en 123 Pattern 6.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
The 123 Pattern is one of the most popular, powerful and flexible chart patterns. The pattern is made up of three price points: a bottom, a peak or valley, and a fibonacci retracement between 38.2% and 61.8%. A pattern is considered valid when the price breaks beyond the last peak or valley, moment at which the indicator plots an arrow, rises an alert, and the trade can be placed.
- Clear trading signals
- Customizable colors and sizes
- Implements performance statistics
- Customizable fibonacci retracement levels
- It displays suitable stop-loss and take-profit levels
- The indicator can be used to find continuation or reversal patterns
- It is non-repainting and non-backpainting
- It implements email/sound/visual alerts
123 Patterns can present themselves as continuation or reversal patterns. To make things easier, the indicator allows you to choose which type of patterns to look for, making it a fantastic tool for trend or reversal traders.
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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.
- Min. Retracement
- The minimum fibonacci retracement needed in a pattern. Set to zero not to evaluate it.
- Max. Retracement
- The maximum fibonacci retracement possible in a pattern. Set to zero not to evaluate it.
- Pattern Type
- The indicator can look for reversal patterns, continuation patterns or both. Your choice.
- 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 suitable stop-loss and take-profit levels for each signal.
- 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 123 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 kinds.
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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.
//---- Define pattern types #define CONTINUATION 0 #define REVERSAL 1 #define BOTH 2 //---- Read values from the signal buffer int start() { // Read signal double value = iCustom(Symbol(), Period(), "PZ_123Pattern_LICENSE", "--", 8, 38.2, 71.8, BOTH, 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) { /* Your code if no signal */} // Exit return(0); } - ✎
Comments
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Screenshots
