User Guide – Metatrader Triangle/Wedge Indicator

User Guide – Metatrader Triangle/Wedge Indicator

The following user guide is for the Metatrader Triangle/Wedge Indicator.

Quick Start

Place the indicator onto the required chart and enter the activation code. The indicator will detect any types of triangle or wedge patterns. The default settings will be good as a start for most situations but they’ll probably need some fine tuning depending on the market and time frame of the chart.

Figure 1: Setup for detecting any triangle (triangles and wedge patterns)
Figure 1: Setup for detecting any triangle (triangles and wedge patterns) © forexop

To reduce computation time the detector will process the number of bars set in the “Max. history bars” setting (see below). You can change this to a higher or lower value. When calling the indicator directly it’s advisable to set this value to zero so that the entire chart is processed.

There are two processing modes. Normal and fast. Fast computation offers about 95% accuracy but is about twice as fast as normal (full line processing). This can be used on slower computers or if you are running a lot of indicators.

Input Settings

Input setting Comment
Maximum triangle/wedge size (bars) Ignore patterns less than this many bars
Minimum triangle/wedge size (bars) Ignore patterns greater than this many bars
Smoothing factor Moving average period. Zero means use mid prices
Sensitivity Zero for strict. Increase to relax checks.
Pattern type Any (0), Symmetric (1), Ascending (2), Descending (3), Rising wedge (4), Falling wedge (5)
Outlier percent (0-1) The maximum percentage of bars outside of the triangle’s body
Triangle color Color setting
Wedge color Color setting
Mid line color Color setting
Text color Color setting
Alert type None (0), Terminal (1), MT4 email (2), MT4 SMS (3)
Alert threshold Break distance in pips before alerting
Max. history bars How many chart bars to process. Zero for all
Processing mode Normal=1 Approximate=5 (use on slower computers)

Use the “pattern type” option to select between different types of triangle or wedge patterns. The first and default option will find any triangular shaped arrangements including regular triangles as well as falling, and rising wedge patterns.

The other option allow you to filter on only regular triangles – this means ascending, descending or symmetrical. With this option set the ascending and descending types must be right angled or nearly right angled. Or you can display rising/falling wedge patterns.

Figure 2: Use input settings to display regular triangles only
Figure 2: Use input settings to display regular triangles only © forexop

Indicator Outputs

As well as the graphical display the indicator outputs five numerical values whenever a triangle or wedge is detected. At other times these outputs are set to empty. The distance to the support/resistance line extends for a limited number of bars after the pattern completes.

Figure 3: Data window - output signals
Figure 3: Data window - output signals © forexop

Open Metatrader’s data window (CTRL+D) to show the signal values. You can hover with the mouse cursor over any point to display the value in the data window.

The table below lists the output signals.

Signal/Mode Name Description Free version License Version
0 Pattern type Symmetric (1), Ascending (2), Descending (3), Rising wedge (4), Falling wedge (5)
1 Width The pattern's width in chart bars
2 Depth The pattern’s depth (high corner to low corner) in points
3 Orientation The mid line angle of the pattern in radians
4 Distance to lower line Chart points
5 Distance to upper line Chart points

To help with detecting a breakout the indicator outputs the distances to the main support and resistance lines that form the shape. This enables you to detect when the price has broken either an upper resistance or a lower support line. This can be used to create an alert whenever either of these lines is breached by a certain distance.

Figure 4: How the indicator calculates the distances to the pattern
Figure 4: How the indicator calculates the distances to the pattern © forexop

For a description of these values please see the introductory post on trading triangle patterns.

Return to the triangle indicator product page.