The head and shoulder pattern is the best, most important, and most reliable return pattern in technical analysis. It is safe to say that all the return patterns, with a few minor changes, are just a special case of the head and shoulders diagram.
This pattern, like all price patterns, is a function of trend theory. Imagine a situation in an upward trend with rising waves where the movement of the waves is greatly reduced. The uptrend stops for a while. At this time, the power of supply and demand reaches equilibrium. Suddenly the supply intensifies and the horizontal support line between the ceiling and the floor is broken and a new downtrend occurs. This downward trend will shape its new peaks and valleys.
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Description of head and shoulder pattern indicator
This free indicator, which is used for both the stock market and Forex, easily displays the pattern as soon as it is detected on the price chart in MetaTrader 4 as well as MetaTrader 5. It is also possible to set the head and shoulder indicator to issue the necessary warnings when the pattern is created in various ways, such as making a sound or sending an email.
When you load the indicator on the price chart, you will see a column of different settings. This multiplicity of settings may not be pleasant at first, but it relaxes your mind because you can make any changes you want. These settings are described below.
Indicator settings
The amplitude field specifies the size of the head-shoulder pattern that you want the indicator to find for you. The max history bars section is for you to determine how many candlesticks you want to watch in the past. The lower the value, the faster the indicator will load on the chart.
Patterns
In this section you can change the color of the patterns displayed on the chart.
Failures (BreakOut)
In this indicator, the feature of breakout or level break by price is placed to make it easier to trade. You can set the failure period based on the number of candles or change the color of the signal indicator arrow.
Warnings
You can enable or disable the alert by email or voice or display the signal on the monitor in this section.
An important point about the performance of the head and shoulder indicator
This indicator uses the same algorithms and methods to find the desired pattern that are used by experienced and professional traders. Thus, just as a market trader may change a trader’s view of a pattern’s validity, this indicator also shifts its signal if necessary to provide the best entry for the trader like a human. Therefore, it is recommended that you use the appropriate filters to validate the signals of this indicator. Suitable filters include neck line failure, trend line failure and trading volume.
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