en 123 Pattern 6.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
The PZ 123 Pattern Indicator is a technical analysis tool that helps traders identify potential 123 pattern breakouts in the market. These patterns, also known as 123 patterns, are made up of three price points: a bottom, a peak or valley, and a fibonacci retracement between 38.2% and 61.8%. 123 patterns are considered to be powerful and flexible chart patterns that can present themselves as either continuation or reversal patterns.
The PZ 123 Pattern Indicator provides clear trading signals to help traders identify these patterns and make informed decisions about their trades. In addition to identifying 123 patterns, the indicator also provides performance statistics, customizable fibonacci retracement levels, and displays suitable stop-loss and take-profit levels to help traders manage their trades.
Some other features of the PZ 123 Pattern Indicator include customizable colors and sizes, email/sound/visual alerts, and clear breakout signals. This indicator is non-repainting and non-backpainting, making it reliable and easy to use. It can be used to find continuation or reversal patterns and can be a valuable tool for both trend and reversal traders looking to capitalize on potential 123 pattern breakouts in the market. The indicator allows you to choose which type of patterns to look for, making it a fantastic tool for all types of traders.
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Input parameters
When loading the expert 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.
- Amplitude
- The amplitude represents the minimum amount of bars between alternative price points. To find big patterns, increase the amplitude parameter. To find smaller patterns, decrease the amplitude parameter.
- Min. Retracement
- The minimum fibonacci retracement needed in a pattern. Set to zero not to evaluate it.
- Max. Retracement
- The maximum fibonacci retracement possible in a pattern. Set to zero not to evaluate it.
- Pattern Type
- The indicator can look for reversal patterns, continuation patterns or both. Your choice.
- Max History Bars
- Amount of past bars to evaluate when the indicator loads in the chart.
- Display Stats
- Show or hide the statistics dashboard and performance data.
- Display SL/TP Levels
- Show or hide the suitable stop-loss and take-profit levels for each signal.
- Drawing Options
- Colors and sizes for bullish or bearish lines and labels, as well as font sizes.
- Breakouts
- Colors and sizes for breakout arrows.
- Alerts
- Enable or disable alerts at will.
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FAQ
- Does the indicator repaint?
- No, the indicator does not repaint or backpaint at all.
- Does the indicator back paint?
- No, the indicator does not back paint.
- Can 123 Patterns be displayed in the chart before the breakout happens?
- No, it can't. The pattern and the breakout arrow are displayed exactly as the same time, to prevent the indicator from repainting.
- Does the indicator implement alerts?
- Yes, it does. It implements alerts of all kinds.
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Developers
In order to build your expert advisor, you can read data from the indicator using the iCustom() function as exemplified below. The indicator has one extra buffer which only purpose is to store trading signals as constants: this is the only buffer you need to read from. Copy and paste the code below into your EA, and replace the indicator name of the iCustom() call with your own.
//---- Define pattern types #define CONTINUATION 0 #define REVERSAL 1 #define BOTH 2 //---- Read values from the signal buffer int start() { // Read signal double value = iCustom(Symbol(), Period(), "PZ_123Pattern_LICENSE", "--", 8, 38.2, 71.8, BOTH, 1, 1); // Do something if(value == OP_BUY) { /* Your code for bullish signal */ } if(value == OP_SELL){ /* Your code for bearish signal */ } if(value == EMPTY_VALUE) { /* Your code if no signal */} // Exit return(0); }
Screenshots
