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Naked Forex Tweezer Pro Indicator (TradingView)



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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:

  • 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).
  • BuySignals (true/false): you can filter signals and decide to show BUY signals or not. Default settings is true (no filter).
  • SellSignals (true/false): you can filter signals and decide to show SELL signals or not. Default settings is true (no filter).
  • TrendPeriod (5 as default): number of candles the indicator should look back to determine current trend direction. Value of period can be increased (10, 15, 20) to reduce number os signals and increase quality.
  • 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).
  • 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).
  • UseRelativeMode (true/false): use size of candles (Relative|true) or size of tails themselves (Absolute|false) 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.
Alerts:

You must use Tweezer Top less than zero and Tweezer bottom greater than zero as settings for the alerts.

Example of Tweezer Bottom BUY alerts settings : BUY example

Example of Tweezer Top SELL alerts settings : SELL example

Beware that TradingView limits the number of alerts you can receive according to the plan you subscribed with the platform. If receiving alerts is important for you then you should investigate carefully this aspect before purchasing the indicator. Maybe Metatrader would be a better option to receive unlimited alerts.

Beware that alerts are managed by TradingView trading platform features and not by the indicator itself. We provide settings for alerts as a courtesy. If you have problems with alerts or need special settings then please contact TradingView support since alerting is not a feature managed by the indicator.

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 assets: Forex, Stocks, Indices, Futures, Commodities and Cryptos.


Other products:

You might also be interested in the following products:

  • Tweezer Pro Indicator for Metatrader: More info
  • Kangaroo Tail Indicator for TradingView: More info
  • Big Shadow Indicator for TradingView: More info