en Three Drives 7.2
Metatrader Indicator (MT4/MT5)
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ℹ Overview
This indicator finds Three Drives patterns. The Three Drives pattern is a 6-point reversal pattern characterised by a series of higher highs or lower lows that complete at a 127% or 161.8% Fibonacci extension. It signals that the market is exhausted and a reversal can happen.
- Customizable pattern sizes
- Customizable colors and sizes
- Customizable breakout periods
- Customizable 1-2-3 and 0-A-B ratios
- It implements visual/sound/push/mail alerts
Three Drives patterns can expand/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.
- 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.
The Three Drives pattern does not happen very often: to find more, load the indicator many times in the chart with different amplitudes.
Technical Information
- The 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.
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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
- 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 1-2 and 3-2 Ratio
- Customizable pattern ratio
- Max 1-2 and 3-2 Ratio
- Customizable pattern ratio
- Min OA and AB Ratio
- Customizable pattern ratio
- Max OA and AB Ratio
- Customizable pattern ratio
- Display Options
- Display or hide labels and ratios
- Patterns
- Select colors and sizes for the lines forming the 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
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FAQ
- Does the indicator repaint?
- Yes, point three has to repaint as the pattern expands.
- How can I confirm trades?
- The Three Drives pattern can be confirmed with support and resistance lines, RSI, price action, supply and demand, bollinger bands... your imagination is the limit.
- Does the indicator implement alerts?
- Yes, it does.
Screenshots
