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123 Forex Patterns

123 Forex Patterns Indicator: Identify trend reversals & continuations in MT4. Benefit from bullish & bearish patterns for informed buy/sell decisions. The indicator is easy to use and can be a great asset for traders looking to take advantage of the Forex markets.

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Description

Features of the 123 Forex Patterns Indicator

The 123 pattern is a three-wave price formation that shows the patterns of market trend reversal and continuation. It recognizes bullish and bearish chart patterns to assist forex traders in making entry decisions during critical price reversal moments. The indicator works with all kinds of MT4 platform currency pair charts. The 123 Forex Patterns indicator focuses on significant price fluctuations around the daily market highs and lows to identify trend continuation or reversal patterns.

How the Indicator Can Benefit You

Recognizing trend reversals: The 1-2-3 pattern is a traditional technical analysis pattern you can use to spot possible trend reversals. Pivot point 1 marks the start of a potential trend correction, often leading to a break of the previous trend’s trendline.

Pivot point 2 signals a likely trend reversal when formed outside the previous trend’s trendline. Pivot point 3 confirms the 123 reversal pattern, ideally staying below or at the level of pivot point 1. The confirmation level is aligned with pivot point 2 and validates the pattern. You can save a lot of time by letting the indicator identify this pattern automatically.

Verifying your analysis: The indicator can assist you in verifying your analysis as it offers visual signals on the chart if you are already skilled at spotting 1-2-3 patterns.

Indicator Setting Description

Show Bears: Turn on/off, displaying the bearish trend patterns.

Show Bulls: Turn on/off, displaying the bullish trend pattern.

Show Status: Turn on/off, displaying the trend states and buy/sell information.

Show dots: Turn on/off, displaying the fractal points using the colored dots.

VolFilter: Turn the volume filter on/off to determine trend reversals.

VolMaFast: Allows you to alter the parameters of the fast volume moving average.

VolMaSlow: Allows you to alter the parameters of the slow volume moving average.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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