Penta-O 8.0

Metatrader Indicator (MT4/MT5)

  • Overview

    The Penta-O is a 6-point retracement harmonacci pattern which usually precedes big market movements.

    • Customizable pattern sizes
    • Customizable colors and sizes
    • Customizable breakout periods
    • Customizable pattern ratios
    • It implements visual/sound/push/mail alerts

    Penta-O patterns can expand and repaint quite a bit. To make things easier this indicator implements a twist: it waits for a donchian breakout in the right direction before signaling the trade. The end result is an otherwise repainting indicator with a very reliable trading signal. The donchian breakout period is entered as an input.

    • Bullish patterns are blue
    • Bearish patterns are red

    Kindly note that price patterns such as this can expand and the indicator must repaint to follow the expansion of the pattern. If the pattern repaints beyond the ratios entered in the parameters, the pattern will dissapear as it won't be valid any more. To trade these patterns, please resort to the donchian breakout signal.

    Penta-O patterns do not happen very often: to find more, load the indicator many times in the chart with different amplitudes.

    Important: This indicator has been renamed to comply with a trademark complaint from Mr. Scott M. Carney, who owns the following trademarks in the USA: Five-O Pattern.

    Technical Information

    • he indicator is evaluated every bar, not every tick.
    • The last point of the pattern repaints as the pattern expands.
    • You can have several indicators on the chart with different amplitudes.
    • An alert is displayed when the pattern forms and also when the breakout takes place.
    • A small percentage of trading signals can repaint. You can increase the breakout period.
  • 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
    Size of the patterns to be found
    Breakout Period
    Donchian breakout period to time signals
    Max History Bars
    Amount of bars to look back when the indicator loads
    Min XB
    Minimum XB ratio for a valid pattern
    Max XB
    Maximum XB ratio for a valid pattern
    Min AC
    Minimum AC ratio for a valid pattern
    Max AC
    Maximum AC ratio for a valid pattern
    Min BD
    Minimum BD ratio for a valid pattern
    Max BD
    Maximum BD ratio for a valid pattern
    Labels
    Select colors and sizes of the O,A,B and 1,2,3 labels
    Ratios
    Select colors and font-size for ratios
    Alert on breakouts
    Enable to receive alerts when a pattern is found
    Alert on patterns
    Enable to receive alerts when a breakout happens and arrows show up
    Alert settings
    Enable or disable visual, push, email and sound alerts
  • ? FAQ
    Does the indicator repaint?
    Yes, the D point has to repaint as the pattern expands.
    Does the indicator implement alerts?
    Yes, it does.
  • Comments

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Screenshots

Penta-O Indicator for Metatrader
Penta-O Indicator for Metatrader
Penta-O Indicator for Metatrader
Penta-O Indicator for Metatrader
Penta-O Indicator for Metatrader