The Big Bullish/Bearish Candle Scanner Dashboard is a comprehensive tool designed to identify significant bullish and bearish candlestick patterns across multiple currency pairs and timeframes. By leveraging various analytical methods, this dashboard provides traders with real-time insights into potential market movements, enhancing decision-making processes.
you can download the MT5 version here Big Candle Scanner Dashboard MT5
Key Features
Multicurrency Monitoring:
- Scans a wide range of currency pairs, including major, minor, and exotic pairs.
- Supports additional symbols like BTCUSD and XAUUSD for diversified trading opportunities.
Multi-Timeframe Analysis:
- Monitors signals across various timeframes, from M1 to MN1.
- Allows customization to enable or disable scanning for individual timeframes based on trading strategies.
Comprehensive Candle Analysis:
- Employs multiple methods to detect significant candlestick patterns:
- Candle Size Relative to Average: Identifies candles whose size exceeds a specified multiple of the average candle size over a defined period.
- Volume Confirmation: Detects candles with volumes surpassing a set multiplier of the average volume, indicating strong market participation.
- Open-Close Difference: Highlights candles where the open-close range constitutes a significant percentage of the total candle range, signaling decisive market moves.
- Body Size vs. Wick Size: Finds candles with bodies substantially larger than their wicks, suggesting strong buying or selling pressure.
- Dynamic Range Filters: Utilizes the Average True Range (ATR) to identify candles with ranges exceeding a multiple of the ATR, adapting to market volatility.
- Employs multiple methods to detect significant candlestick patterns:
Customizable Alerts and Notifications:
- Provides real-time alerts through pop-ups, emails, or push notifications, ensuring traders are promptly informed of significant market events.
User-Friendly Interface:
- Displays detected patterns in a clear, organized grid format, indicating the type of pattern and the number of candles since its occurrence.
- Offers customization options for text size, panel dimensions, and color schemes to suit individual preferences.
How It Works
The dashboard continuously scans selected symbols and timeframes, applying the specified analytical methods to detect significant bullish or bearish candles. When a pattern meeting the defined criteria is identified, it is displayed on the dashboard, and alerts are triggered as configured.
Input Parameters
General Settings:
- EnableCandleSizeCheck : Enable/disable the Candle Size Relative to Average check.
- EnableVolumeCheck : Enable/disable the Volume Confirmation check.
- EnableOpenCloseCheck : Enable/disable the Open-Close Difference check.
- EnableBodyWickCheck : Enable/disable the Body Size vs. Wick Size check.
- EnableRangeCheck : Enable/disable the Dynamic Range Filters check.
Candle Size Relative to Average Settings:
- Lookback_Period : Number of candles to calculate the average size.
- Size_Threshold_Multiplier : Multiplier to define what constitutes a “big” candle.
Volume Confirmation Settings:
- Volume_Lookback_Period : Number of candles to calculate the average volume.
- Volume_Threshold_Multiplier : Multiplier to determine significant volume.
Open-Close Difference Settings:
- OpenClose_Threshold_Percentage : Minimum percentage of the total range that the open-close difference must represent to be considered significant.
Body Size vs. Wick Size Settings:
- BodyWick_Ratio : Minimum ratio of body size to combined wick sizes to identify strong candles.
Dynamic Range Filters Settings:
- ATR_Period : Number of periods for calculating the Average True Range.
- ATR_Multiplier : Multiplier to define the threshold for significant candle range based on ATR.
Conditions Implemented
Candle Size Relative to Average:
- A candle is considered significant if its size exceeds the average candle size (calculated over Lookback_Period ) multiplied by Size_Threshold_Multiplier .
Volume Confirmation:
- A candle’s volume is deemed significant if it surpasses the average volume (over Volume_Lookback_Period ) multiplied by Volume_Threshold_Multiplier .
Open-Close Difference:
- A candle is flagged if the absolute difference between its open and close prices is greater than or equal to OpenClose_Threshold_Percentage of the total candle range (high minus low).
Body Size vs. Wick Size:
- A candle is identified as strong if its body size is greater than the combined upper and lower wick sizes multiplied by BodyWick_Ratio .
Dynamic Range Filters:
- A candle’s range is considered significant if it exceeds the Average True Range (calculated over ATR_Period ) multiplied by ATR_Multiplier .
Why Choose This Dashboard?
The Big Bullish/Bearish Candle Scanner Dashboard offers a robust solution for traders seeking to identify significant market movements across various instruments and timeframes. Its comprehensive analysis methods, real-time alerts, and customizable interface make it an invaluable tool for enhancing trading strategies and improving market entry and exit decisions.
Note: For optimal performance, ensure that the symbols to be scanned are visible in the Market Watch window, and adjust the input parameters to align with your specific trading preferences and risk management guidelines.
