Highlighted Rectangle in “King of Pattern MT5 – Head and Shoulders”
Highlighted the area between Fibonacci levels 23.6 and 38.2 with a shaded rectangle in new Update indicator King of Pattern MT5 v4 – can be shown or hidden
and Added control for extending the length of the 38.2 level line – can be shown or hidden
Reason:
In some cases, it is observed that the chart needs to confirm a breakout of the area between the 23.6 and 38.2 levels for the pattern movement to be considered complete.
Of course, this is not a strict for the pattern movement, but based on some tests, in approximately 50% to 70% of cases.
that’s why I highlighted the area with a different color – can be shown or hidden
and Added control for extending the length of the 38.2 level line – can be shown or hidden
Reason:
In some cases, it is observed that the chart needs to confirm a breakout of the area between the 23.6 and 38.2 levels for the pattern movement to be considered complete.
Of course, this is not a strict for the pattern movement, but based on some tests, in approximately 50% to 70% of cases.
that’s why I highlighted the area with a different color – can be shown or hidden
example images
another example:
Back to the rest of the basic indicator “King of Pattern MT5” properties includes Two Methods for detecting patterns:
First Method: I have explained the most important forms in the description and image.
Second Method: It is very innovative and relies on a prior prediction of the chart’s movement. It detects the left shoulder and the main head and when draws the “triangle” head and quickly displays the Early_quick_pips prediction line, before right shoulder develops, which means more time to gain a pre-chart movement.. in Method 2 Fibonacci level calculation here is different, with level 0.0 starting exactly from the appearance of the Early_quick_pips line, which it is the line that lies exactly on the head of the right shoulder that has begun to form.
I have included explanations in the images for the 6 most important rules of the King of Pattern – Head & Shoulders indicator.
More details:
https://www.mql5.com/en/market/product/141619
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