Chart Patterns All in One
- Indicateurs
- Davit Beridze
- Version: 2.1
- Mise à jour: 9 août 2024
- Activations: 5
Backtest and Read Overview before purchase.
Chart patterns have been a topic of debate among traders; some believe they are reliable signalers, while others do not. Our Chart Patterns All-in-One indicator displays various chart patterns to help you test these theories for yourself. The profitability of these patterns is not a reflection of the indicator's effectiveness but rather an evaluation of the patterns themselves. The Chart Patterns All-in-One indicator is an excellent tool for visualizing these patterns, allowing you to draw your own conclusions about their validity in your trading strategy.
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This indicator combines multiple chart patterns into a single, unified tool for MetaTrader 4 (MT4). It provides the functionality to toggle each pattern on or off directly from the chart, allowing for customizable and efficient analysis. Here is a detailed description of the indicator and the patterns it includes:
Patterns Included:
-
Pattern 1-2-3
- Description: This pattern is used to identify potential reversals in the market. It looks for a sequence of three points (highs or lows) that signal a change in the trend.
- Signals:
- Buy signal: Formed when there are two consecutive lows with the second low higher than the first, followed by a high lower than the previous high.
- Sell signal: Formed when there are two consecutive highs with the second high lower than the first, followed by a low higher than the previous low.
- Visualization: Draws lines connecting the points of the pattern on the chart and places arrows at the completion points.
-
Double Top and Bottom
- Description: This pattern helps identify potential reversal points where the price forms two consecutive highs (Double Top) or lows (Double Bottom) that are approximately equal, indicating a possible reversal.
- Signals:
- Double Top: Bearish reversal signal.
- Double Bottom: Bullish reversal signal.
- Visualization: Draws lines connecting the tops or bottoms and places arrows at the reversal points.
-
Triple Top and Bottom
- Description: Similar to the Double Top and Bottom, but with three consecutive highs or lows. This pattern is considered stronger than the Double Top and Bottom.
- Signals:
- Triple Top: Bearish reversal signal.
- Triple Bottom: Bullish reversal signal.
- Visualization: Draws lines connecting the tops or bottoms and places arrows at the reversal points.
-
Triangles
- Description: Triangles are continuation patterns that signal a period of consolidation before the price continues in the direction of the prevailing trend. This indicator identifies ascending, descending, and symmetrical triangles. As it is based on the Zig-Zag indicator, sometimes the triangles can appear on the chart a few bars back. This happens because the Zig-Zag indicator draws its lines a little later than the peak occurred. Update: From further examination triangles sometimes can disappear as well but from back testing it shows that even with this characteristics of redraw it still gives reliable signals.
- Signals:
- Ascending Triangle: Bullish continuation signal.
- Descending Triangle: Bearish continuation signal.
- Symmetrical Triangle: Continuation signal that can break in either direction.
- Visualization: Draws the triangle shapes on the chart and places arrows at the breakout points.
-
Splash and Shelf
- Description: This pattern identifies sudden spikes in price (splash) followed by periods of consolidation (shelf). It's useful for spotting potential breakouts or reversals.
- Signals:
- Splash: Indicates a sharp movement in price.
- Shelf: Indicates a consolidation phase after a splash.
- Visualization: Draws trend lines for the splash and horizontal lines for the shelf.
-
Flag and Pennant
- Description: Flags and pennants are short-term continuation patterns that signal a brief pause in the prevailing trend before it continues.
- Signals:
- Bullish Flag: Bullish continuation signal.
- Bearish Flag: Bearish continuation signal.
- Pennant: Continuation signal that forms a small symmetrical triangle.
- Visualization: Draws flag and pennant shapes on the chart and places arrows at the breakout points.
Features:
- Toggle Patterns On/Off: The indicator provides buttons on the chart to toggle each pattern on or off. This allows for flexible and efficient analysis.
- Customizable Colors and Settings: Users can customize the colors, widths, and other settings for each pattern.
- Alerts and Notifications: The indicator can be configured to provide alerts, push notifications, and emails when patterns are identified.
Inputs:
- General Settings: Includes colors, widths, and other display settings for the patterns.
- Pattern Specific Settings:
- Double_Triple_and_1_2_3 : Settings for Double Top/Bottom and Pattern 1-2-3.
- Pattern_TRIANGLES : Settings for Triangle patterns.
- Splash_and_shelf : Settings for Splash and Shelf patterns.
- Flag_and_Pennant : Settings for Flag and Pennant patterns.
- Alert Settings: Configure alerts, notifications, and emails.
Visualization:
- Arrows and Lines: Each pattern is visualized with arrows and lines on the chart, making it easy to identify patterns at a glance.
- Interactive Buttons: Buttons are provided on the chart to toggle the visibility of each pattern.
This all-in-one indicator is a powerful tool for traders who use multiple chart patterns in their technical analysis. By combining these patterns into a single indicator, it simplifies the analysis process and helps traders make informed trading decisions.
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