Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
Boost your trading precision with the versatile wedges tool
The PZ Wedges Indicator is a technical analysis tool that helps traders identify potential continuation patterns in the market. These patterns, known as wedges, are formed when the price of an asset consolidates within a narrowing range, bounded by upward or downward converging trendlines. Wedges are considered to be continuation patterns because they often precede a breakout in the direction of the preceding trend. When a wedge pattern is identified, traders may look for a breakout in the direction of the trend to enter a trade.
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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 wedges 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 to signal trades
- 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.
