Triangle Pattern Indicator for MetaTrader 5 Download - [TradingFinder]

The Triangle Pattern Indicator on MetaTrader 5 is a technical analysis tool that automatically identifies highs, lows, and trendlines. It draws triangle patterns in price compression zones using a blue fill.

Additionally, the indicator plots two converging dashed red lines on the chart as the triangle’s upper and lower boundaries, indicating a potential breakout zone.

Triangle Pattern Indicator Specifications Table

The table below outlines the key features of the Triangle Pattern Indicator.

Uptrend Conditions

In the 1-hour chart of spot gold (XAU/USD), a bullish triangle pattern forms when the market breaks through resistance and continues forming higher highs and higher lows in line with the prevailing bullish trend.

This structure usually indicates a bullish continuation and reduced selling pressure.

Downtrend Conditions

The following chart shows the NZD/CHF currency pair in a 30-minute timeframe.

 A bearish triangle forms when support is broken, and lower lows emerge, indicating strengthening bearish momentum and increased seller pressure in the market.

Triangle Pattern Indicator Settings

The image below displays the adjustable settings of the Triangle Pattern Indicator:

• Show Zig Zag Line: Show Zig Zag line
• Pivot Period Of Zig Zag Line: Pivot period of the Zig Zag line
• Zig Zag Line Style: Style of the Zig Zag line
• Zig Zag Line Color: Color of the Zig Zag line
• Zig Zag Line Width: Width of the Zig Zag line
• Show Triangle Pattern: Show triangle pattern
• Triangle Pattern Color: The color of the triangle pattern

Conclusion

The Triangle Pattern Indicator automatically identifies triangle patterns using highs, lows, trendline slopes, and volume data.

After identifying a triangle formation, the potential breakout zone is displayed with dashed red converging trendlines.