Triangle Pattern Indicator for MT5

Triangle Pattern Indicator for MetaTrader 5

The Triangle Pattern Indicator on MetaTrader 5 is a technical analysis tool that automatically detects highs, lows, and trendlines. It draws triangle formations in areas of price compression using a blue fill. Additionally, the indicator places two converging dashed red lines on the chart, representing the triangle’s upper and lower boundaries, to signal a potential breakout zone.

 Triangle Pattern Indicator Specifications Table

The table below highlights the main features of the Triangle Pattern Indicator:

Indicator Overview

With the Triangle Pattern Indicator, the price should make at least five touches on the support and resistance lines for the pattern to form—for instance, three on support and two on resistance, or vice versa. Once the triangle is established, the price typically resumes movement in the direction of the prior trend.

Uptrend Conditions

In the 1-hour chart of spot gold (XAU/USD), a bullish triangle pattern appears when the market breaks through resistance and continues forming higher highs and higher lows along the ongoing uptrend. This setup often indicates a bullish continuation with diminishing selling pressure.

Downtrend Conditions

The chart below shows the NZD/CHF currency pair on a 30-minute timeframe. A bearish triangle emerges when the support level is breached and lower lows are recorded, pointing to growing bearish momentum and increased selling pressure in the market.

Triangle Pattern Indicator Settings

The image below shows the adjustable parameters of the Triangle Pattern Indicator:

·        Show Zig Zag Line: Enables display of the Zig Zag line

·        Pivot Period Of Zig Zag Line: Sets the pivot period for the Zig Zag line

·        Zig Zag Line Style: Selects the visual style of the Zig Zag line

·        Zig Zag Line Color: Sets the color of the Zig Zag line

·        Zig Zag Line Width: Adjusts the width of the Zig Zag line

·        Show Triangle Pattern: Enables triangle pattern visualization

·        Triangle Pattern Color: Defines the color of the triangle pattern

Conclusion

The Triangle Pattern Indicator automatically detects triangle formations by analyzing highs, lows, trendline slope, and volume behavior. Once a triangle is confirmed, it highlights the breakout zone using converging dashed red trendlines to support technical decision-making.