INVITE-ONLY SCRIPT
Tweezer Pro Indicator
Updated
Tweezer Pro Indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The standard Tweezer is a two bar pattern. Our enhanced version is a multi-bar pattern. We filter the patterns for you so that you only get the best and most effective patterns and ignore the noise.
The Tweezer pattern is a simple and effective pattern to trade.
The strategy that comes with the Tweezer is based on price action.
The indicator was developed with the expertise of Justin Mueller. The indicator uses same rules as Justin who is an expert trader using the Tweezer pattern for a while now. You can visit Justin Youtube channel, like and subscribe.
The indicator does what he was designed for: displaying Tweezer patterns. Don't expect to follow the up and down arrows and make money. Trading is not that simple. The Tweezer pattern is a starting point. The arrow is not a confirmed BUY and SELL signal in itself. The Tweezer indicator alerts you that the market might be at a turning point now. Then you must use other elements of your strategy (trend, momentum, support/resistance, volatility, daily bias, and other indicators) to confirm the signal and place a trade.
The Tweezer Pro version let users define their own pattern definition. This version is meant for expert traders who want to use their own optimized settings.
Inputs of the indicator are:
MaxBars: maximum number of bars back to calculate searching for signals
Settings (automatic/manual): you can either use the defaults settings optimized by Justin Mueller (automatic) or use your own settings (manual).
TrendPeriod (20 as default): number of candles the indicator should look back to determine current trend direction.
CandleSize (0.5 as default): minimum size for candles to consider pattern as valid (0.0:no filter, 0.5:middle size candle, 1.0:big candle only).
SameTailsSize (0.9 as default): check accuracy of same candle wicks size to validate pattern (0.0:ignore wick size criterion, 0.8:strict same size, 0.9:very strict same size).
SameOpenClose (0.9 as default): check accuracy of same open and close for the candles (0.0:ignore criterion, 0.8:strict same open/close, 0.9:very strict same open/close).
UseEngulfingFilter (true/false): if set to true then ignore patterns that do not include engulfing pattern.
UseEngulfingEvenAfter (true/false): if set to true then will also consider engulfing pattern with the next candle after the Tweezer formation.
Trading rules:
For BUY: wait for a bullish Tweezer (Tweezer bottom) to print on a support zone after a down trend. Wait for price to break high of the Tweezer pattern (5 pips above the high for H1 and higher time frames). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
For SELL: wait for a bearish Tweezer (Tweezer top) to print on resistance zone after an up trend. Wait for price to break the low of the Tweezer pattern (5 pips below the low for H1 and higher time frames). Immediately enter in the trade once low is broken. You also can use a SELL STOP order place 5 pips below the low of the candle. Stop Loss should be placed above the high of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The Tweezer indicator can be used with any time frame.
The Tweezer indicator can be used with any class of asset: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The standard Tweezer is a two bar pattern. Our enhanced version is a multi-bar pattern. We filter the patterns for you so that you only get the best and most effective patterns and ignore the noise.
The Tweezer pattern is a simple and effective pattern to trade.
The strategy that comes with the Tweezer is based on price action.
The indicator was developed with the expertise of Justin Mueller. The indicator uses same rules as Justin who is an expert trader using the Tweezer pattern for a while now. You can visit Justin Youtube channel, like and subscribe.
The indicator does what he was designed for: displaying Tweezer patterns. Don't expect to follow the up and down arrows and make money. Trading is not that simple. The Tweezer pattern is a starting point. The arrow is not a confirmed BUY and SELL signal in itself. The Tweezer indicator alerts you that the market might be at a turning point now. Then you must use other elements of your strategy (trend, momentum, support/resistance, volatility, daily bias, and other indicators) to confirm the signal and place a trade.
The Tweezer Pro version let users define their own pattern definition. This version is meant for expert traders who want to use their own optimized settings.
Inputs of the indicator are:
MaxBars: maximum number of bars back to calculate searching for signals
Settings (automatic/manual): you can either use the defaults settings optimized by Justin Mueller (automatic) or use your own settings (manual).
TrendPeriod (20 as default): number of candles the indicator should look back to determine current trend direction.
CandleSize (0.5 as default): minimum size for candles to consider pattern as valid (0.0:no filter, 0.5:middle size candle, 1.0:big candle only).
SameTailsSize (0.9 as default): check accuracy of same candle wicks size to validate pattern (0.0:ignore wick size criterion, 0.8:strict same size, 0.9:very strict same size).
SameOpenClose (0.9 as default): check accuracy of same open and close for the candles (0.0:ignore criterion, 0.8:strict same open/close, 0.9:very strict same open/close).
UseEngulfingFilter (true/false): if set to true then ignore patterns that do not include engulfing pattern.
UseEngulfingEvenAfter (true/false): if set to true then will also consider engulfing pattern with the next candle after the Tweezer formation.
Trading rules:
For BUY: wait for a bullish Tweezer (Tweezer bottom) to print on a support zone after a down trend. Wait for price to break high of the Tweezer pattern (5 pips above the high for H1 and higher time frames). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
For SELL: wait for a bearish Tweezer (Tweezer top) to print on resistance zone after an up trend. Wait for price to break the low of the Tweezer pattern (5 pips below the low for H1 and higher time frames). Immediately enter in the trade once low is broken. You also can use a SELL STOP order place 5 pips below the low of the candle. Stop Loss should be placed above the high of the Tweezer pattern. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The Tweezer indicator can be used with any time frame.
The Tweezer indicator can be used with any class of asset: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
Release Notes
Change of MaxBars default value to 9999Release Notes
Change of the marker with triangle up and triangle down to have more noticeable signalsRelease Notes
For those who want to get access to Tweezer Pro indicator please find links in my signatureRelease Notes
Change of label for input: UseEngulfingAfterTweezerRelease Notes
New inputs for the indicator:-TailSize
-UseRelativeMode
Please read documentation from our website for complete information.
These new features will give full flexibility to expert traders to define their own patterns with high accuracy.
Release Notes
Update of settings for the Automatic mode - as requested by Justin MuellerRelease Notes
Management of trading sessions to filter signals accordingly.Other settings and features of the indicator remain same as before.
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