Triple Top / Bottom 4.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
Leverage triple top and bottom patterns for better market timing
The PZ Triple Top/Bottom Indicator is a technical analysis tool that helps traders identify potential price reversal patterns in the market. These patterns, known as triple tops and bottoms, are characterized by three consecutive peaks or valleys in the price of an asset at nearly the same price level. Triple tops and bottoms are often seen as potential reversal patterns because they can signal a change in the direction of the current trend.
The PZ Triple Top/Bottom Indicator provides clear trading signals to help traders identify these patterns and make informed decisions about their trades. In addition to identifying triple tops and bottoms, 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 Triple Top/Bottom Indicator include customizable colors and sizes, email/sound/visual alerts, and clear and actionable trading signals. This indicator can be used to find continuation or reversal patterns and can be a valuable tool for traders looking to capitalize on potential price reversal patterns in the market.
Please note that these patterns can sometimes expand, and the indicator may repaint to follow the pattern. However, the indicator implements a twist to make it easier to trade by waiting for a Donchian breakout in the right direction before signaling the trade, making its signals very reliable and mostly non-repainting.
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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.
- Top/Bottom Retracement
- This parameter describes how "flat" must the top or bottom be.
- 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 signal and pattern double pattern = iCustom(Symbol(), Period(), "PZ_TripleTopBottom_LICENSENUM", 0, 1); double signal = iCustom(Symbol(), Period(), "PZ_TripleTopBottom_LICENSENUM", 1, 1); // Do something if(pattern == OP_BUY) { /* Your code for triple bottom (no breakout yet) */ } if(pattern == OP_SELL) { /* Your code for triple top (no breakout yet) */ } if(signal == OP_BUY) { /* Your code for bullish breakout */ } if(signal == OP_SELL) { /* Your code for bearish breakout */ } if(signal == EMPTY_VALUE) { /* Your code if no pattern or breakout */} // Exit return(0); }