123 Pattern 4.0

Metatrader Indicator (MT4/MT5)

  • Overview

    The 123 Pattern is one of the most popular, powerful and flexible chart patterns. The pattern is made up of three price points: a bottom, a peak or valley, and a fibonacci retracement between 38.2% and 71.8%. A pattern is considered valid when the price breaks beyond the last peak or valley, moment at which the indicator plots an arrow, rises an alert, and the trade can be placed.

    • Clear trading signals
    • Customizable colors and sizes
    • Implements performance statistics
    • Customizable fibonacci retracement levels
    • The indicator can be used to find continuation or reversal patterns
    • Includes a multi-symbol and multi-timeframe scanner
    • It is non-repainting and non-backpainting
    • It implements email/sound/visual alerts
    • Purchase includes the MT5 version

    123 Patterns can present themselves as continuation or reversal patterns. To make things easier, the indicator allows you to choose which type of patterns to look for, making it a fantastic tool for trend or reversal traders.

  • 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.

    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.
    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.
  • ? 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 inds.
  • </> 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);
    }
  • 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

123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader
123 Pattern Indicator for Metatrader