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Smart Money Concepts Indicator

PZ Three Drives Pattern Indicator, Unlock Precision Trading

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Three drives are automatically scanned by the PZ Three Drives Pattern Indicator for MT5 to generate buy and sell forex trading signals.

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Description

A harmonic chart pattern with three movements is automatically detected by the PZ Three Drives Pattern indicator for MT5. It also alerts users to forex trading signals and shows Fibonacci ratios on the chart. Traders can therefore enter the market by either purchasing or selling.

Prior understanding of harmonic trading principles and the associated Fibonacci levels is necessary in order to trade using the indicator. The indicator is therefore most appropriate for intermediate and experienced forex traders. The indicator also provides signals for trend reversals.

Therefore, before entering the markets, forex traders need to verify trading signals. The indicator performs admirably on daily, weekly, and monthly price charts in addition to all intraday price charts.

An indicator of the PZ Three Drives pattern for MT5 trading signals

PZ Three Drives Pattern Indicator

The PZ Three Drives Pattern indicator for MT5 is displayed in action in the CADCHF M30 candlestick price chart above. The indicator displays a three-drive pattern in red for a bear market and a blue three-drive pattern for a bull market. The buy and sell entry arrow indications are displayed in blue and red, respectively.

A blue arrow on the indicator warns the forex trader when the bullish “three drives” pattern is finished. Therefore, traders should join the market with a stop loss below the possible pivot point and a buy position. Traders should, however, remain onto the position until a favourable risk/reward ratio is achieved.

Likewise, the indicator shows a red arrow on the chart if the bearish three drives pattern is finished. Therefore, a sell trade with a stop loss above a possible pivot point might be made by forex traders.

The Fibonacci ratios actually dictate the Three Drives design. Before the trend reverses, though, the pattern may provide erroneous trade indications. In a similar vein, the pattern may provide misleading signals during a strong price trend. Therefore, before entering the markets, technical forex traders must validate trading signals.

Conclusion

Forex traders that use harmonic patterns must have the PZ Three Drives Pattern Indicator for MT5. Additionally, the indicator is available for free download and simple installation for forex traders.

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Pattern Detection and Alert Settings:

  • Pattern Size: Defines the size of patterns the indicator will search for.

  • Breakout Period for Arrows: Sets the number of periods used to identify breakout conditions.

  • Max History Bars to Evaluate: Specifies how many historical candlesticks are scanned to detect patterns.

Color and Display Settings:

  • Color of Bullish Pattern: Sets the color for bullish pattern highlights.

  • Color of Bearish Pattern: Sets the color for bearish pattern highlights.

  • Display Points: Enables the display of specific price points within patterns.

  • Color of Bullish Label: Sets the text color for bullish labels.

  • Color of Bearish Label: Sets the text color for bearish labels.

  • Label Font Size: Defines the font size of pattern labels.

  • Display Ratios: Enables the visual display of pattern ratios.

  • Label Color: Sets the color of general pattern labels.

  • Label Font Size: Specifies the font size for ratio labels.

  • Size of Ratio Lines: Sets the thickness of the lines used to show pattern ratios.

Ratio Configuration:

  • Min 1-2 and 3-2 Ratio: Defines the minimum allowable ratio for legs 1-2 and 3-2 in pattern formation.

  • Max 1-2 and 3-2 Ratio: Defines the maximum allowable ratio for legs 1-2 and 3-2.

  • Min 0A and AB Ratio: Sets the minimum value for the 0A and AB ratio.

  • Max 0A and AB Ratio: Sets the maximum value for the 0A and AB ratio.

Breakout and Alert Settings:

  • Breakouts Enabled: Activates the breakout detection feature.

  • Color of Bullish Arrow: Defines the color of arrows indicating bullish breakouts.

  • Color of Bearish Arrow: Defines the color of arrows indicating bearish breakouts.

  • Size of Arrows: Sets the visual size of breakout arrows.

Alert Options:

  • Alert on Breakouts: Triggers alerts when breakout conditions are met.

  • Alert on Patterns: Sends alerts when new patterns are detected.

  • Pop-Up Alerts: Enables visual pop-up notifications on screen.

  • Email Alerts: Sends alert notifications via email.

  • Push Alerts: Sends alert notifications to mobile devices.

  • Sound Alerts: Plays an audio notification when an alert is triggered.

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