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Chart Patterns 3.0

Metatrader Indicator (MT4/MT5)

  • Overview

    The Chart Patterns indicators auto-detect many well known and effective price patterns across multiple timeframes and instruments, to provide an edge in your trading activity. The following patterns are supported:

    • Doble Top / Double Bottom
    • Triple Top / Triple Bottom
    • Head and Shoulders
    • Rising Wedge / Falling Wedge
    • Pennants
    • Megaphone

    Since patterns can expand, the indicators implement a twist to make things easier: a donchian breakout needs to validate the pattern before signaling the trade, making trading signals very reliable. Other features are...

    • It includes a multi-symbol and multi-timeframe scanner
    • It implements email/sound/visual alerts
    • Purchase includes the MT5 version
  • 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 or Size
    This parameter controls the size of the patterns to be found. A higher value would find bigger patterns.
    Max History Bars
    Amount of past bars to evaluate when the indicator loads. A smaller number means the indicator will load faster. Never set this parameter below 200 bars.
    Color of bullish patterns
    Color to be used to draw bullish patterns in the chart.
    Color of bearish patterns
    Color to be used to draw bearish patterns in the chart.
    Breakouts
    Enable or disable breakout arrows to confirm patterns.
    Color of bullish breakouts
    Color to be used to draw bullish arrows in the chart.
    Color of bearish breakouts
    Color to be used to draw bearish arrows in the chart.
    Arrow Size
    Size of breakout arrows in the chart.
    Breakout Period
    Donchian breakout period to confirm patterns and signal trades. A higher value decreases the odds of repainting but signals appear later. A smaller value increases the odds of repainting but signals appears sooner.
    Alert on breakouts
    Enable this parameter to get alerts when a breakout happens.
    Alert on patterns
    Enable this paramter to get alerts when the pattern is present, before the breakout happens.
    Alerts
    Enable alerts, email alerts and/or sound alerts for the patterns enabled above.
  • ? FAQ
    Does the indicator repaint?
    Yes, it does. The indicators must repaint the pattern to accomplish its function because patterns can expand. For this reason and to make things easier, the indicator implements a trading signal based on price breakouts, which is evaluated after a pattern is formed. This helps timing the trade because most patterns do not expand any more after a meaningful breakout has happened in the opposite direction.
    When are patterns displayed and alerted?
    A pattern is displayed when it exists, and it is alerted. Later, when the breakout happens confirming the validity of the pattern, another alert is raised.
    I am not finding as many patterns as I'd like
    To find more patterns, 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 overlapping patterns of different sizes simultaneously.
    I am seeing a wedge and the indicator has not recognized it!
    Kindly note that the indicator needs 5 price points to find a wedge. 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 wedge relative to the indicator size parameter: refer to the previous question for this issue.
    The scanner indicator loads very slowly
    Yes, it does. It has to load into memory several indicators and charts. Once loaded, it'll run smoothly.
    Does it implement alerts?
    Yes, of all kinds.
  • </> 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.

    //---- Read values in the start function
    int start()
    {
    // Double top / bottom
    double dt_pattern  = iCustom(Symbol(), Period(), "PZ_DoubleTopBottom_LICENSE",0,1);
    double dt_signal  = iCustom(Symbol(), Period(), "PZ_DoubleTopBottom_LICENSE",1,1);
    // Triple top / bottom
    double tt_pattern = iCustom(Symbol(), Period(), "PZ_TripleTopBottom_LICENSE",0,1);
    double tt_signal  = iCustom(Symbol(), Period(), "PZ_TripleTopBottom_LICENSE",1,1);
    // Head and shoulders
    double hs_pattern  = iCustom(Symbol(), Period(), "PZ_HeadShoulders_LICENSE",0,1);
    double hs_signal  = iCustom(Symbol(), Period(), "PZ_HeadShoulders_LICENSE",1,1);
    // Megaphone
    double mg_pattern = iCustom(Symbol(), Period(), "PZ_Megaphone_LICENSE",0,1);
    double mg_signal  = iCustom(Symbol(), Period(), "PZ_Megaphone_LICENSE",1,1);
    // Wedges
    double wd_signal  = iCustom(Symbol(), Period(), "PZ_Wedges_LICENSE",0,1);
    // Pennants
    double pn_signal  = iCustom(Symbol(), Period(), "PZ_Pennants_LICENSE",0,1);
    // Act on breakout signals
    if(dt_signal == OP_BUY) { /* Your code for double bottom + bullish breakout*/ }
    if(dt_signal == OP_SELL) { /* Your code for double top + bearish breakout*/ }
    if(tt_signal == OP_BUY) { /* Your code for triple bottom + bullish breakout*/ }
    if(tt_signal == OP_SELL) { /* Your code for triple top + bearish breakout*/ }
    if(hs_signal == OP_BUY) { /* Your code for inv. head and shoulders + bullish breakout*/ }
    if(hs_signal == OP_SELL) { /* Your code for head and shoulders + bearish breakout*/ }
    if(mg_signal == OP_BUY) { /* Your code for megaphone + bullish breakout*/ }
    if(mg_signal == OP_SELL) { /* Your code for megaphone + bearish breakout*/ }
    if(wd_signal == OP_BUY) { /* Your code for wedge + bullish breakout*/ }
    if(wd_signal == OP_SELL) { /* Your code for wedge + bearish breakout*/ }
    if(pn_signal == OP_BUY) { /* Your code for pennant + bullish breakout*/ }
    if(pn_signal == OP_SELL) { /* Your code for pennant + bearish breakout*/ }
    // Act on pattern presence
    if(dt_pattern == OP_BUY) { /* Your code for double bottom */ }
    if(dt_pattern == OP_SELL) { /* Your code for double bottom */ }
    if(tt_pattern == OP_BUY) { /* Your code for triple bottom */ }
    if(tt_pattern == OP_SELL) { /* Your code for triple top */ }
    if(hs_pattern == OP_BUY) { /* Your code for inv. head and shoulders */ }
    if(hs_pattern == OP_SELL) { /* Your code for head and shoulders */ }
    // 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

Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader
Chart Patterns Indicator for Metatrader