QB PatternSeeker MT5 Documentation
This area is where you can select the patterns of interest. You can either do it manually, by checking/unchecking the boxes for the strategies or interest, or automatically with the Check All / Uncheck All buttons.
After selection is done, press Find Patterns to display. The expert will display all the patterns that fall within the selection, and will proactively scan for new of these search patterns at each new bar (when the current bar becomes past bar).
For instance, in this case all patterns are selected for searching:
You can see how the expert displays: all patterns are encased in colored boxes, especially useful when a pattern is composed of more candles; above each pattern is written its name.
There are three default colors used :
Green for bullish patterns:
Red for bearish patterns:
LightSlateGray for neutral patterns.
These colors can be changed within the Inputs tab, when the expert is attached to the chart.
Most candlestick pattern conditions require a known market state: bullish or bearish. In order to discern between bullish and bearish states, the MA Period parameter is used. Therefore, the market state is considered bullish when the current close is above the simple moving average, and it is bearish when the current close is below the simple moving average.
Several candlestick patterns require body size distinctions for candle bodies. Some require large, other short bodies, without exactly specifying what are the exact criterias.
To meet these requirements, the Body AVG setting is used, along more general ShortCandleBody and LongCandleBody settings (that are available to the user in the initial Input box).
Body AVG tells how many candle bodies are used for averaging. The result is a body average size of the last Body AVG candles. This size is then used along the other settings.
When the body of the analyzed candle is below ShortCandleBody x body average (for instance, the way it is default, between 0.4 x body average), then the candle is deemed to be “short”. If the candle body exceeds the average, the candle is deemed to be “long”, as LongCandleBody has a value of 1.0 as default.
Candle Check tells the expert how many candles to go back and check for patterns.
This block is to set how you want to be alerted case a one of your search patterns appears on a new candle.
Sound will just play a sound.
Alert will play the alert and display the Alert window.
Mail will work if you allow the terminal to send you a mail. This can be done from the menu Tools, then Options, Email tab.
Notification used to get notified on your mobile device. This is a quite new feature introduced by MetaQuotes. It can be set up from the menu Tools, then Options, Notifications tab.
The expert can export the data regarding the recognized patterns. It exports in .csv files, in the \Files folder. Since there are multiple locations of this folder, depending on your installation of MetaTrader and the use of the “portable” parameter, the easiest way to reach the Files folder is by simply clicking on the plus button of the Files folder within the Navigator window of the MetaEditor. The file saved by the expert will have the nameJC_instrument_PERIOD_period.csv (for instance, JC_USDJPY_PERIOD_H1.CSV).
The Inputs tab contains some default settings: the colors used to color the candlestick boxes and the settings for short and long bars in relation to averages: