Indicator

Introduction to Advanced Price Pattern Scanner

Price Pattern was used by many traders nearly 100 years. Advanced Price Pattern Scanner is a fully automatic Price Pattern Scanner for your trading. It offers the comprehensive pattern detection algorithm for your trading styles. The added bonus is that you have the full access to all the powerful features of Price Breakout Pattern Scanner. This include the access to the functionality of the Smart Renko too. For your Price Action and Pattern Trading, the Advanced Price Pattern Scanner can play a central role for your trading from identifying good entry, stop and profit targets.

Benefit of this Products:

  • Fully automatic pattern detection can save you a lot of time and efforts for your trading
  • Detect patterns to identify entry, stop and profit targets.
  • You can use both fast (repainting) and slow (non repainting) algorithm according to your preference.
  • This is a great tool if you use the price pattern and geometry for your every day trading.
  • Powerful manual pattern detection with built in Smart Renko is added bonus.

Pattern Detection Mode

With Advanced Price Pattern Scanner, you can choose your favourite pattern detection mode from your chart. At least, four different pattern detection mode can be used.

  • Backward Pattern Detection Mode: Backward pattern detection mode is identical to Price Breakout Pattern Scanner. This means that you can use all the existing features of Price Breakout Pattern Scanner with the Advanced Price Pattern Scanner. You can control pattern redrawing and repainting issue with the built in pattern locking features in this mode.
  • Forward Pattern Detection – Fast Mode: This is new pattern detection algorithm, very different from backward pattern detection method. This mode is fast but it can repaint
  • Forward Pattern Detection – Slow Mode: This new pattern detection algorithm too. It is lagging but non-repaint.
    Manual Pattern Detection Mode with built in Smart Renko: You can enable Smart Renko within the Price Breakout Pattern Scanner in your chart. You can detect pattern manually in the renko chart much easier.

Note: You can also combine each modes for more accurate decision making. In addition, strategy tester will not test correctly with Backward Pattern Detection Mode (=Price Breakout Pattern Scanner). Forward Pattern Detection mode is testable in the strategy tester.
Backward Detection Mode (=Price Breakout Pattern Scanner)

When you enable the Backward Detection Mode, the pattern detection capability and usage are the same as Price Breakout Pattern Scanner. You can detect triangle, Rising Wedge, falling wedge, double top, double bottom, triple top, triple bottom, head and shoulder, the reversed head and shoulder patterns.

Forward Detection Mode

In Forward Detection Mode, you can use both fast (repainting) and lagging (non-repainting) pattern detection mode. You can detect triangle, rising wedge, falling wedge, double top and double bottom. In fact, while you are detecting double bottom and double top, occasionally the pattern coincide with triple top and triple bottom because two successive double top (or double bottom) makes up triple top (or triple bottom). Forward Detection Mode use entirely different pattern detection algorithm.

Input Setting

Before using Advanced Price Pattern Scanner, please set the right Pattern Detection Mode according to your preferences. You can use either Backward Pattern Detection  or forward Pattern Detection Mode. However, you can combine both Backward Pattern Detection and Forward Pattern Detection Mode together too.

Pattern Detection Mode Input Setting

  • Use Forward Pattern Detection: Set to true to use Forward Pattern Detection Mode
  • Use Backward Pattern Detection (=Price Breakout Pattern Scanner): Set this to true to use Backward Pattern Detection (or the feature of Price Breakout Pattern Scanner)

Forward Pattern Detection Input Setting

  • FPD Use Non-Repaint Mode: set to true to use slow but non-repainting mode. Set to false to use fast but repainting mode.
  • FPD Use Triangle and Wedge Patterns: set to true to use Triangle and Wedge Pattern Detection.
  • FPD Use Double Top & Bottom Patterns: Set to true to use double top and bottoms.
  • FPD Minimum Pattern Size in Bar: Filter out the size of patterns according to number of bars.

Backward Pattern Detection Input Setting

Everything is identical to Price Breakout Pattern Scanner.

Trading Setup

If you are not sure how to identify stop loss (assume you are new to trading), you can enable Smart Renko and use four brick line levels as your potential stop. Note that this is just one of the many options. If you know how to trade with patterns already, then please stick with your own preferences.


Published Current Version Updated Visits
7 August 2017 1.50 15 November 2017 1395

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License TypeFree TrialRental (renting) OptionBuying Full License
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Product FeatureFull FeatureFull Feature, Auto alert on new update.Full Feature, Auto alert on new update.
Expiry TimeYes, it will expire in 2 weeks.Yes, it is for the rented period only.No expiry
Simultaneous Accounts UseLimitedYesYes
Future UpdateLimitedFree future update during the rented period only.Fully supportive free future update

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Dwight Alleyne
Dwight Alleyne

Hello I just rented this product for MT4 and it is not working. Which folder do you install the Scanner in the indicator folder or in the Expert Advisor folder? Can you advise me on how to apply this to a chart. Thank you