Head and Shoulders Visual Indicator Download for MetaTrader 4 | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Head and Shoulders indicator for MetaTrader 4 predicts market trend reversals. The design is based on Technical analysis indicator and is divided into two types: Head and Shoulders Top (bearish) , and Reverse Head Fit (Bull and Flying Shoulders).

Head and Shoulders Visual Specification Chart

The table below shows the specifications of the Head and Shoulders Visual Indicator for MT4:

Indicator Overview

The Head and Shoulders indicator automatically detects head and shoulders tops (bearish) or head and shoulders bottom formations (bullish) patterns in the chart.

It works by identifying key points such as left shoulder, head, right shoulder, neckline . A neckline breakout in the direction of the new trend confirms the trend reversal .

Uptrend Conditions

Price chart showing Swiss Franc against Japanese Yen ( CHF/JPY ) in the 1-hour timeframe .

The head and shoulders bottom pattern indicates a trend change from bearish to bullish and usually forms at the end of a downtrend.

A breaks above the neckline generates a buy signal (Buy) .

downtrend conditions

The chart below shows the USD/CAD currency pair in a 1-minute timeframe .

This chart shows a head and shoulders pattern, indicating a trend change from bullish to bearish .

This harmonic pattern usually forms after an uptrend and produces sell entry signal upon a neckline breakout .

Indicator Settings

The indicator settings panel is shown below:

• Show the Zig Zag line: Show the Zig Zag line
• Pivot period of Zig Zag line: Set the pivot period of Zig Zag line
• Zig Zag line style: Define the Zig Zag line style
• Zigzag line color: Set the color of the zigzag line
• Zig Zag Line Width: Adjust the thickness of the zigzag line
• Approach percentage (neckline maximum slope %): Set the maximum slope percentage of the neckline
• Show Head and Shoulders: Enable or disable the display of head and shoulders patterns
• Head and Shoulders Color: Select the color of the head and shoulders pattern
• Inverted head and shoulders bottom color: Select the color of the inverted head and shoulders bottom pattern

Conclusion

The Head and Shoulders Top visual indicator in MetaTrader 4 is a trading tool used to automatically identify Head and Shoulders Top (bearish) and Head and Shoulders Inversion (bullish) patterns.

This MT4 indicator detects key points , including left shoulder, head, right shoulder, neckline , providing entry and exit areas.