en Cup and Handle 4.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
The PZ Cup and Handle Indicator is a technical analysis tool that helps traders identify potential cup and handle patterns in the market. These patterns are characterized by a "U" shaped price formation, with a slight downward drift on the right-hand side of the pattern, known as the handle. Cup and handle patterns can be both continuation and reversal patterns, and they are typically seen as bullish patterns that signal a potential price increase.
The PZ Cup and Handle Indicator provides clear trading signals to help traders identify these patterns and make informed decisions about their trades. In addition to identifying cup and handle patterns, the indicator also provides performance statistics, customizable sizes and pattern characteristics, and displays suitable stop-loss and take-profit levels to help traders manage their trades.
Some other features of the PZ Cup and Handle Indicator include customizable colors and sizes, email/sound/visual alerts. This indicator is non-repainting and non-backpainting, making it reliable and easy to use. It can be a valuable tool for traders looking to capitalize on potential cup and handle patterns in the market.
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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.
- Cup Flatness Ratio
- This parameter describes how "flat" must the top of the cup be relative to the cup size. A higher value will find stricter patterns, yet less frequent. A lower value will find more patterns.
- Min Handle Retracement
- The minimum percent retracement needed in the handle of the pattern.
- Max. Retracement
- The minimum percent retracement possible in the handle of the pattern.
- 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 stop-loss and take-profit levels.
- 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 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.
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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.
//---- Read value from data buffer int start() { // Read value from data buffer double value = iCustom(Symbol(), Period(), "PZ_CupAndHandle_LICENSENUM", 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) { /* Nothing to do */} // Exit return(0); }
Screenshots
