter out bullish patters when below zero. This means it will show and alert only when bullish patterns are formed when MACD is above zero, so it will filter patterns based on MACD.
RSI Filter. Whenever RSI is above 50 it is up trend and below 50 it is downtrend. So RSI filter will show and alert only when bullish patters are formed when RSI is above 50 and bearish pattern when below 50. This way you can be sure that you are trading bullish patterns in uptrend only. Note you can change 50 to any number you want in parameter.
You can use all the filters together, as well as show only pin bars if they are formed above EMA 14 and MACD is above 0. In this way you can double filter your patterns and can trade only in direction of trend. Most importantly you don't have to keep watching your charts all the time. Simply set the parameters and wait for alert on your email or mobile and come to watch the chart.
Combine this strategy with https://www.mql5.com/en/market/product/13156 and you can be a true price action trader.