en ABCD Retracement 8.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
The PZ ABCD Patterns indicator is a technical tool designed to help traders identify and trade AB=CD retracement patterns. AB=CD patterns are a 4-point price structure where the initial price segment is partially retraced and followed by an equidistant move from the completion of the pullback. They are considered to be the basic foundation for all harmonic patterns.
This indicator makes it easy to find harmonacci retracements and learn the basics of harmonacci patterns. It can be useful in identifying cheap and expensive zones in the market, and it allows for customizable AC and BD ratios (for purists). Additionally, it displays SL and TP levels based on CD fibo levels and implements visual/sound/push/mail alerts.
One unique feature of this indicator is that it waits for a donchian breakout in the right direction before signaling a trade. This helps to reduce the number of false signals that can occur when AB=CD patterns expand and repaint. The donchian breakout period is entered as an input by the user. Bullish retracements are displayed in blue, and bearish retracements are displayed in red.
Please note that AB=CD patterns can expand and the indicator must repaint to follow the expansion of the pattern. If the pattern repaints beyond the AC/BD/AB=CD ratios entered in the parameters, the pattern will disappear as it won't be valid any more. To trade these patterns, traders should rely on the donchian breakout signal provided by the indicator.
Key Features
- Easy to trade
- Find harmonacci retracements easily
- Learn the basics of harmonacci patterns
- Useful to find cheap and expensive zones
- Customizable AC and BD ratios (for purists)
- t displays SL and TP levels based on CD fibo levels
- It implements visual/sound/push/mail alerts
Technical Details
- 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 AB=CD 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 AC
- Minimum AC ratio of the pattern
- Max AC
- Maximum AC ratio of the pattern
- Min BD
- Minimum BD ratio of the pattern
- Max BD
- Maximum BD ratio of the pattern
- AB = CD
- Enable or disable the AB = CD condition
- Display Options
- Display or hide labels, ratios and SL/TP levels
- Patterns
- Select colors and sizes for the lines forming the pattern
- Labels
- Select colors and sizes of the A,B,C,D labels
- Ratios and SL
- Select colors and font-size for ratios and SL/TP labels
- 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, the D point has to repaint as the pattern expands.
- Does the indicator implement alerts?
- Yes, it does.
Screenshots
