Pennants 3.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
This indicator finds pennants, which are continuation patterns identified by converging trendlines surrounding a price consolidation period. It confirms pattern breakouts with donchian breakouts.
- Easy to use
- Customizable pattern size
- Customizable colors and object sizes
- It implements patterns and breakout signals
- It implements alerts of all kinds
- ≡ 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.
- </> 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_Pennants_LICENSENUM", 0, 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
