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Triangle Chameleon

4

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:

The backtest shown below covers a period from January 2020 to May 2022 for EURUSD and is only to be understood as an example of the efficiency of symmetric triangles. Results can vary significantly depending on broker and account type. When developing an optimally profitable trading system, other indicators should be included!

Reviews 2
faithdefender
1666
faithdefender 2022.09.08 02:01 
 

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.

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London Breakout MT5 is the low-risk and low-priced Breakout Expert that trades morning session breakouts of GBPUSD,  here offered by the original developer and not by any promoters,   at a promotional price of 10 times less than the one or other currently highest rated breakout expert. Consider! As the price will rise up according to increasing demand: "The early bird catches the worm!" Life signal (shows all current life trades without any delay):  https://www.mql5.com/en/signals/2190019 ->
Golden Tea Time MT5 is based on a classic, popular breakout strategy and does not use martingale or grid mechanisms. Golden Tea Time MT5 only opens a pair of stop orders every day at leisurely English tea time, after possible market-moving news has already faded away. Once an order becomes a market order, the remaining stop order is deleted. However, the risk of a losing trade cannot be ruled out and is then limited to just $5/0.01 lot. In this case, the following day's trading can be assigned
Mount Gold EA MT5
Edgar Elsner
5 (1)
Mount Gold EA MT5 is based on combinations of classic indicators that include trend following as well as oversold/overbought strategies for trading the XAUUSD pair and is suitable to trade on Prop firms account. It includes furthermore a powerful flexible configurable recovery mechanism as well as the option to place and close orders manually. For active Traders it makes it even more flexible for trading of further instruments than XAUUSD. All the trade entries and exits are provided by virtual
TRADECOPY MASTER MT4 Over the years I developed  TradeCopy MT4/MT5  for that purposes: I'm running several experts on one and/or different terminals and accounts. The trades opened by those experts, usually will not move straight away into profit zone. Very often they use to pullback more or less before ending up in profit (or in loss finally...).   Improvement of profits (and limit losses) by additional controlling of trades that your experts on the TradeCopy Master part have been opened can b
FREE
TRADECOPY MASTER MT5 Over the years I developed  TradeCopy MT4/MT5  for that purposes: I'm running several experts on one and/or different terminals and accounts. The trades opened by those experts, usually will not move straight away into profit zone. Very often they use to pullback more or less before ending up in profit (or in loss finally...).   Improvement of profits (and limit losses) by additional controlling of trades that your experts on the TradeCopy Master part have been opened can be
FREE
Gain Guard MT5   secures the profits of all or selected trades on one terminal or on several terminals with the same account number. The selection can be configured according to Magic numbers and/or symbols, so that the Magic numbers and/or symbols that are not selected remain unconsidered. What is it useful for? For example, when several experts trade on one terminal and manual trading also takes place. Experts have different strategies and SL/TP. In particular, some experts let the trades run
FREE
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 MT4 applications, such as scripts, Expert Advisers, etc. using the implemented indicator buffer via the iCustom() func
Easy Open and manage your orders and positions – Calculate risk and lot size – Build your expert adviser from the integrated indicators – Trail your profits in various ways Key Features: Virtual Trading Lines: free changeable in any direction to build resistance, support, channels, triangles,… Order Types: Buy, Sell, Buy Limit, Sell Limit, Buy Stop, Sell Stop, OCO, Bracket Order Virtual Profit Trailing Strategies: Static, Percent, Exponential, Scaling up, Scaling down, Fifo, Bulk, Bollinger Ch
TRADECOPY CLIENT MT4  Over the years I developed  TradeCopy MT4/MT5  for that purposes: I'm running several experts on one and/or different terminals and accounts. The trades opened by those experts, usually will not move straight away into profit zone. Very often they use to pullback more or less before end up in profit (or in loss finally...).   To improve the profits and avoid possible drawdowns of trades that have been opened by the accounts that are running the   TradeCopy   Master   MT4/MT
Symmetric Triangle Dashboard MT4  is a matrix that was designed to monitor any standard and/or custom indicator as well as symmetrc triangle patterns by any symbol-timeframe combination to be alerted if the desired contition is met. Furthermore by simply clicking on the selected signal, the refering chart becomes opened including the assigned indicator template if there was designed one.   In "Custom" mode, user can add any indicator to scan its up to 7 timeframes per symbol to for example, get
This indicator was developed by me, based on my experiences during my long term daily trading. It allows to get an excellent and compact overview about the current market situation without to have to monitor multiple charts. The default settings are widely used by traders. For example on sites like forexlive.com:  https://www.forexlive.com/technical-analysis Features: The Moving Average Swiss Knife-like indicator for Daytraders Allows to setup of up to seven different MAs (MA and DEMA) to use on
Symmetric Triangle Dashboard MT5  is a matrix that was designed to monitor any standard and/or custom indicator as well as symmetrc triangle patterns by any symbol-timeframe combination to be alerted if the desired contition is met. Furthermore by simply clicking on the selected signal, the refering chart becomes opened including the assigned indicator template if there was designed one.   In "Custom" mode, user can add any indicator to scan its up to 7 timeframes per symbol to for example, get
Traders Swiss Knife MT5 operates and manages your trades at your fingertips – auto calculates risk and lot size – builds expert advisers from integrated indicators – trails your profits in various modes. Key Features: Virtual Trading Lines: free changeable in any direction or auto-placed by ZigZag indicator to build resistance, support, channels, triangles, wedges,… Order Types: Buy, Sell, Buy Limit, Sell Limit, Buy Stop, Sell Stop, OCO, Bracket Orders Virtual Profit Trailing Strategies: Stat
TRADECOPY CLIENT MT5 Over the years I developed  TradeCopy MT4/MT5  for that purposes: I'm running several experts on one and/or different terminals and accounts. The trades opened by those experts, usually will not move straight away into profit zone. Very often they use to pullback more or less before end up in profit (or in loss finally...).   To improve the profits and avoid possible drawdowns of trades that have been opened by the accounts that are running the TradeCopy Master MT4/MT5 was
Rescue Trader MT5 Rescue Trader isn't a Grid or Martingale Expert as each single trade is protected by fixed stoploss. Adding of new trades to existing trades are always entered on indicator pattern entry and not simple on fixed distances like Grid-/Matingale-Systems usually work. For additional protection, its drawdown recovery algorithmus closes particular trades that are profitable while at the same time closes older loosing trades in the way that in total that bulk closes in profit. Howev
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faithdefender
1666
faithdefender 2022.09.08 02:01 
 

