I - Useable markets & timeframes
This indicator works effective in All Markets (Stocks, Currencies, Cryptocurrencies, Bonds, Futures....) and All Timeframes.
You can use this indicator to scan price patterns of difference symbols/timeframes you would like to trade. When there is a new price pattern appears, market trend is tend to bullish/bearish (depend on the pattern) so you know you should buy or sell.
III - Guidelines
- Source: Price source to calculate Patterns. Available options: High/Low, Open/Close. Hight/Low is common option. However. Open/Close option can help to reduce noises in some periods/markets/timeframes with lot of noisy signals.
- Accurate Level: The accurate level of price patterns. Higher Accurate Level means the shape of patterns must be closer to the ideally pattern shapes. Lower Accurate Level accepts more flexible in the shape.
- Sensitivity Level: The sensitivity level when detect price patterns. Higher Sensitivity Level means more sensitive with price changes. So it uses to detect smaller price patterns. And vice versa.
- Show Pattern Name: Show/Hide the name of patterns.
- Head And Shoulders
- Inverse Head And Shoulders
- Double Top
- Double Bottom
- Rising Wedge
- Falling Wedge
Check the checkbox before the pattern name to detect it in the chart.
The color box after the pattern name is used to change the color of pattern in chart.
Whenever the indicator detects a price pattern, it draws full shape of that pattern in the chart with lines. Difference patterns have difference colors (you also able to show pattern name in chart) to easier to see them in the chart.
3. Alert conditions
- Creating Head And Shoulders: Fired when new Head And Shoulders pattern created.
- Creating Inverse Head And Shoulders: Fired when new Inverse Head And Shoulders pattern created.
- Creating Double Top: Fired when new Double Top pattern created.
- Creating Double Bottom: Fired when new Double Bottom pattern created.
- Creating Rising Wedge: Fired when new Rising Wedge pattern created.
- Creating Falling Wedge: Fired when new Falling Wedge pattern created.
- Creating Pennant: Fired when new Pennant pattern created.
- Creating Any New Pattern: Fired when any new pattern created.