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Head and Shoulders 4.0

Metatrader Indicator (MT4/MT5)

  • Overview

    The PZ Head and Shoulders Indicator is a technical analysis tool that helps traders identify potential head and shoulders patterns in the market. These patterns are characterized by a chart formation that resembles a baseline with three peaks, where the outside two peaks are close in height and the middle peak is the highest. Head and shoulders patterns are considered to be reversal patterns, predicting a bullish-to-bearish trend reversal and are believed to be one of the most reliable trend reversal patterns.

    The PZ Head and Shoulders Indicator provides clear trading signals to help traders identify these patterns and make informed decisions about their trades. In addition to identifying head and shoulders patterns, the indicator also provides performance statistics, customizable recognition ratios, and displays suitable stop-loss and take-profit levels to help traders manage their trades.

    Some other features of the PZ Head and Shoulders Indicator include customizable colors and sizes, email/sound/visual alerts and clear breakouts. This indicator is non-repainting and non-backpainting, making it reliable and easy to use. It can be used to find continuation or reversal patterns and can be a valuable tool for traders looking to capitalize on potential head and shoulders patterns in the market.

  • 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.
  • ? 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.
  • </> 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);
    }

Screenshots

Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader
Head and Shoulders Indicator for Metatrader