Triangular Breakout
- Indicators
- Stephen Reynolds
- Version: 1.1
- Updated: 12 November 2018
The Triangular Breakout looks for when there is a volume spike followed by a 3 bar break. It then draws arrow when price breaks out of the recent high or low of the 3 bar pattern.
We also look for triangles that form when price fractals converge. It also will draw arrows when price breaks out of the recent high or low of this triangle pattern.
There are alerts set for when either we get a 3 bar break or triangle or when we get an arrow.
According to DOW theory triangles are really moments of equilibrium in the supply and demand of markets. Also volume spikes are moments signalling a change in how markets are fealing.
And so to combined these 2 observations we anticipate a move will happen and so an alert is sent to the trader.
Features :
- An effective way of recognising when a move is about to happen
- Choose your favourite signal color
- Send alerts to either your PC, eMail or mobile device
- Works on any timeframe
- No repainting or other such exagirated claims
Settings :
Graphical Object Settings
- 3 Bar Break Color - Line color of the 3 bar break pattern
- Triangle Color - Line color of the triangle pattern
- Buy Arrow Color - Buy arrow color
- Sell Arrow Color - Sell arrow color
- Arrow Size - Size of arrow
- Line Size - Size of lines for the triangle or 3 bar break
- Points Distance From Upper Line - Upper distance in points from the high or low of the pattern found
- Points Distance From Lower Line - Lower distance in points from the high or low of the pattern found
- Bars Till No Arrows Painted - When the number of bars as set here is maxed we no longer look for our price break
Volume Setting
- Volume Spike - Sets how high we want the volume spike to be recognised
Start Hour End Hour
- Start Hour - We allow signal after this start hour
- End Hour - We allow signal before this ending hour
Alert Settings
- Soundfile - Sets the wave file used contained within folder program files > mt4 > sounds
- PlaySound - true means we here our PC alarm, false means we don't here our PC alarm.
- MessageBox - true means we see a message box, false means we don't see a message box
- SendeMail - true means we get an alert sent to our email, false means we don't get an alert sent to our email
- SendMobile - true means we get an alert sent to our mobile device, false means we don't get an alarm sent to out mobile device
