Horn Pattern Indicator for MetaTrader 5 — Free Download

The Horn Pattern Indicator is a technical analysis tool designed for MetaTrader 5 that automatically identifies the Horn Pattern, also known as the Expanding Triangle, on price charts without manual intervention.

💎source :
https://tradingfinder.com/products/indicators/mt5/horn-pattern-free-download/

💎free indicator download:
https://cdn.tradingfinder.com/file/93545/horn-pattern-mt5-by-tflab.zip

This pattern consists of two diverging blue lines; when the price breaks one of these lines, it indicates a potential future trend direction. Traders often utilize this pattern as a reversal signal.

💰Key Features

• Automatic Detection: Identifies Horn Patterns without the need for manual chart analysis.
• Versatility: Applicable across various markets and timeframes.
• Customizable Settings: Allows users to adjust visual aspects to suit their preferences.

🔗Trading Conditions

• Formation: Occurs at the end of an uptrend, signaling a potential price reversal.
• Entry Point: Initiate a sell order when the lower line of the pattern is breached.
• Stop Loss: Set at the highest point of the pattern.
• Take Profit: Target a distance equal to the depth of the pattern (difference between the highest and lowest price).Example: A 1-minute GBP/USD chart illustrating a Horn Top Pattern forming before a price decline.

• Buy Setup (Horn Bottom Pattern)
• Formation: Appears at the end of a downtrend, indicating a bullish reversal.
• Entry Point: Place a buy order when the upper line of the pattern is broken.
• Stop Loss: Position below the lowest point of the pattern.
• Take Profit: Aim for a distance equal to the pattern’s depth.
  Example: A 1-hour USD/JPY chart displaying a Horn Bottom Pattern preceding a bullish move.

🔹Indicator Settings

• Zig Zag Line Settings:
• Show Zig Zag Line: True
• Pivot Period: 2
• Line Style: Dash-dot
• Line Color: Blue (Customizable)
• Line Width: 1
• Horn Pattern Settings:
• Show Horn Pattern: True
• Pattern Color: Dark Blue

Summary

The Horn Pattern Indicator is a valuable tool in technical analysis, enabling traders to automatically detect and visualize reliable patterns on price charts. For enhanced accuracy, it is advisable to combine this indicator with other analytical tools, such as regular divergences (RD) and support and resistance levels.

FAQs

❓Can the Horn Pattern Indicator be used in all timeframes?

Yes, but it is recommended to use the indicator on higher timeframes to avoid potential inaccuracies on lower timeframes.

❓How can I utilize the Horn Pattern Indicator in trading?

To trade based on the Horn Pattern, wait for the price to break either the upper or lower line of the pattern before entering a position.

Note: For a comprehensive understanding and to download the indicator, please visit the official Trading Finder website.