Thursday, August 5, 2021
spot_img

Three Drives 7.2

PZ Trading creates amazing forex indicators and expert advisors for Metatrader 4 and Metatrader 5. They avoid the “hype or false promises “and simply deliver some of the best tools and indicators for Metatrader. I personally have been a fan for many years and still use some of their indicators as part of my trading plan today. There free indicators can be downloaded here however, be sure to check out some of their paid indicators and expert advisors.

Screenshots

  • This indicator finds Three Drives patterns. The Three Drives pattern is a 6-point reversal pattern characterised by a series of higher highs or lower lows that complete at a 127% or 161.8% Fibonacci extension. It signals that the market is exhausted and a reversal can happen.
    • Customizable pattern sizes
    • Customizable colors and sizes
    • Customizable breakout periods
    • Customizable 1-2-3 and 0-A-B ratios
    • It implements visual/sound/push/mail alertsThree Drives patterns can expand/repaint quite a bit. To make things easier this indicator implements a twist: it waits for a donchian breakout in the right direction before signaling the trade. The end result is an otherwise repainting indicator with a very reliable trading signal.
    • Bullish patterns are blue
    • Bearish patterns are redKindly note that price patterns such as this can expand and the indicator must repaint to follow the expansion of the pattern. If the pattern repaints beyond the ratios entered in the parameters, the pattern will dissapear as it won’t be valid any more. To trade these patterns, please resort to the donchian breakout signal.The Three Drives pattern does not happen very often: to find more, load the indicator many times in the chart with different amplitudes.Technical Information
    • The indicator is evaluated every bar, not every tick.
    • The last point of the pattern repaints as the pattern expands.
    • You can have several indicators on the chart with different amplitudes.
    • An alert is displayed when the pattern forms and also when the breakout takes place.
    • A small percentage of trading signals can repaint. You can increase the breakout period.

Input Parameters

When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don’t despair if you think they are too many, because parameters are grouped into self-explanatory blocks.

Amplitude
Size of the patterns to be found

Breakout Period
Donchian breakout period to time signals

Max History Bars
Amount of bars to look back when the indicator loads

Min 1-2 and 3-2 Ratio
Customizable pattern ratio

Max 1-2 and 3-2 Ratio
Customizable pattern ratio

Min OA and AB Ratio
Customizable pattern ratio

Max OA and AB Ratio
Customizable pattern ratio

Display Options
Display or hide labels and ratios

Patterns
Select colors and sizes for the lines forming the pattern

Labels
Select colors and sizes of the O,A,B and 1,2,3 labels

Ratios
Select colors and font-size for ratios

Alert on breakouts
Enable to receive alerts when a pattern is found

Alert on patterns
Enable to receive alerts when a breakout happens and arrows show up

Alert settings
Enable or disable visual, push, email and sound alerts

HOW TO INSTALL METATRADER INDICATORS ON MT4

Installing indicators on MT4 comes down to:

  1. Downloading the files (.ex4 and .mq4 formats) – Right click the download button and Save link as…
  2. Placing them in the MT4 “Indicators” Data Folder
  3. Closing and re-starting your MT4 terminal
  4. Dragging you indicator from the Navigator to the Forex Chart

Downloading the indicator.

Download and prepare the MT4 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files).

Go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:

Open data folder. File-Open Data Folder

Placing them in the MT4 “Indicators” Data Folder.

Go to the “MQL4” folder and the “Indicator” subfolder and open the folder.

Drag or copy and paste the custom indicators files to the “Indicators” subfolder.

Restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window.

Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.

For a video on how to install you MT4 indicators please visit our Youtube channel.

Preferred MT4 Broker

Explore the markets with MetaTrader 4 – The world’s most widely used trading platform. Simple and intuitive for beginners yet highly customisable and full of advanced features for professionals, MT4 is free for all XM clients and compatible with all major devices and operating systems.

There is a reason why over 3.5 Million Clients Choose XM for Forex Trading, Stock Indices Trading, Commodity Trading, Stocks, Metals and Energies Trading.

High liquidity. Fast execution. Exceptional pricing

Open your account. Trade within minutes. Full Review here

Previous articleMACD CA
Next articleCorr Average
Trevor Woodmanhttp://www.metatraderindicators.com
MetatraderIndicators.com was developed by Forex traders for traders. We wasted hours, probably years, looking for indicators, software and Forex broker reviews. Metatraderindicators.com is a hub for technical traders. It represents years of work, knowledge and experience. Enjoy and stay true to your passion.
102FansLike
0FollowersFollow
0SubscribersSubscribe

top forex brokers