This simple indicator will help identify the 123 Patterns on the charts. It's build based on the zigzag indicator, which will work as a guideline to identify the 3 points. As soon as the price crosses the third point, the indicator will draw 3 lines: entry, take profit, and stop loss. Those lines will work as a reference and may help with other indicators. This kind of analysis will work on any time frame and symbol, but those markets that have high volatility may have better result
Release Notes
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Converted to pine script 5
Fixed some texts
Added alert condition
Release Notes
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Added max lines and max labels to show more details on past data
Release Notes
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Removed max bars back parameter Added the option to change the text size added the option to change the take profit and stop loss levels colors added an option to use close value of the candle instead of the high/low values added alerts when the price crosses the latest take profits and stop losses added the values on the take profits, stop losses and entries labels
@junax1919, I tested the defaults and so far it works best for BTCUSDT on daily. To check what values works best, you must add it, select the amrket and timeframe and do a backtest
amazedAnalyst95584
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I am still not understood, why people are not making this type of indicator, this indicator === big money
jrcslccoms
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@amazedAnalyst95584, I agree, i have spent hundreds of hours reading/watching all sorts of different strategies and still keep coming back to this one.
amazedAnalyst95584
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I am waiting for this indicator from long time, you really made my day come true. Just quick feedback, Though I am changing high/low length value, but still the pattern is not changing, can you please fix the issue. very very thanks to you
Hi, this is a good indicator. Is there any recent update? I have a suggestion. It would be useful to have the Entry, Stop Loss and Take Profit prices on the price scale.