Expansion Triangle Indicator in TradingView – Free – [TradingFinder]

The Expansion Triangle Indicator identifies and draws one of the practical patterns in technical analysis [triangle pattern] on the chart. This pattern typically forms during significant market volatility and trader uncertainty.

In this pattern, highs gradually become higher and lows become lower; as a result, the two main trendlines expand outward from one another.

Expansion Triangle Indicator Specifications Table

The table below outlines the specifications and features of the Expansion Triangle Indicator.

Expansion Triangle Indicator at a Glance

The Expansion Triangle Indicator detects the pattern upon formation and draws it on the chart using solid and dashed lines.

Additionally, this trading tool issues entry and exit signals upon the final interaction of the trend with the lines and the completion of the pattern, using green and red arrows.

Buy Signal

Based on the analysis of the EUR/USD currency pair on the 15-minute timeframe, the expansion triangle pattern has been drawn by the indicator. Moreover, after the pattern completion, a buy signal is issued, representing a potential opportunity to enter an uptrend.

Sell Signal

According to the cryptocurrency chart for Bitcoin (BTC), the indicator displays the structure of the expansion triangle pattern using red lines on the chart. Also, at the point of pattern completion, it issues a sell signal with a red arrow.

Expansion Triangle Indicator Settings

Configurable options in the Expansion Triangle Indicator are as follows:

LOGIC

• Pivot Period: Number of candles used to identify peaks and troughs
• Pattern Filter: Pattern structure filter to eliminate weak signals
• Candle Confirmation: Signal generation only if a valid reversal candle exists

ALERT

• Alert: Enable alert
• Alert Name: Define the name of the alert
• Message Frequency: Choose the number of alert messages
• Show Alert Time by Time Zone: Set time zone to UTC

Conclusion

The Expansion Triangle Indicator, using wave structure analysis and adjustable filters, filters out valid broadening triangle patterns and identifies low-risk entry points.

One of the key features of this tool is its ability to provide alerts when signals are generated.