ETE Detector v4 Head Shoulders

ETE Detector v4.0 (Head & Shoulders)

Author: KOUAME N’DA LEMISSA
Version: 4.0
Platform: MetaTrader 5
Indicator Type: Chart / Visual Trading Signals

Overview

The ETE Detector v4.0 is a technical indicator designed to automatically detect classic and inverse Head & Shoulders patterns (H&S) on MT5 charts. These patterns are widely used to anticipate trend reversals.

With this tool, traders can:

• Detect sell signals (classic H&S) and buy signals (inverse H&S) with accuracy.

• Easily visualize patterns using arrows, circles, and rectangles on the chart.

• Customize parameters to fit any trading strategy.

Key Features

1. Automatic H&S Pattern Detection

   • Scans a configurable number of candles ( LookBack ) to identify patterns.

   • Checks symmetry between shoulders with a configurable tolerance ( Tolerance ).

2. Clear Visual Signals

   • Green arrows for Inverse H&S (buy).

   • Red arrows for Classic H&S (sell).

   • Circles mark the head and shoulders.

   • Rectangles show the area between the head and neckline.

3. Full Customization

   • Colors for signals and zones ( BuyColor , SellColor , ZoneBuyColor , ZoneSellColor ).

   • Rectangle border width ( RectangleWidth ).

   • Minimum distance between head and shoulders ( MinDistance ).

4. Chart Compatibility

   • Works on all symbols and timeframes.

   • Updates in real time as new candles form.

Indicator Inputs

How to Use

1. Attach the indicator to an MT5 chart.

2. Adjust parameters to match your strategy and timeframe.

3. Watch for arrows and rectangles that appear automatically to detect trading opportunities.

4. Green arrows indicate potential buy (inverse H&S), red arrows indicate potential sell (classic H&S).

5. Rectangles show the head-to-neckline zone, useful for placing stops or targets.

Benefits

• Saves time with automatic pattern detection.

• Enhanced visibility with graphic markers and colored rectangles.

• Easy to customize for any trading strategy.

• Compatible with all currency pairs and timeframes on MT5.

Example Trading Strategy

• Buy: When the indicator identifies an inverse H&S and the price breaks above the neckline.

• Sell: When the indicator identifies a classic H&S and the price breaks below the neckline.

• Use rectangles as reference zones for stop-loss and take-profit placement.