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Basic Harmonic Pattern Indicator

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You can get the Basic Harmonic Pattern Indicator for MT4 for free. The best MT4 indicator for trend reversal. Mt4 harmonic pattern indicator with accuracy.

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Description

MetaTrader’s Basic Harmonic Pattern indicator is a custom indicator that plots various harmonic patterns created by price action. It recognizes your chart’s Gartley, Butterfly, Bat, and Crab patterns.

Harmonic patterns: what are they?

Distinct chart patterns that suggest a possible trend continuance or reversal are known as harmonic patterns. Forex traders use the patterns’ formation to predict specific price movements.

Algorithms that recognize various harmonic chart patterns and label them are included with this indicator. Additionally, it displays a BUY/SELL signal together with the associated Stop Loss and Take Profit values.

Additionally, the indicator is easy to use and chart-friendly. Additionally, it is appropriate for swing traders, scalpers, and day/intraday traders. Furthermore, technical analysis is helpful for all levels of forex traders, from beginners to experts.

How to Trade With The Basic Harmonic Pattern Indicator

Basic Harmonic Pattern Indicator

The Basic Harmonic Pattern indicator appears on your MT4 chart as shown in the above image. It demonstrates that the indicator has detected a Bat harmonic pattern, suggesting a possible upward trend reversal.

After a while, the indicator displayed a BUY signal along with a Stop Loss and several ideal take-profit zones. After that, you can trail your Stop Loss to the final Take Profit zone and initiate a BUY/LONG trade.

Conclusion

A technical tool that displays several harmonic chart patterns for a potential BUY/SELL trade opportunity is the Basic Harmonic Pattern indicator for MT4. Lastly, you can download it for free.

 

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The indicator includes various customizable settings:

  • MaxBar to Check: Specifies the maximum number of bars used for calculations.

  • Delay: Enables or disables a delay in signal calculation.

  • Show Logo: Toggles the display of different pattern logos on or off.

  • Enable Gartley, Butterfly, Bat, and Crab: Allows enabling or disabling the detection of Gartley, Butterfly, Bat, and Crab patterns.

  • Allowed Deviation %: Sets the maximum allowable deviation for each pattern.

  • Bullish/Bearish Color: Defines the colors used for bullish and bearish patterns.

  • Transparency: Controls the transparency level of the displayed patterns.

  • Depth: Determines the size of the patterns shown on the chart.

  • Deviation: Indicates the deviation value used in calculations.

  • Backstep: Sets the interval between successive calculations.

  • Alert: Turns the MT4 alert system on or off.

  • Push: Enables or disables push notifications.

  • Mail: Enables or disables email notifications.

  • Short Entry Lines: Toggles the display of signal lines on or off.

  • Buy/Sell Color: Specifies the colors used for Buy and Sell signals.

  • SL Color: Defines the color for Stop Loss signals.

  • TP 1, 2, 3 Colors: Sets the colors for Take Profit levels 1, 2, and 3.

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