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Symmetrical Triangle Patterns MT5

3

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 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 4
Ruhail Ashraf Khan
630
Ruhail Ashraf Khan 2021.08.28 11:27 
 

Hi Master Lee Samson, your indicator is super, if you add Ascending and Descending patterns. It will be a super star. 10/10

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This indicator evaluates all eight individual currencies by reading major, minor and crosses pairs using an indicator of your choice, and processing each currency into an index, which you can use to know the market situation of any particular currency in a simple, familiar and understandable way. Find strong and weak currencies at a glance Compare one currency against another easily It implements a multi-timeframe dashboard It is a top-quality confirmation for trades The indicator needs no opt
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LEE SAMSON
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Turn any trading strategy into a position trading strategy or trade the proven RSI & ADR based position trading strategies, including automated drawdown control system for positions that move against you. This EA is an evolution and a simplification of the MRA EA that has been used for position trading strategies taught on the Market Structure Trader website for many years. See my profile for a link to the website, free position trading course and other products. The EA will automatically scale
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Profit from market structure changes as price reverses and pulls back. The market structure reversal alert indicator identifies when a trend or price move is approaching exhaustion and ready to reverse. It alerts you to changes in market structure which typically occur when a reversal or major pullback are about to happen. The indicator identifies breakouts and price momentum initially, every time a new high or low is formed near a possible exhaustion point. The indicator draws in a rectangle on
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
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Take control of your forex portfolio. See instantly where you stand, whats working and whats causing you pain! MT5 VERSION AVAILABLE HERE:  https://www.mql5.com/en/market/product/58658 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 strate
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
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LEE SAMSON
3.92 (13)
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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
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:
Price Action Toolkit
LEE SAMSON
4.67 (6)
The price action toolkit EA is designed for scalpers but can be used on all timeframes to quickly enter the market with correctly calculated lot sizing based on your stop level, It allows you to quickly enter trades (instantly or at candle highs and lows with pending orders) and then adjust stops and take profits as the market moves. For a full list of all the features, settings and best practice strategy to use click here:  https://www.mql5.com/en/blogs/post/748072 MT5 version available here:
Profit from the explosive moves that occur at the open of stock indices and give yourself an actionable edge every day. The opening range breakout EA can be tweaked to your liking to capture the trends that form just after the open every day on the main stock indices like the DAX, DOW, NASDAQ and S&P500. These opens happen at the same time every day, so you know when volatility will occur, and often just after the open strong trends form which you can capture with this EA. The opening range is t
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
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
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
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
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Eric_Tsai_Yada
66
Eric_Tsai_Yada 2023.05.02 09:51 
 

User didn't leave any comment to the rating

Edgar Elsner
1957
Edgar Elsner 2022.05.08 22:57 
 

Actually this indicator is quite useless because it doesn't include the usual contained buffers in indicator so that one can bind it via iCustom()-Function to Experts or Scripts. Therefore one have to sit almost all the time in front of the computer to catch a new pattern. How funny the email notification is if one is at work or busy with somewhat else...

LEE SAMSON
62357
Reply from developer LEE SAMSON 2022.05.09 07:32
This is standard on all MQL5 indicators.
Ruhail Ashraf Khan
630
Ruhail Ashraf Khan 2021.08.28 11:27 
 

Hi Master Lee Samson, your indicator is super, if you add Ascending and Descending patterns. It will be a super star. 10/10

Alan de almeida gomes
88
Alan de almeida gomes 2021.08.04 16:32 
 

Prezado, fiz a aquisição do indicador.. Porem ele traga os gráficos todos e não da continuidade aos novos gráficos. trava tudo. Isso ocorre quando coloco o indicador Symmetrical Triangle Patterns MT5 Dear, I purchased the indicator. However, it brings all the graphics and does not continue with the new graphics. hangs everything. This happens when I place the Symmetrical Triangle Patterns MT5 indicator

LEE SAMSON
62357
Reply from developer LEE SAMSON 2021.08.04 16:54
Not sure what your issue is there. Does the experts or journal tab give you any indication of an issue. Are there other indicators on your chart that may conflict? I use it daily but on the chart on it's own and no issues that I've experienced.
come into the Telegram group if you need support and can try and trouble shoot for you but I suspect it may be an indicator conflict.
https://t.me/market_structure_trader_chat
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 show bullish or bearish triangles only