Three Drives
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FREE THREE DRIVES INDICATOR FOR METATRADER

Spot market exhaustion with confirmed three drives reversal patterns

This indicator is designed to detect the Three Drives harmonic pattern—an advanced reversal structure that signals potential market exhaustion after a sequence of extended price moves. Recognizing that harmonic patterns can expand and sometimes mislead, the indicator incorporates a Donchian breakout filter, triggering a signal only after a confirmed price breakout in the expected direction. This approach ensures greater reliability and precision, making it ideal for traders seeking high-probability reversals without chasing incomplete setups.

  • Detects bullish and bearish Three Drives reversal patterns
  • Adds breakout confirmation via Donchian channel filter
  • Fully customizable pattern structure, ratios, and visuals
  • Sends visual, sound, email, and push alerts for patterns and breakouts
  • Automatically filters out invalid patterns that exceed your ratio constraints
  • Non-backpainting breakout signals for reliable trade entries
  FAQ

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Description

The Three Drives pattern is a classic six-point harmonic formation that signals market exhaustion and potential reversals. It is built around a series of three consecutive higher highs (in bearish setups) or lower lows (in bullish setups), where each leg completes around the 127% or 161.8% Fibonacci extension of the previous move. These patterns often appear near the end of extended trends, offering ideal conditions for reversals.

This indicator not only detects valid Three Drives patterns but also adds a Donchian breakout confirmation filter, meaning that a trading signal is only issued when the price breaks out in the expected direction—helping you avoid premature entries based on incomplete patterns. The result is a more practical, repaint-aware indicator with reliable trade signals and lower noise.

Pattern Detection and Behavior

  • The indicator is evaluated on each bar (not tick-by-tick) to ensure consistent and performance-friendly operation.
  • Since harmonic patterns can expand as price evolves, the final point (Drive 3) may repaint. 
  • However, the Donchian breakout alert is mostly non repainting.
  • If a pattern exceeds your ratio constraints, it is considered invalid and removed.
  • Patterns are rare; to increase coverage, load multiple instances of the indicator on your chart using different amplitude values.

Input Parameters

  • Amplitude: Sets the scale of the patterns being scanned.
  • Breakout Period: Determines how many bars to use for Donchian breakout confirmation.
  • Max History Bars: Limits how far back the indicator looks when it loads.
  • 1-2 and 3-2 Ratio Ranges: Customize the structure of the main drives.
  • 0-A and A-B Ratio Ranges: Customize the retracement legs.
  • Display Options: Toggle labels, ratios, and pattern lines.
  • Colors and Styles: Adjust the appearance of pattern lines, labels, and ratio text.
  • Alerts on Patterns: Enable notifications when a valid Three Drives structure forms.
  • Alerts on Breakouts: Enable alerts when the price breaks out in the expected direction.
  • Alert Types: Configure visual, sound, push, and email alerts.

How to Use It

  • A blue pattern indicates a bullish setup (expecting upward reversal).
  • A red pattern indicates a bearish setup (expecting downward reversal).
  • Watch for Donchian breakouts after the pattern completes—these are your high-probability entry points.
  • Combine with trend exhaustion indicators, divergence, or support/resistance for added confirmation.

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Frequently Asked Questions

After a valid pattern is detected, the indicator waits for price to break out of a Donchian channel (based on a period you choose) in the expected direction. This helps avoid entering too early and increases signal quality.

Blue patterns signal a bullish reversal setup. Red patterns signal a bearish reversal setup. You’ll only receive alerts when the pattern is valid and a breakout is confirmed.

Yes. You can configure the minimum and maximum ratios for the main drives (1-2, 3-2) and the retracement legs (0-A, A-B), allowing you to filter out weak or distorted formations.

If a forming pattern exceeds the ratio thresholds you've defined, it becomes invalid and is automatically removed. This prevents low-quality or stretched setups from cluttering your chart.

Because Three Drives patterns are rare, load multiple instances of the indicator on your chart using different *amplitude* values to detect patterns of various scales.

Yes. You can use it across all timeframes and instruments supported by MetaTrader, including Forex, commodities, indices, and crypto. Higher timeframes may offer more reliable patterns.

Yes. You can choose to receive alerts on pattern formation, breakout confirmation, or both. Alerts can be sent as popup messages, emails, push notifications, or sounds.