The Free XR Gartley Pattern MT4 is an indicator which displays and alerts Gartley pattern detected on the candlestick chart. It also displays potential trade with calculated Take Profit and Stop Loss, Timeframe H1.
The Gartley pattern has two key rules:
The retracement of point B must be 0.618 of XA (but not more than 0.786)
The retracement of point D must be 1.272 of the AB movement
The first leg (XA) will lead to a BC retracement movement (not reaching A).
Patterns are visible on the chart as triangles and arrows are displayed at the ending candle of the pattern. The potential trade has marked 4 levels: entry price at the ending point of the pattern, Stop Loss as chosen distance in points and two targets: on 38.2% and 61.8% of the distance created between A and D point of the pattern.
The user can set (in the settings of the indicator) colors for displayed patterns and visible text, type of alerts (Pop-up window, email) sends by the indicator, Stop Loss distance and maximum number of bars in which patterns are detected. Indicator is working only on H1 or higher timeframes and does not open positions automatically, you must open all the positions manually. If you want, we can program the robot according to this indicator, which will open and close positions automatically, contact us.
Parameters:
stopLoss – stop loss distance in points for potential trade
maxBars – maximum number of candles on which indicator looks for the
patterns (if 0 – indicator is working on all bars in history)
triangleColor – color of triangles displayed on the chart as detected pattern
letterColor – color of the text and letters displayed on the patterns (X, A, B,C, D)
letterFontsize – size of the displayed text in pixelsAlerts Settings:
PopUpAlert (true/false) – activation of alerts as pop-up message on the platform
EmailAlert (true/false) – activation of alerts as mails send to chosen email address (mail is specified in the platform settings)
