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Naked Forex Tweezer Pro Indicator
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 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 Tweezer pattern is a simple and effective pattern to trade.
The strategy that comes with the Tweezer is based on price action.
The indicator does what it 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 lets 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:
Indicator presets (templates):
- Distance: distance in pixel relative to top or bottom of candle to display the arrow symbol
- 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).
- TradeDirection (Long/Short/LongAndShort): you can filter signals and only show BUY signals (Long) or SELL signals (short). Default settings is LongAndShort (no filter).
- 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 candles, 1.0:big candles only).
- TailSize (0.0 as default): minimum size for the tails to consider pattern as valid (0.0:no filter, 0.2:middle size tails, 0.4:big tails only).
- TailCompareMode (Relative/Absolute): use size of candles (Relative) or size of tails themselves (Absolute) as a reference to compare tails sizes differences and valid the pattern.
- 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.
- UseEngulfingAfterTweezer (true/false): if set to true then will also consider engulfing pattern with the next candle after the Tweezer formation.
- UsePreAlerts (true/false): to enable pre-alerts. It is required to set this value to true if you want to receive pre-alerts.
- PreAlertsSeconds (30): time in seconds before the close of the candle when pre-alerts will be activated (pre-alerts can disappear).
- UseConfirmedSignals (true/false): generate alerts for confirmed signals (at the close of the bar). It is required to set this value to true if you want to receive confirmed signals alerts.
- PopupAlerts (true/false): to enable alerts of type Popup window
- EmailAlerts (true/false): to enable alerts of type Email
- PushAlers (true/false): to enable alerts of type Push Notification
- SoundAlerts (true/false): to enable alerts of type Sound
- SoundFile: file to be used for sound alerts
Use Save Link As (right mouse button menu over the link) with Chrome browser to download the preset file of your choice.
- Tweezer Pro MT4 Classic preset: Download
- Tweezer Pro MT4 Conservative preset: Download
- Tweezer Pro MT5 Classic preset: Download
- Tweezer Pro MT5 Conservative preset: Download
You can download the preset files to your hard disk and then in the indicator properties (inputs tab), click the Load button, search for the preset file in your computer hard disk, click Open and finally click the OK button to validate the settings that will apply to the indicator.
We just give you these settings as examples and as a starting point to tweak your own settings. We do not pretend that these settings are ideal for your trading style.
The Tweezer indicator can be used with any time frame.
- 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 class of assets: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
You might also be interested in following products:
- Tweezer Indicator Pro version for TradingView: More info
- Tweezer Indicator (standard version): More info
- Fx Levels Indicator to draw support and resistance levels : More info