Triangle Chameleon
- Indicators
- Edgar Elsner
- Version: 1.22
- Updated: 6 October 2022
- Activations: 5
Triangle patterns are chart formations that signal a possible breakout in either direction. In the case of symmetrical triangles, the probability of a breakout to the upside or downside is about 50%. For more detailed information, I recommend the numerous publications on the Internet on this subject.
What is special about this indicator is that it can be integrated into your own MT5 applications, such as scripts, Expert Advisers, etc. using the implemented indicator buffer via the iCustom() function. With this it is possible to optimize the determination of points p3 and p4 for each trading instrument and timeframe. This eliminates the need for tedious manual trial and error to determine the correct values. A simple Expert Adviser as an example and for optimization is available free of charge.
Other functions/features:
- Maximum opening distance of the first two points (p1-p2)
- Minimum opening distance of the last two points (p3-p4)
- Determination of the four points by fractals
- Determination of points three and four using variations in the area of Fibonacci levels 23.8 and 38.2
- Display of Fibonacci levels 23.8/38.2/61.8/76.2 in triangle
- Optional display of Fibonacci level 161.8 in the triangle
- Acoustic signal when a new pattern appears
- Alert interval selectable by timeframes
- Display of the last pattern/all patterns switchable
- Optional switchable onscreen panel for convenient operation of the most important functions:
M = Panel on/off
FI = Show/hide Fibonacci-Levels
FX = Show/hide Extended Fibonacci-Levels
AB = Alarm on breakout on/off
AC = Alarm if new Pattern on/off
LP = Show last/all Patterns
Detailed parameters description here: https://www.mql5.com/en/blogs/post/750552
Example code snipped of use in Experts or Scripts is here: https://www.mql5.com/en/blogs/post/750566
See updated demo video of operation here: https://www.youtube.com/watch?v=fdWx-EGPF2k
Triangle Dashboard is available here: https://www.mql5.com/en/market/product/87239
Comment on the screenshots:
It is an interesting indicator. The price is not terrible. It does find a problem when it comes to removal from the charts. It remains on the chart.