en Head and Shoulders 4.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
A head and shoulders pattern is a chart formation that resembles a baseline with three peaks, the outside two are close in height and the middle is highest. It predicts a bullish-to-bearish trend reversal and is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that a trend is nearing its end.
- Clear trading signals
- Customizable colors and sizes
- Implements performance statistics
- Customizable Fibonacci retracement levels
- 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
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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.
- Cup Flatness Ratio
- This parameter describes how "flat" must the neckline be relative to the pattern size. A higher value will find stricter patterns, yet less frequent. A lower value will find more patterns.
- 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 patterns be displayed 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 inds.
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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.
//---- Read value from data buffer int start() { // Read value from data buffer double value = iCustom(Symbol(), Period(), "PZ_HeadShoulders_LICENSENUM", 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) { /* Nothing to do */} // Exit return(0); } - ✎
Comments
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Screenshots
