Description
The PZ Triple Top/Bottom Indicator is a reliable and easy-to-use technical tool for MetaTrader that identifies triple top and triple bottom chart formations in real time. These formations occur when the price of an asset tests a support or resistance level three times, failing to break through. They are often considered strong reversal patterns that can signal a major change in market direction.
This indicator helps traders detect such patterns early and confirms them with a Donchian breakout signal in the correct direction, significantly improving reliability and reducing false positives. The indicator also provides entry signals, stop-loss and take-profit levels, and performance statistics to support effective decision-making.
The PZ Triple Top/Bottom Indicator can detect both bullish and bearish versions of the pattern and is particularly helpful in spotting exhausted trends. Since triple top and bottom patterns may slightly expand over time, the indicator tracks the evolution of each pattern and dynamically updates it, without causing false signals.
Key Features
- Detects both triple top and triple bottom reversal patterns
- Confirms breakouts before signaling trades
- Displays SL/TP levels based on the pattern size
- Non-repainting breakout signals for reliable decision-making
- Customizable colors, line sizes, and font options
- Includes a performance dashboard to assess pattern reliability
- Works on all timeframes and instruments
- Alerts via screen, email, push notifications, and sound
Technical Notes
- Indicator is evaluated once per bar (not tick-based)
- Patterns may repaint during formation but are confirmed on breakout
- Breakout signals are shown with arrows for clear trade direction
- SL/TP levels are derived from the height of the formation
- Use multiple instances with different amplitudes to scan for both small and large patterns
Input Parameters
- Amplitude – The minimum number of bars between swing highs or lows. Larger amplitudes detect bigger patterns; smaller amplitudes detect more frequent but smaller ones.
- Min. Retracement – The minimum Fibonacci retracement required for a valid pattern. Set to 0 to disable this filter.
- Max. Retracement – The maximum Fibonacci retracement allowed for a valid pattern. Set to 0 to disable this filter.
- Top/Bottom Retracement – Defines how flat the triple top or bottom should be. Higher values require tighter price symmetry across the three peaks or valleys.
- Max History Bars – Number of historical bars to scan when the indicator loads. Reduce this to improve performance on slow terminals.
- Display Stats – Show or hide the dashboard displaying pattern performance statistics (accuracy, count, etc).
- Display SL/TP Levels – Toggle to show or hide suggested stop-loss and take-profit levels on each confirmed pattern.
- Drawing Options – Customize the appearance of pattern lines, label colors, line thickness, and font sizes for easy readability.
- Breakouts – Set the visual style of breakout confirmation arrows: color, size, and line width.
- Alerts – Enable or disable alerts. Supports visual, push, email, and sound notifications.
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.
