By applying a calculation logic comparable to the ZigZag algorithm, the indicator evaluates recent swing highs and swing lows and automatically assigns them as Point 1, Point 2, and Point 3, delivering a structured and easy-to-read market framework.
You can download it from this link:https://cdn.tradingfinder.com/file/6...4-by-tflab.zip
You can also access the MetaTrader 5 version of this Indicator through this page:https://www.metalsmine.com/thread/13...tatrader-5-mt5
For instructions on how to install:https://www.forexfactory.com/thread/...-in-metatrader
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Show 123 Indicator Overview
The Show 123 Indicator for MetaTrader 4 (MT4) is designed to help traders anticipate directional changes across a broad range of assets, including Forex pairs, cryptocurrencies, and equity markets.
Unlike conventional ZigZag indicators that only display price swings, this indicator focuses on practical market structure, enabling traders to identify high-probability trigger zones and potential trade setups with improved accuracy.
Core Pattern Recognition Logic
- Point 1
Identifies the starting point of the current price movement and forms at a key swing high or swing low. - Point 2
Marks the conclusion of the first corrective move and establishes an important structural level that often serves as support or resistance. - Point 3
Represents the second correction and functions as a confirmation area for potential trend continuation or reversal.
A decisive breakout above or below Point 2, following the completion of Point 3, generally indicates a shift in market momentum.
Indicator Classification and Application Scope
Indicator Categories
- Signal & Forecast MT4 Indicators
- Trading Assist MT4 Indicators
- Chart & Classic MT4 Indicators
Platform Compatibility
- MetaTrader 4 (MT4)
Trader Skill Level
- Intermediate
Indicator Purpose
- Reversal and Breakout Identification
Timeframe Support
- Multi-Timeframe
Trading Style
- Intraday Trading
Supported Markets
- Forex
- Cryptocurrencies
- Stock Markets
Show 123 Indicator Performance in an Uptrend
In bullish market conditions, the Show 123 Indicator highlights the three-point structure in green, indicating potential continuation or reversal opportunities.
Uptrend Structure Breakdown
- Point 1 forms at a recent market low and initiates the upward price movement.
- Point 2 develops at the top of the first corrective phase and acts as temporary resistance.
- Point 3 forms above Point 1, signaling weakening selling pressure and increasing buyer control.
A buy signal is confirmed after the close of a bullish candle following the formation of Point 3, suggesting a continuation of the prevailing uptrend.
Show 123 Indicator Performance in a Downtrend
During bearish market conditions, the indicator marks the 1-2-3 structure in red, helping traders identify declining demand and possible trend continuation.
Downtrend Structure Breakdown
- Point 1 forms at a significant market high.
- Point 2 represents the low of the first corrective decline.
- Point 3 appears as a short-term upward retracement that remains below Point 1, confirming bearish market dominance.
A sell signal occurs when price action rejects Point 3 and breaks below the established structural support level.
Show 123 Indicator Settings in MT4
The indicator offers customizable inputs to align with different trading approaches and market conditions.
Adjustable Input Parameters
- MaxBars
Specifies the maximum number of historical candles processed by the indicator. - Aggression
Controls the sensitivity of swing point detection. - FontName
Defines the font style used for point labeling. - FontSize
Adjusts the size of numerical labels on the chart. - PipTextHeight
Determines the vertical spacing of displayed text.
Conclusion
The Show 123 Pattern Indicator is a precision-focused technical tool that simplifies market structure analysis by clearly identifying key swing points and breakout levels.
- In bullish trends, a valid breakout above Point 2 following a higher low at Point 3 confirms strengthening buying momentum.
- In bearish trends, the formation of a lower high and a subsequent structural breakdown signals sustained selling pressure.
By combining clear visual structure with actionable breakout logic, the Show 123 Indicator remains a valuable solution for traders seeking consistent reversal and continuation signals within the MetaTrader 4 environment.
