Description
The PZ Pennants Indicator is a simple yet powerful technical tool for MetaTrader that helps traders detect pennant formations—classic continuation patterns that suggest price consolidation before a breakout in the direction of the prevailing trend. These patterns are formed when price action narrows between two converging trendlines, usually following a strong directional move.
The indicator not only identifies valid pennant formations but also confirms them with breakout signals using a configurable Donchian breakout period. This feature helps traders time their entries more precisely, improving trade accuracy and confidence.
The PZ Pennants Indicator is fully customizable in terms of pattern size, colors, and breakout signal appearance. It also supports multiple alert methods to notify traders of new patterns or breakouts via screen, sound, email, and push notifications. For comprehensive chart coverage, multiple instances of the indicator with different pattern sizes (amplitudes) can be loaded.
Key Features
- Identifies bullish and bearish pennant formations
- Highlights unbroken vs. confirmed breakout patterns
- Implements clear breakout signals using Donchian logic
- Works with all instruments and timeframes
- Fully customizable drawing and signal appearance
- Easy to use, no optimization required
- Sends screen, sound, email, and push alerts
- Non-repainting and confirmed on breakout
Optimal Usage
For best results, load the indicator multiple times with different size values (e.g., 6, 12, 18, 24) to visualize pennants of varying lengths that may otherwise overlap or go undetected.
Input Parameters
- Size – The size of the patterns to be found, expressed as the number of bars between alternating points. Larger values identify wider patterns.
- Breakout Period – The Donchian period used to confirm breakout direction once a pennant pattern has formed. This helps filter false signals.
- Max. History Bars – The number of past bars to scan when the indicator is first loaded. Fewer bars will make the indicator load faster.
- Color of bullish patterns – Color for bullish pennant formations, typically following an uptrend.
- Color of bearish patterns – Color for bearish pennant formations, typically following a downtrend.
- Color of unbroken patterns – Color for patterns that are still consolidating and have not confirmed yet.
- Line Width – Thickness of the lines used to draw pennant formations.
- Color of bullish breakouts – Color of the arrow that appears when a bullish breakout is confirmed.
- Color of bearish breakouts – Color of the arrow that appears when a bearish breakout is confirmed.
- Arrow Size – Size of the breakout arrow plotted on the chart.
- Custom Alert Name – Custom label for the alerts triggered by this indicator instance.
- Display Alerts – Enable or disable on-screen popup alerts.
- Email Alerts – Enable or disable alerts sent to your registered email.
- Push Alerts – Enable or disable mobile push notifications.
- Sound Alerts – Enable or disable sound alerts.
- Sound File – Name of the audio file to play when a sound alert is triggered.
Disclaimer
This indicator is a tool for technical analysis only and is designed to assist in chart interpretation. It does not constitute financial advice, investment recommendation, or any guarantee of results. Trading involves a high risk of loss and can result in the loss of your entire capital. Use this indicator at your own risk and only with money you can afford to lose. For complete details, please read our Terms and Conditions.
