Overview of the 123 Pattern MTF v3.1 Indicator
The 123 Pattern MTF v3.1 indicator is designed to automatically detect the classic 1-2-3 reversal patterns across multiple timeframes. These patterns are known for signaling potential trend reversals and are widely used in technical analysis. The indicator draws the relevant pattern levels and optionally extends Fibonacci-based target projections.
Each pattern is marked clearly on the chart using different colors for high and low points, as well as the trade entry levels. With built-in multi-timeframe functionality, traders can monitor reversal setups on higher or lower timeframes without switching charts.
How to Use It in Practice
In live trading, you can use the 123 Pattern MTF indicator to:
- Identify 1-2-3 reversal setups as they form across different timeframes.
- Plan entries and exits using clearly marked levels and optional Fibonacci targets.
- Combine with other tools (e.g., trendlines or oscillators) to validate the patterns.
- Get a visual map of key price structure zones without manually drawing lines.
This makes the indicator especially useful for traders looking for early trend reversal opportunities with defined structure and risk management levels.
Parameter Explanations
period
Specifies the timeframe used for pattern detection. A value of 0 applies the current chart’s timeframe.
LineWidth
Sets the thickness of the lines drawn for the pattern and trade levels.
Hi_Low_Mode
Controls how the indicator determines swing highs and lows: use actual bar high/lows or close prices.
Fibo_Mode
Enables or disables the display of Fibonacci extension lines from the 1-2-3 structure.
Enable_Target
If enabled, the indicator draws a horizontal line representing the projected target based on the pattern and Fibonacci level.
Fibo_Target
Defines the Fibonacci extension ratio used to project the price target from the 1-2-3 pattern. Common values include 1.618 or 2.0.
Pattern_High
Sets the color for the swing high level of the pattern.
TradeLine_High
Sets the color for the trade entry line when the pattern is bearish (break of low).
Pattern_Low
Sets the color for the swing low level of the pattern.
TradeLine_Low
Sets the color for the trade entry line when the pattern is bullish (break of high).
Fibo
Sets the color of the Fibonacci target extension line if enabled.
