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Re: MT4 Trading Utilities, Chart Tools & Add-ons

bilbao, Sun May 28, 2017 10:51 pm

sal wrote:
Sun May 28, 2017 9:50 pm
bilbao wrote:
Sun May 28, 2017 4:05 am
price action pattern scanner


3 most effective price action patterns IMHO, and how to properly trade them:

Pin Bar – PB.

Double Bar Low Higher Close – DBLHC… and Double Bar High Lower Close – DBHLC.

Bearish Outside Vertical Bar – BEOV… and Bullish Outside Vertical Bar – BUOVB

Pin Bar Rules

A Pin Bar is a reversal price action pattern that can be found at the end of a trend.

The number one characteristic of a Pin Bar is that it has a small body followed by a large shadow or wick.

In some case, the closing price can be the same as the opening price.

Higher-probability Pin Bars have a shadow of at least 2/3 of the entire bar price range.

A bullish Pin Bar is a bullish reversal pattern that usually occurs at the end of a bearish trend and indicates price exhaustion.

We’re going to look to go long after the bullish Pin Bar has formed and place a limit order above the high of the PB. Usually the stop loss is placed just below the wick.

A bearish Pin Bar is a bearish reversal pattern that usually occurs at the end of a bullish trend and indicates price exhaustion. We look to go short after the bearish Pin Bar has formed and place a limit order below the low of the PB. Usually the stop loss is placed above the wick.

The most important thing to remember is that a Pin Bar is reliable only in the right market context and it must develop at the right location

Double Bar Low Higher Close Pattern Rules


The Double Bar Low Higher Close pattern is a continuation bullish price action pattern or a reversal bullish pattern.

How to identify a DBLHC pattern? The DBLHC pattern is basically a two bar pattern, one bearish candlestick followed by a bullish candlestick.

The DBLHC pattern is comprised of two candlesticks that have identical lows or near the same price level, but the second candlestick has the close higher than the first candlestick closing price.

The wick is usually very small, with a pretty large body

Entery at market price, immediately at the open of the next candle once the DBLHC pattern is established or place a limit order above the high of the second candlestick.

The protective stop loss can be placed below the low of the second candlestick.


Double Bar High Lower Close Pattern Rules


The Double Bar High Lower Close pattern or DBHLC is a continuation bearish price action pattern or a reversal bearish pattern.

How to identify a DBHLC pattern? The DBHLC pattern is basically a two bar pattern, one bullish candlestick followed by a bearish candlestick.

The DBHLC pattern is comprised of two candlesticks that have identical highs or near the same price level, but the second candlestick has the close lower than the first candlestick closing price.

Entery at market price, immediately at the open of the next candle once the DBHCC pattern is established or place a limit order below the low of the second candlestick.

The protective stop loss can be placed above the high of the second candlestick.

Bearish Outside Vertical Bar Pattern Rules
The Bearish Outside Vertical Bar is a bearish reversal pattern that appears at the end of a bullish trend.

How to identify a BEOVB pattern? The BEOVB pattern is basically a two bar pattern, one small bullish candlestick followed by a large bearish candlestick.

The high of the second candle must be higher than the high of the first candle, and the low of the second candle must be lower than the low of the first candle.

A valid BEOVB pattern has the second candle closing price lower than the low of the first candle low.

The BEOVB pattern is confirmed once the low of the second candle is broken.

Entry at the market price once the second candle low is broken and place your protective stop loss above the BEOVB’s high.

Bullish Outside Vertical Bar Pattern Rules
The Bullish Outside Vertical Bar is a bullish reversal pattern that appears at the end of a bearish trend.

How to identify a BUOVB pattern? The BUOVB pattern is basically a two bar pattern, one small bearish candlestick followed by a large bullish candlestick.

The low of the second candle must be lower than the low of the first candle, and the high of the second candle must be higher than the high of the first candle.

A valid BUOVB pattern has the second candle closing price higher than the high of the first candle high.

The BUOVB pattern is confirmed once the high of the second candle is broken.

Entry at the market price once the second candle high is broken and place your protective stop loss below the BUOVB’s low.
hi
do you have DBLHC or DBHLC indciator file ?
or use this one:

IB(Inside Bar)
IBS4(Inside Bar Smallest of 4),
MSL(Market Structure Low),
MSH(Market Structure High),
TBH(Two Bars High),
TBL(Two Bars Low),
DBHLC(Double Bar High, Lower Close),
DBLHC(Double Bar Low, Higher Close),
PINUP,
PINDN,
BuOVB(Bullish Outside V Bar),
BeOVB(Bearish Outside V Bar).
Candles-Price-Action-Indicator.ex4
(38.75 KiB) Downloaded 1744 times
Candles-Price-Action-Indicator.mq4
(21.74 KiB) Downloaded 2236 times
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