Peak Trough Analysis Tool MT5

What is Peak Trough Analysis Tool MT5?

• The Peak Trough Analysis Tool is a powerful indicator designed for MetaTrader 5.
• It detects price peaks and troughs to help traders identify market trends.
• This tool utilizes three main algorithms:
  • The Fractals Indicator by Bill Williams
  • The Modified Fractals Indicator
  • The Zig Zag Indicator

How to Use the Tool?

• The tool offers three modes of operation:
  • Mode 1: Original Fractals Indicator
  • Mode 2: Modified Fractals Indicator
  • Mode 3: Zig Zag Indicator
• For the Modified Fractals, set the parameter "Use Modified Fractals" to true.
• To use the Zig Zag Indicator algorithm, set "Modified Fractals" to false.
• Customize the settings, including left and right parameters for bars count.
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Input Settings

• For Modified Fractals, adjust:
  • N left: Number of bars to the left
  • N right: Number of bars to the right
• Zig Zag settings including:
  • Depth
  • Deviation
  • Backstep
• General settings allow configuring:
  • Arrow shift in pixels
  • Sound alerts
  • Email notifications for detected peaks/troughs

Benefits and Applications

• Helps traders identify significant price patterns effectively.
• Useful in conjunction with trading strategies discussed in resources like "Introduction to Price Action and Pattern Trading".
• It's a free tool, allowing traders to analyze their charts without financial commitment. 💸

Important Notes

• This is an off-the-shelf product without customization options.
• No support or code library is provided for further modifications. ✖️