Offset – control of the gap between signal and candles
Offset2 – control of the gap between the signal and the candles of Pattern2. Useful when using Pattern1 and Patter2 at the same time, so as not to have overlapping signals
Pattern1 and Pattern2 – selection of one or both patterns
Envelope – selection of the Envelope pattern
ValueEnvelope – defines the volatility value of the envelope. Depending on the instrument used it can be adjusted in order to have the best signals. By default it is selected at 2 ATR.
InOutEnvelope – selecting this option displays 2 lines (IN and STOP) to define the entry point and stop loss. At the same time, the value of the stop in points is displayed on the stop loss line.
InOutRange – with this parameter you select a value of the range of the candle that gave the signal to add to the minimum or maximum to optimize entry and stop levels. By default the value is set to 0.25%. In practice, 0.25% of the range of the signal candle is calculated and this value is added to the maximum and minimum of the signal candle in order to obtain 2 price levels that will be used for the operation. For a more prudent operation the user can select higher values more suited to his trading and his comfort.
CrossSMA and CrossEMA – with this parameter we select the crossing method of averages (20-50) with the possibility of displaying signals with the simple or exponential 20 average. The choice is obviously at the user’s discretion.
RoundPips – rounds the stop size values that appear as numbers on the stop line. This is to make it easier for the user to view and calculate the stop size. The Round parameter rounds down to the nearest unit. It cannot be used on some forex instruments as it would only render the digit 0 on the chart.
This indicator is completed by another indicator to be inserted below the chart to trigger an alarm. It can be configured with the same parameters as the EV-MULTIPATTERN and by inserting a horizontal line below 1 the alarm can be activated.