1-2-3 Pattern Indicator Download for MetaTrader 4 - Free - [TFlab] - MT4/MT5 Resources

The 1-2-3 Pattern indicator is one of the advanced tools in MetaTrader 4 indicator , used to identify reversal points.

The indicator detects three key pivots and plots them as ZigZag Lines , displaying the price movement trend and generating Fibonacci Levels based on the first two points.

1-2-3 Mode indicator specification table

The following table lists the features of this function 1-2-3 mode indicator.

Indicators at a glance

This indicator is used in trend analysis and used to determine entry and exit points in a trade.

Once a pattern forms with price corrections , traders can use Fibonacci Levels to enter a position.

This method sets price targets based on Fibonacci levels , and the stop-loss is placed near 0 Fibonacci level .

Indicators are in an upward trend

In analyzing the EUR/USD currency pair, key pivots are first based on the 1-2-3 Pattern .

Then, a Fibonacci rising retracement is drawn between points 1 and 2 , and traders take positions in the key areas designated by this tool.

Price targets are also set at levels above the Fibonacci 1 line as optimal exit points for trades.

Indicators are in a downward trend

In a 15-minute timeframe analysis of the GBP/JPY currency pair, the indicator first identifies price pivots and then plots Fibonacci retracement levels .

Analysts enter sell positions at Fibonacci levels 0 and 1 , while price targets are set at Fibonacci levels. The stop-loss is also placed above the Fibonacci 0 level .

1-2-3 Mode indicator setting

The settings of the indicator are shown in full in the image below:

• Pivot Length: Length of pivots
• High Pattern Color: High pattern color
• High Trend Line Color: The color of the high trend line
• Low Pattern Color: Low pattern color
• Low trend line color: The color of the low trend line

Conclusion

In the 1-2-3 Pattern , traders take positions near support or resistance areas , aligned with Fibonacci lines .

In this risk management MT4 indicator , price targets are set at levels above Fibonacci level 1 ; these levels are used as the best profit points in both uptrend and downtrend scenarios.