MetaTrader 4 indicator
Bullish Pennant and Bearish Pennant Chart Pattern indicator for MT4
Spot pennant consolidations the moment they form. The indicator scans your MetaTrader 4 chart for bullish and bearish pennants, draws both trendlines, extends them forward and sounds an alert, so you stop hunting for the pattern by eye.
- MetaTrader 4
- Any symbol
- Any timeframe
- Sound alerts
The pattern
What are bullish and bearish pennants?
A pennant is a short consolidation that follows a sharp price move. After the move, the highs fall and the lows rise, so price trades inside two converging trendlines that look like a small triangle. A bullish pennant appears after a strong rise, and a bearish pennant appears after a strong decline.
Traders read the narrowing range as a pause while the market decides its next step. Many treat it as a possible continuation of the earlier move and watch the boundaries for a breakout, while knowing that pennants can also fail.
The shape is easy to miss and slow to draw by hand, and it keeps changing as new bars print. The Bullish Pennant and Bearish Pennant Chart Pattern indicator for MT4 does that scanning for you on every bar, so you can spend your time on the trade instead of the trendline.
Features
Everything you need to trade pennant patterns on MT4
A chart-window indicator built for one job: finding bullish and bearish pennants quickly, drawing them clearly and telling you when a new one appears.
Bullish and bearish pennants
Detects both pennant directions on the same chart. Each direction has its own switch, so you only see what you trade.
Automatic pattern detection
Scans the history and every new bar for pennant structures. No manual trendlines and no guessing which swings to connect.
Small, medium and large sizes
Look for compact, mid-sized or wide pennants. Switch each size on or off to match the scale you trade.
Trendlines drawn for you
The upper and lower boundaries are placed as standard MT4 trend lines, so they stay visible, selectable and easy to inspect.
Forward extension
Both trendlines run forward past the pattern so you can see where the boundaries are heading. Set the length in bars.
Sound and log alerts
When a pennant appears on the live bar, the indicator plays your chosen sound file and writes a message to the Experts log.
Latest-pattern-only mode
Keep just the most recent pennant lines on the chart. Older lines are removed automatically, which keeps busy charts readable.
Marker, colors and data buffer
A cyan dot marks the detection bar, line colors and width are adjustable, and the same signal is held in a buffer you can read from your own tools.
Pattern sizes
Choose the pennant size that fits your trading
Pennants come in different scales. Pick the sizes you care about and leave the rest off.
Small
Compact pennants
Short structures that develop over a handful of bars. Suited to lower timeframes and fast intraday trading.
Medium
Everyday pennants
Mid-sized structures that fit most day trading and short swing setups. A balanced choice for general use.
Large
Wide pennants
Big structures that take longer to build. Useful on higher timeframes for swing and position traders.
All three sizes, and both pennant directions, are on by default. Turn off the ones you do not trade and the chart stays cleaner.
Setup
Install the indicator and start scanning in minutes
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Copy the file into MetaTrader 4
In MT4, choose File, then Open Data Folder. Place
ChartPatternPennant.ex4inMQL4/Indicators. Restart MT4, or right-click the Navigator and choose Refresh. -
Attach it to a chart
Open any symbol and timeframe, find the indicator under Navigator, Indicators, and drag it onto the chart.
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Pick your directions, sizes and style
In the inputs window, choose bullish, bearish or both, enable the sizes you want, set the extension length and pick line colors and width. The defaults work well out of the box.
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Let the chart do the scanning
Pennants appear with their trendlines and a detection dot. Keep alerts on and MT4 will play a sound when a new one forms on the live bar.
In practice
How traders use bullish and bearish pennants
Pennants can break out in either direction or fail altogether. Many traders wait for confirmation before acting. The indicator finds the pattern. Your plan decides what to do with it.
Breakout watching
Use the extended boundaries as reference levels. Watch how price behaves at the upper or lower line and wait for your own confirmation before acting.
