PZ Pennants MT5

Unlock market continuations with the accurate pennants indicator

This indicator finds pennants, which are continuation patterns identified by converging trendlines surrounding a price consolidation period. Trades are signaled using a breakout period alongside the formation breakout. 

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• Easy to use
• Customizable colors and sizes
• It implements breakout signals
• It implements alerts of all kinds

Optimal Usage

To see pennants of all sizes, which can overlap, load the indicator several times on the chart with different sizes, for example 6, 12, 18 and 24.

Input Parameters

• Size: Size of the patterns to be found, expressed as bars between alternative points
• Breakout Period: Donchian period for the breakout signals
  
• Max. History Bars: Amount of past bars to examine in the chart
• Color of bullish patterns: This parameter is self-explanatory
• Color of bearish patterns: This parameter is self-explanatory
• Color of unbroken patterns: This parameter is self-explanatory
• Line Width: Size of the pattern lines
• Color of bullish breakouts: This is the color for buy arrows
• Color of bearish breakouts: This is the color for sell arrows
• Arrow Size: This is the size of the arrows displayed in the chart
• Custom Alert Name: Custom caption for the alerts raised in this chart
• Display Alerts: Enable or disable screen alerts
• Email Alerts: Enable or disable mail alerts.
• Push Alerts: Enable or disable Push Alerts.
• Sound Alerts: Enable or disable sound alerts.
• Sound File: Sound file to play when a screen alert rises.

Author

Arturo Lopez Perez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.