Penta-O
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For MetaTrader4 For MetaTrader5
FREE PENTA-O INDICATOR FOR METATRADER

Structure-based reversals with confirmed breakout timing

This indicator detects the rare but powerful Penta-O harmonic pattern, a six-point retracement structure that often precedes major market reversals. To improve reliability, it waits for a Donchian channel breakout in the expected direction before triggering a signal—filtering out weak setups and reducing false entries. Designed for traders who value structural analysis with breakout confirmation, it offers a refined way to trade harmonic patterns without relying on guesswork.

  • Detects the 6-point harmonic Penta-O pattern (a.k.a Five-O pattern)
  • Donchian channel breakout filter confirms signals
  • Reduces false positives by waiting for directional breakout
  • Highly customizable pattern ratios and visual elements
  • Visual, sound, push, and email alerts for both pattern formation and breakout
  • Works with multiple amplitudes to reveal rare setups
  FAQ

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Description

This indicator is based on the advanced Five-O harmonic pattern, a six-point price retracement structure that frequently precedes powerful price reversals. Because harmonic patterns often expand or evolve as price action develops, most indicators of this kind suffer from repainting. This tool addresses that issue by integrating a Donchian breakout confirmation filter—meaning it won’t signal a trade until the price breaks out in the expected direction.

The result is a sophisticated pattern detector that still repaints the forming structure (as expected in harmonic pattern detection) but only delivers a confirmed trading signal once breakout conditions are met. This balances the accuracy of harmonic setups with the reliability of momentum confirmation.

Important Notes

  • If the pattern expands beyond the maximum allowed ratios, it disappears, as it’s no longer valid.
  • Because Five-O patterns are rare, it's recommended to load multiple instances of the indicator with different amplitudes to catch more signals.
  • The pattern was renamed from "Five-O" to "Penta-O" due to a U.S. trademark owned by Mr. Scott M. Carney.

Input Parameters

  • Amplitude: Defines the scale of the patterns detected. Larger amplitudes find broader market moves.
  • Breakout Period: Sets the Donchian channel window. A longer period reduces false breakouts.
  • Max History Bars: How far back the indicator looks when loading.
  • Pattern Ratios: Min and max values for XB, AC, and BD legs to validate harmonic geometry.
  • Labels: Customize colors and sizes for the O-A-B-1-2-3 labels in the structure.
  • Ratios: Adjust font size and color for displayed ratio values.
  • Alert on Patterns: Enables alerts when a valid pattern structure forms.
  • Alert on Breakouts: Enables alerts only when a confirmed breakout occurs after a pattern forms.
  • Alert Settings: Configure visual, sound, push, and email notifications.

Technical Considerations

  • Evaluated on bar clo** (not tick-by-tick), making it efficient and backtest-friendly.
  • Signals a breakout **ter the pattern completes and Donchian level is breached, increasing confidence.
  • A small percentage of breakout signals may still repaint; increasing the breakout period improves stability.
  • Suitable for all timeframes and assets, especially for traders who follow harmonic setups.

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Frequently Asked Questions

The Penta-O is a six-point harmonic retracement pattern derived from the Five-O structure by Scott Carney. It’s designed to identify price exhaustion zones and forecast strong directional reversals. This pattern includes a retracement, projection, and final leg reversal zone that traders use to enter with tight risk.

Because harmonic patterns are dynamic and expand as price action unfolds, the final point of the pattern can shift until it completes. This means the structure "repaints" by nature. However, the indicator only triggers a trade signal after a breakout confirmation, which minimizes false entries.

After a valid pattern structure is formed, the indicator waits for price to break above (bullish) or below (bearish) a Donchian channel calculated over a user-defined period. This breakout serves as confirmation of the reversal and triggers the actual signal.

Blue patterns represent bullish reversal setups, while red patterns represent bearish reversal setups. Arrows or alerts appear only when the Donchian breakout confirms the trade direction.

Since these patterns are rare, you should load the indicator multiple times with different amplitude settings. This allows it to scan for structures of various sizes and increases the chance of detecting a valid formation.

If the pattern continues expanding and violates the ratio limits you set (Min/Max for XB, AC, BD), it will be invalidated and removed. This is by design to avoid trading low-quality or distorted structures.

Yes. The indicator allows you to set minimum and maximum acceptable ratios for XB, AC, and BD legs, so you can fine-tune how strict or loose your pattern detection is.

The breakout period defines the length of the Donchian channel used to confirm the breakout. A longer breakout period filters out more false signals but may delay entries slightly.

Yes. You can enable separate alerts for when a valid pattern forms and when a Donchian breakout confirms a trade. These alerts can be shown visually, sounded, or sent via email and push notification.

You can visually test it, but because it repaints the final point of the pattern, signals cannot be fully trusted in historical backtesting unless they are breakout-confirmed. Always focus on breakout-based entries for reliability.

Yes. It works across all instruments including Forex, indices, stocks, and commodities. It can be applied to any timeframe, although higher timeframes may provide more reliable signals with less noise.