The indicator looks for three-bar reversal formations of Price Action. There are five of them in total. Four are bullish/bearish, and one is bidirectional, working both ways.

When a pattern is found, the indicator displays the level of the pending stop order, its stop loss price, and marks the place of the pattern on the chart (if allowed in the settings). You can search for all five patterns at once, or any combination of them to choose from. If you disable the search for all five, then a bidirectional pattern will be searched (so that you can still search for something). If the opening price of the current candle is outside the order setting line (the level is broken at the opening of the candle, and the order can no longer be placed), the indicator additionally displays an arrow pointing to the side in which you can open a market position.

The indicator has the following configurable parameters:

• Search for first formation Yes/No-search for the first reversal formation
• Search for second formation Yes/No-search for the second reversal formation
• Search for third formation Yes/No-search for the third reversal formation
• Search for fourth formation Yes/No-search for the fourth reversal formation
• Search for fifth bidirectional formation Yes/No-search for the fifth bidirectional reversal formation
• Distance set pending orders ( in points) – distance of the pending order setting level from the edge of the pattern (in points)
• Distance StopLoss from pattern ( in points) – distance of the stop loss order setting level of the pending order from the edge of the pattern (in points)
• Color opening levels for bullish pattern – color of the line of the pending order setting level for the bullish pattern
• Color StopLoss levels for bullish pattern – color of the stop-loss level line of a pending order for a bullish pattern
• Color opening levels for bearish pattern – color of the line of the pending order setting level for the bearish pattern
• Color StopLoss levels for bearish pattern – color of the stop loss level line of a pending order for a bearish pattern
• Draws opening levels and the levels of stop Yes/No-whether to draw the levels of the order setting and its order stop loss
• Draws finding patterns as box – whether to circle the found pattern with a rectangle
• The style of the drawn box for the patterns-the style of the rectangle: filled with color (Filled), or as a frame (Frame)
• Color box for bullish pattern – color of the bullish pattern rectangle
• The line style of the bullish box (if Frame) – bullish pattern rectangle line style (if Frame is selected)
• Line width of the bullish box (if Frame) – the thickness of the bullish pattern rectangle line (if Frame is selected)
• Color box for bearish pattern – color of the bearish pattern rectangle
• The line style of the bearish box (if Frame) – bear pattern rectangle line style (if Frame is selected)
• Line width of the bearish box (if Frame) – the line thickness of the bearish pattern rectangle (if Frame is selected)
• Color box for double-direction pattern – color of the rectangle of the bidirectional pattern
• The line style of the double-direction box (if Frame) – rectangle line style of the bidirectional pattern (if Frame is selected)
• Line width of the double-direction box (if Frame) – the line thickness of the rectangle of the bidirectional pattern (if Frame is selected)

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Three-bar formations most often indicate medium-or short-term reversals. It should be noted that the found patterns can be taken into account only with additional confirming criteria, however, as well as any Price Action patterns.

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