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Symmetrical Triangle Patterns

4.67

A symmetrical triangle chart pattern represents a period of contraction & consolidation before the price is forced to breakout to the upside or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend.

Get the dashboard to monitor all instruments and time frames you trade for symmetrical triangle patterns at once!
https://www.mql5.com/en/market/product/69169/

MT5 Version Available Here: https://www.mql5.com/en/market/product/70006/

This indicator identifies these patterns and alerts you when the 4 key points have formed and price has pulled back into the triangle again so you can get ready for the potential breakout. Symmetrical triangles are not always perfectly symmetrical and price can break up or down but typically the most sucessful breakouts are in the direction of the high or low that formed the first point of the triangle. The indicator therefore gives us a bullish or bearish bias for the breakout and is colour coded and alerts for that specific direction. It is not necessary to take the trade in just one direction however as a breakout in either direction is possible but when the break happens in line with the first points trend you tend to get a larger and faster price movement and better risk reward.

INPUTS AND CONFIGURATION OPTIONS:

  • Start Candle For Search - How many candles back the indicator will start to look for completed patterns
  • Fib Max Retracement - The maximum retracement price can make to form points 3,4 and 5
  • Fib Min Retracement -  The minimum retracement price can make to form points 3,4 and 5
  • Show Last Signal Only - Displays only the last/current pattern
  • Draw Fib Levels - Draws or hides the fib retracement levels used to calculate the triangle
  • Draw Fib Extension Target - Allows you to enter a target fic extension level for points 2 and 4 which are often where price will reach for.
  • Show Number Labels - Display or hide the number labels for the points of the triangle
  • Label Distance - Adjusts the distance of the number labels from the candle highs and lows
  • Triangle Line Width - Line width of the triangles drawn
  • Bullish & Bearish Colour - Chose the colours for each triangle type
  • Alerts - Choose from pop up, email or push alerts
  • Zig-Zag Settings - Adjust the Zig-Zag indicator setings to fine tune to your liking. Points 1 and 2 are formed based on the standard Zig-Zag which forms the start of the pattern.

STRATEGY & HOW TO TRADE SYMMETRICAL TRIANGLES:

There are many ways to use symmetrical triangle patterns but the most common strategies are laid out below.

1. Use a moving average (often the 200EMA) and only take breaks of the triangles in line with the time frames trend direction. Choose to take only triangles of the right colour (bullish or bearish) or trade all that break in the trend direction.

2. Use higher timeframe trend direction and only enter in that direction. Symmetrical triangles will often form after price has strongly pushed in one direction. They form as price "pauses" after the initial move and will typically break in the same direction as the starting move. This is why we have a bullish or bearish bias on the triangles drawn on the chart. The risk:reward and strength of breaks in line with the original trend are often much better.

3. Trade every triangle in both directions with pending orders at points 3 and 4. It is not uncommon for price to break and then re-test the triangle area again before reversing the opposite direction (further contraction or consolidation before the move) with some force. You can take advantage of this with pending orders set at points 3 and 4 of the triangle meaning you capture the move as it unfolds in either direction.


Reviews 3
Suleiman Alhawamdah
1017
Suleiman Alhawamdah 2024.03.26 00:16 
 

Last time, I evaluated the indicator incorrectly, inadequately, and hastily. The indicator is really wonderful, thank you

I hope, “in addition to the current alerts,” that there will be other alert options related to the numbers 3 and 4 or 100 and 0 at a stage after the triangle is breached “exclusively.” These alert options will be optional from the control menu.

Micah
201
Micah 2023.10.31 17:26 
 

Clear explanation on the usage and great support from the author. Look forward to netting some profits with this indication.

Igor Cobzac
127
Igor Cobzac 2022.06.16 23:17 
 

I started to use, will se...unic was good installed on my mt4 chart after 3-th time. Looks good