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.

Edgar Elsner
1854
Reply from developer Edgar Elsner 2022.09.08 10:59
Thank you for your review and the comment to the bug. Actually the indicator became removed but its graphical objects had been left on the chart. With the current version V1.15 it was fixed.
Anton Kondratev
8214
Anton Kondratev 2022.06.01 13:19 
 

User didn't leave any comment to the rating

Reply to review
Version 1.22 2022.10.06
Fixed: Triangle drawing in higher timeframes H4 and D1 corrected
Version 1.21 2022.09.30
Fixed: Breakout alert button now switches alarm on/off correctly
Version 1.20 2022.09.22
Added: Breakout Alert
Added: Breakout buffers
Added: Detailed parameter description and example of integrate into Expert or Script
Version 1.16 2022.09.09
Reduced CPU load.
Added Pattern Alert interval selection by timeframe
Version 1.15 2022.09.08
Fixed: Indicator's graphical objects now become deleted after indicator remove.
Version 1.14 2022.06.03
Fixed: Indicator buffers havn't been visible in the Data Window (Ctrl-D)
Version 1.13 2022.05.31
Fixed Pattern alert
Added alert extension setup after validity of the last pattern was exceeded
Fixed redraw of previous patterns
Version 1.12 2022.05.29
Minor panel fixes
Version 1.11 2022.05.13
Added adjustable frequency for Pattern alert.
Version 1.1 2022.05.10
Version 1.01
Colors of Triangles and Fibonacci-Levels changable