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Pennants 3.0

Metatrader Indicator (MT4/MT5)

  • Overview

    This indicator finds pennants, which are continuation patterns identified by converging trendlines surrounding a price consolidation period.

    • Easy to use
    • Customizable colors and sizes
    • It implements breakout signals
    • It implements alerts of all kinds

    Boost your trading activity with the most flexible Triangle Patterns indicator ever created for the Metatrader platform.

  • Input parameters
    Input parameters

    When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.

    Indicator Settings
    The amplitude reprents the size of the patterns to be found. The max. history bars parameter is the amount of bars in the chart to look back. Less bars to evaluate means the indicator will load faster.
    Pattern Settings
    Choose the colors of the patterns.
    Breakouts
    The indicator implements breakouts to make trading easier. You can choose the size and color of the arrows.
    Alerts
    Enable or disable alerts at will.
  • ? FAQ
    Does the indicator repaint?
    The pennant will not repaint unless a new point arises and the slope of the triangle lines needs to be changed. Additionally, if a breakout happens and later the price retracts inside the triangle again, the arrow will repaint later when another breakout happens.
    Some triangles seem to be missing from the chart
    To find more pennants, load the indicator several times on the chart with different "Size" parameters: for example, load it four times with sizes 6, 12, 18 and 24. This will find wedges of different sizes simultaneously.
    I am seeing a pennant and the indicator has not recognized it!
    Kindly note that the indicator needs 5 price points to find a pennant. Maybe you are seeing a 4 price point pennant yet and projecting it in your mind, but 5 price points are needed to actually recognize one. Other issue can be the size of the pennant relative to the indicator size parameter: refer to the previous question for this issue.
    Does the indicator implement alerts?
    Yes, it does. It implements alerts of all inds.
  • Comments

    Keep comments tidy and respectful. Avoid spam, offensive remarks, self-promotion and posting personal or payment information. The comment section is for discussion and questions only. Please note that we'll never solicit payments in the comments section.

Screenshots

Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader
Pennants Indicator for Metatrader