Detection of a pattern "three Indians" on the basis of the ZigZag.
About system :
I will not give here the system description. It easily can be found in a network.
"Three Indians" is a translation from Russian, probably, there is other name in English, write me it in comments please...))
I will only remind that the system is rather critical to the general situation in the market. The pattern itself in a separation from a market situation is not a signal for trading.
There are two basic methods:
Trade on a trend - less risky method when a pattern crowns with itself the termination of correction of already developed trend, and gives a signal to its continuation:
Trade on a turn, more risky method when a global change of the tendency is supposed, in this case waves of the patern should be more significant on the size in relation to a trend or its last wave:
extern int ExtDepth=10;//zigzag options
extern int ExtDeviation=5;
extern int ExtBackstep=3;
extern double K_MinWave=0.6;//the minimum size of a wave from 1st Indian in relation to a wave of 2nd, to filter small waves
extern int Depth=3;///depth of search of 1 Indian, accounting the filter, but is no more 10!
And further history, colours and a thickness of lines...
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/9623
This EA simply opens two opposing positions at the beginning of the first new bar it comes across. Both positions can win lose or draw. Works best in 5M timeframe and can be optimised using "Open prices only".A measure of fractal self-similarity
This indicator measure the dispersion of the fractal dimension of various timeframes around the fractal dimension of a reference timeframe (which is the longer timeframe considered).