Fakey Detector MT5

Fakey Detector MT5

"Fakey PA" is a technical indicator for the MetaTrader 5 platform, designed to automatically identify the Fakey pattern (false breakout) on the chart. The Fakey pattern is a combination of an Inside Bar followed by a false breakout, which often precedes a strong price movement in the opposite direction.

What is the Fakey Pattern:

Fakey is a three-bar false breakout formation:

1. Mother Bar - a wide bar that contains the next bar

2. Inside Bar - a bar completely within the range of the mother bar

3. Breakout Bar - a bar that breaks the boundary but closes back inside

• Fakey Buy: price breaks down through the Inside Bar (or mother bar) boundary but closes above this level - false downward breakout, buy signal

• Fakey Sell: price breaks up through the Inside Bar (or mother bar) boundary but closes below this level - false upward breakout, sell signal

Features:

• Automatic detection of Fakey patterns on the chart

• Visual marking with blue up arrows for Fakey Buy and red down arrows for Fakey Sell

• Display of breakout levels with horizontal lines on the chart

• Filter by minimum breakout size in pips

• Optional filter by candle body direction

• Choice of level for breakout detection (mother bar or Inside Bar)

Indicator Parameters:

• LookBackBars - number of bars to analyze (default 10000)

• MinBreakoutPips - minimum breakout size in pips to identify Fakey (default 70)

• UseBodyDirectionFilter - filter by candle body direction (enabled by default)

• UseMotherBarBreakout - use mother bar for breakout level instead of Inside Bar (disabled by default)

How to Use:

1. Attach the indicator to the chart in MetaTrader 5

2. Adjust parameters for your trading instrument and timeframe

3. Blue up arrow indicates a false downward breakout - potential buy signal

4. Red down arrow indicates a false upward breakout - potential sell signal

5. Horizontal lines show false breakout levels

Trading Strategy:

The Fakey pattern is a powerful reversal signal, especially at key support and resistance levels. A false breakout often "stops out" traders before a strong move in the opposite direction. It is recommended to use the indicator on higher timeframes (H4, D1) and in combination with trend analysis and key levels to improve signal accuracy.

Other Products: https://www.mql5.com/en/users/yura1994ru/seller#products

Disclaimer:

• It is recommended to test the indicator on a demo account before using it on a live trading account

• The indicator is provided "as is" without any warranties regarding its effectiveness or suitability for specific trading purposes

• Not financial advice