Introduction to the 1-2-3 Pattern Indicator
The 1-2-3 Pattern Indicator is a forex price action pattern indicator that recognizes and displays three legs of the 1-2-3 pattern. Additionally, the indicator places Fibonacci extensions on the chart.
The 123 pattern is formed with three waves of price movements that create the first, second, and third leg. This tool is popularly used for trading trend reversals and breakouts.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the 1-2-3 Pattern indicator in MT4?
Copy and paste the 1-2-3-pattern-indicator.ex4 or 1-2-3-pattern-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The 1-2-3 Pattern indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
1-2-3 Pattern Indicator Free Download
To download the 1-2-3 Pattern Indicator for Metatrader 4 (MT4) for free just click the button below: