The 1-2-3 Pattern Metatrader 4 forex indicator was developed for the 1-minute, 5-minute and 15-minute trading charts.
The indicator draws the famous 1-2-3 trading pattern on the chart.
Trading this pattern is quite easy:
Take a look (screenshot below) at the third line of the trading pattern, when it is red colored, this is a bearish signal to go short.
When the third line is blue colored, this is a bullish buy trade signal.
The 1-2-3 Pattern forex indicator works for scalping and intraday trading.
The EUR/USD 15-Minute chart below displays the 1-2-3 Pattern Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the 1-2-3 Pattern MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the 3rd line of the 1-2-3 pattern indicator is blue colored (bullish pattern).
Sell Signal: Open sell trade when the 3rd line of the 1-2-3 pattern indicator is red colored (bearish pattern).
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Period, Pattern High, Pattern Low) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes
Type: pattern trading
Copy and paste the 1-2-3-pattern-indicator.ex4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)