Forex Chart patterns scanner MT4 Indicator:
About the Forex Chart patterns scanner MT4 Indicator
This multi time frame and multi symbol indicator identifies double top/bottom, head and shoulders, pennant, triangle and flag patterns. For top/bottom and head and shoulders it is also possible to setup alerts only when a neckline breakout (confirmed signal) has occured.
The indicator writes the signals to a text file which can be used by an Expert Advisor (EA) for auto trading. You can find more information about the content and location of the text file in the blog.
This free version is limited to EURUSD and USDJPY and has no support for mail and push alerts. The unlimited paid version can be found here.
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.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisor on it.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)