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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!

Recensioni 2
faithdefender
1691
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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Introducing the South African Sniper indicator created by a small group of traders with a few years trading trading the financial market profitably . This is a plug and play indicator that provides you with  BUY and SELL (SNIPER ENTRY) signals with TARGET and trail stops. The indicator Works with all MT5 trading instruments. The indicator uses previous  chart data as receipt to speculate on future market moves.
Trend Line Map Pro MT5
STE S.S.COMPANY
4.67 (9)
Trend Line Map indicator is an addons for   Trend Screener Indicator . It's working as a scanner for all signals generated by Trend screener ( Trend Line Signals ) . It's a Trend Line Scanner based on Trend Screener Indicator.  If you don't have Trend Screener Pro Indicator,   the Trend Line Map Pro will not work.     LIMITED TIME OFFER : Trend Line Map Indicator is available for only 50 $ and lifetime. ( Original price 125$ ) By accessing to our MQL5 Blog,  you can find all our premium indica
Golden Gate Algo MT5
James David Lane
4 (6)
40% DI SCONTO PER NATALE! AUMENTO DEL PREZZO A $250 IL 1 GENNAIO! Presentiamo GoldenGate Entries: una soluzione di trading all'avanguardia! Scopri un approccio rivoluzionario al trading con GoldenGate Entries (GGE), un indicatore avanzato progettato per migliorare la tua esperienza di trading. GGE offre un set completo di funzionalità per fornire agli utenti precisione e fiducia nelle loro decisioni di trading. Coppie: Qualsiasi (FX - Materie prime - Azioni - Azioni - Cripto) TimeFrame
FxaccurateLS
Shiv Raj Kumawat
WHY IS OUR FXACCCURATE LS MT5 THE PROFITABLE ? PROTECT YOUR CAPITAL WITH RISK MANAGEMENT Gives entry, stop and target levels from time to time. It finds Trading opportunities by analyzing what the price is doing during established trends. POWERFUL INDICATOR FOR A RELIABLE STRATEGIES We have made these indicators with a lot of years of hard work. It is made at a very advanced level. Established trends provide dozens of trading opportunities, but most trend indicators completely ignore them!
L'indicatore di inversione ADR ti mostra a colpo d'occhio dove il prezzo è attualmente scambiato in relazione al suo normale intervallo medio giornaliero. Riceverai avvisi istantanei tramite pop-up, e-mail o push quando il prezzo supera la sua gamma media e livelli superiori a tua scelta in modo da poter saltare rapidamente a pullback e inversioni. L'indicatore disegna linee orizzontali sul grafico agli estremi dell'intervallo medio giornaliero e anche estensioni al di sopra di quei livelli a c
Il profitto dalla struttura del mercato cambia quando il prezzo si inverte e si ritira. L'indicatore di avviso di inversione della struttura del mercato identifica quando una tendenza o un movimento di prezzo si sta avvicinando all'esaurimento e pronto a invertire. Ti avvisa dei cambiamenti nella struttura del mercato che in genere si verificano quando stanno per verificarsi un'inversione o un forte pullback. L'indicatore identifica inizialmente i breakout e lo slancio del prezzo, ogni volta
Altri dall’autore
Night Worker MT5 is a low-risk multi-currency Expert Advisor, particularly suitable for risk-averse users, that does not use risky recovery strategies such as Martingale or Grid. Due to tightly limited stop-loss values, the profit curve naturally does not move upwards like a straight line and without fluctuations. On the other hand, there is also no risk of a deeper draw-down, as inevitably occurs sooner or later with the strategies mentioned above, and those in some cases can lead to a total
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
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
Golden Bird MT5
Edgar Elsner
5 (1)
Golden Bird MT5 is an indicator-based Scalping Expert for trading XAUUSD (Gold). If the indicator-pattern occurs, two stop orders become placed on the high/low of the pattern-defined zone. The onscreen panel provides a detailed overall view about system and market status. Furthermore, it includes buttons for active Traders to place additional sessions and/or market orders manually at any time as mechanical experts are not able to catch every further promising trading opportunity during the day'
London Breakout MT5
Edgar Elsner
5 (1)
London Breakout MT5 is the risk-reduced and not overpriced Breakout Expert that trades morning session breakouts of GBPUSD,  here offered by the original developer.   !!!Just rent it riskless for only $30 and decide later to buy the unlimited license finally by getting reimbursed by the $30 rental fee!!!   Watch this video before you intend to buy a much more expansive Breakout Expert Advisor:  https://www.youtube.com/watch?v=c0UwKrWnoEE&t=2s   Compare current performance with top rated, high
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
TradeCopy Master MT4
Edgar Elsner
4 (1)
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 MT4 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
Gain Guard MT5
Edgar Elsner
5 (1)
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 supports you to get the maximum out of your trading activities. No matter you are managing manual placed trades or you like to boost your third party Expert Advisor's trades. It works with currencies, cryptos, stocks and indices. 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, Bracke
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
1691
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
2141
Risposta dello sviluppatore 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
8399
Anton Kondratev 2022.06.01 13:19 
 

L'utente non ha lasciato alcun commento sulla valutazione.

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