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Automatically draw support and resistance levels PLUS propulsion candle gaps on your chart, so you can see where price is likely to head next and/or potentially reverse. This indicator is designed to be used as part of the position trading methodology taught on my website (The Market Structure Trader) and displays key information for targeting and potential entries. MT version available here:  https://www.mql5.com/en/market/product/97973 There are 2 CORE features in the indicator and 4 additiona
The ADR Alert Dashboard shows you at a glance where price is currently trading in relation to it's normal average daily range. You will get instant alerts via pop-up, email or push when price exceeds it's average range and levels above it of your choosing so you can jump into pullbacks and reversals quickly. The dash is designed to be placed on a blank chart and just sit in the background and alert you when levels are hit so you do not need to sit and watch it or even look at all! MT4 VERSION AV
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This dashboard is an alert tool for use with the market structure reversal indicator. It's primary purpose is to alert you to reversal opportunities on specific time frames and also to the re-tests of the alerts (confirmation) as the indicator does. The dashboard is designed to sit on a chart on it's own and work in the background to send you alerts on your chosen pairs and timeframes. It was developed after many people requested a dash to monitor multiple pairs and time frames at once rather th
AT LAST! A stochastic indicator for MT4 that shows multiple time frames on one chart ! See the actual position of the main and signal lines in 4 separate time frames instantly to help you make educated trading decisions.A true MTF stochastic indicator for traders that need to see visually what the indicator is telling them on multiple time frames, no arrows that just point up or down or numbers displayed. No more flicking between time frames to see where other stochastics are positioned! Stay on
Take control of your forex portfolio. See instantly where you stand, whats working and whats causing you pain! MT4 VERSION AVAILABLE HERE:  https://www.mql5.com/en/market/product/58375 The Trade Manager Dashboard is designed to show you at a glance where each position you have in the forex market currently is, and make risk management and exposure to currencies easier to understand.   For traders that scale into the market gradually with multiple positions or those trading grid and basket stra
Take advantage of the opening volatility of the major stock indexes and profit from the sudden moves created at those times when the market breaks away at the opening bell. The strategies' goal is to simply benefit from those days when the market moves fast and hard in one direction at the open and bank that move. If the market opens weak and directionless, the EA locks in a hedge loss and waits for the market to decide on a direction before exiting the positions. The stock index hedge EA analys
Automatically draw support and resistance levels   PLUS   propulsion candle gaps on your chart, so you can see where price is likely to head next and/or potentially reverse. This indicator is designed to be used as part of the position trading methodology taught on my website (The Market Structure Trader) and displays key information for targeting and potential entries. MT4 Version:  https://www.mql5.com/en/market/product/97246/ There are 2 CORE features in the indicator and 4 additional ones:
This dashboard is an alert tool for use with the market structure reversal indicator. It's primary purpose is to alert you to reversal opportunities on specific time frames and also to the re-tests of the alerts (confirmation) as the indicator does. The dashboard is designed to sit on a chart on it's own and work in the background to send you alerts on your chosen pairs and timeframes. It was developed after many people requested a dash to monitor multiple pairs and time frames at once rather th
The symmetrical triangle pattern dashboard allows you to monitor multiple markets and timeframes at once for symmetrical triangle patterns as draw by the symmetrical triangle pattern indicator available here: https://www.mql5.com/en/market/product/68709/ Visit the above indicator to learn more about how symmetrical triangle patterns are formed and simple to follow strategies to trade them. The dashboard is a stand-alone product and DOES NOT require the indicator to work. It only monitors for t
A symmetrical triangle chart pattern represents a period of contraction & consolidation before the price is forced to breakout to the upside or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend. MT4 Version Available Here:  https://www.mql5.com/en/market/product/68709/ This indicator identifies these patterns and alerts you when the 4 key points have formed and price has pul
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Suleiman Alhawamdah
1017
Suleiman Alhawamdah 2024.03.26 00:16 
 

Last time, I evaluated the indicator incorrectly, inadequately, and hastily. The indicator is really wonderful, thank you

I hope, “in addition to the current alerts,” that there will be other alert options related to the numbers 3 and 4 or 100 and 0 at a stage after the triangle is breached “exclusively.” These alert options will be optional from the control menu.

Micah
201
Micah 2023.10.31 17:26 
 

Clear explanation on the usage and great support from the author. Look forward to netting some profits with this indication.

Igor Cobzac
127
Igor Cobzac 2022.06.16 23:17 
 

I started to use, will se...unic was good installed on my mt4 chart after 3-th time. Looks good

Reply to review
Version 2.1 2022.05.06
Enhancement: Changed logic so that alerts do not show if you set the triangle patterns to false for bull and bear patterns. Previously if you selected bull or bear to not show the alerts would still happen.
Version 2.0 2022.03.22
Enhancement: Added ability to only show long or short patterns.
Version 1.10 2021.06.25
Small tweak to default inputs