Trend continuation context
Pennants form after a sharp move, so many traders read them as a pause within an existing trend. Combine that view with your trend tools.
Multi-timeframe confirmation
Run the large size on a higher timeframe for the bigger picture and the small size on a lower one to time entries within it.
Risk planning
A narrowing range can resolve in either direction. Use the lines to plan stop distances and position size before price decides.
Settings
Inputs you can adjust
Every option appears in the standard MT4 inputs window when you attach the indicator.
| Input | Default | What it does |
|---|---|---|
ShowBullishPennant |
true | Look for bullish pennants. |
ShowBearishPennant |
true | Look for bearish pennants. |
EnableSmall |
true | Look for small pennants. |
EnableMedium |
true | Look for medium-sized pennants. |
EnableLarge |
true | Look for large pennants. |
LastOnly |
false | Keep only the most recent pennant lines and remove older ones. |
SetAlert |
true | Play a sound and write to the Experts log when a pennant appears on the live bar. |
ExtensionBars |
20 | How many bars the trendlines run forward past the pattern. |
LineWidth |
1 | Thickness of the pattern lines. |
UpperLineColor |
Orange | Color of the upper trendline. |
LowerLineColor |
Lime | Color of the lower trendline. |
SoundAlertFile |
alert.wav | Sound file played by the alert. Use any file in your MT4 Sounds folder. |
Compatibility
Requirements and compatibility
- Platform
- MetaTrader 4, build 600 or newer
- Indicator type
- Chart window overlay
- Symbols
- Any instrument your broker offers
- Timeframes
- M1 to MN
- Alerts
- Sound file and Experts log message
- Trading
- Analysis only, places no orders
FAQ
Frequently asked questions
What does a bullish pennant and bearish pennant indicator do?
It scans your MetaTrader 4 chart for pennant-style consolidations, where price trades in a narrowing range after a sharp move. When it finds one, it draws the upper and lower trendlines, extends them forward, marks the detection bar and can alert you.
Does it work on every symbol and timeframe?
Yes. It runs on any symbol your broker offers in MetaTrader 4, from forex pairs to metals, indices and crypto CFDs, and on every timeframe from M1 to monthly.
Can I look for only bullish or only bearish pennants?
Yes. Bullish and bearish detection each have their own on/off input, so you can scan for one direction or both.
What is the difference between small, medium and large patterns?
The three sizes look for pennants of different scales. Small suits quick intraday structures, medium suits everyday trading, and large picks up wider, slower-forming structures on higher timeframes. You can enable any combination.
How do the alerts work?
With alerts enabled, the indicator plays a sound file and writes a message to the Experts log when a pennant appears on the live bar. The default sound is alert.wav, and you can point it at any file in your MT4 Sounds folder.
Does it place trades for me?
No. It is an analysis tool that marks patterns on your chart. It does not open, modify or close orders, so every trading decision stays with you.
Can the signal change while a bar is still forming?
Yes. The indicator evaluates every bar, including the one still forming, so a pennant flagged on the live bar can change before that bar closes. Many traders wait for the bar to close before acting on it.
Can I read the signal from an Expert Advisor?
The indicator exposes one data buffer that holds a value on bars where a pennant is detected. You can read it from your own tools with iCustom.
Does a pennant pattern guarantee a profitable trade?
No chart pattern does. Pennants can fail or break out in either direction, so use the indicator alongside your own analysis, confirmation and risk management.
Get started
Add the Bullish Pennant and Bearish Pennant indicator to your MT4 charts
Stop redrawing pennants by hand. Attach the indicator, choose your directions and sizes and let MetaTrader 4 tell you when a new pennant appears.
Trading leveraged products such as forex and CFDs carries a high level of risk and may not be suitable for everyone. You can lose more than your initial deposit.
The Bullish Pennant and Bearish Pennant Chart Pattern indicator for MT4 is a charting tool for MetaTrader 4. It is not financial advice and does not guarantee results. Past patterns do not predict future price movement. MetaTrader is a trademark of its respective owner.
