Harmonic Pattern Indicator, Unlock Profitable Trading Opportunities
Forex BUY and SELL signals from the top indicator of Harmonic Pattern Indicator. To determine the direction of the trend, look for harmonic patterns.
- Description
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- Indicator Settings
Description
A straightforward MT4 indicator of harmonic patterns is the Harmonic Pattern Indicator. Popular price patterns that indicate market turning points are the harmonic patterns. Different kinds of harmonic patterns exist. Gartley, Butterfly, Bat, and Crab are a few of these. The indicator operates using Fibonacci numbers, just as the conventional harmonic patterns.
Traders can determine the trend’s direction by using the indicator to plot any harmonic patterns. Although traders should use the indicator on longer timeframes to minimize false signals, it performs well on all timeframes.
Indicator of Harmonic Pattern Indicator for Buying/Selling Signals
The indicator is shown on the chart that is situated above the H4 chart that represents the USD/CHF currency pair. As the indicator plots any harmonic pattern, traders are able to alter their positions in accordance with the pattern as it is being plotted. A bearish Gartley pattern, for instance, has been displayed by the indicator on the chart that was just presented up to this point. We have the ability to switch to a SELL position if we so choose.
The indicator plots red or blue arrows to indicate whether a buy or sell signal is being generated. This is done in addition to the stop-loss and take-profit levels that are previously mentioned. The indicator is the most effective indication; however, traders may also use other indicators, such as the MACD or the RSI, in addition to the indicator. This is because the indicator is the most effective indicator.
Conclusion
To identify the harmonic patterns that are present on the chart, the Harmonic Pattern Indicator is utilized. When traders are able to identify these patterns, they are able to adjust their positions accordingly. Also, the indicator is available for free download on our website for your convenience.
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Limited Scan: Specifies the available scanner options.
Scan All Charts: Scans all forex pair charts.
Scan the Number of Candles: The default value is 10,000 and determines how many candles to scan.
Rescan Timer (Minutes): The default value is 15, defining the interval for rescanning.
Pattern_Feature: Displays options for pattern configurations.
Period: The default value is 10, indicating the duration of the patterns.
Deviation: The default value is 5, which defines the deviation in patterns.
Backstep: The default value is 3.
Error Rate (%): The default value is 10, showing the error rate as a percentage.
Wing Length: The default value is 10, specifying the length of the wings.
Display_Options: Displays configuration settings for visual representation.
Percentage Lines: When enabled, the indicator shows percentage lines.
TP & SL Levels: When enabled, the indicator shows take-profit and stop-loss levels.
Pattern Name: If enabled, the indicator will display the pattern name.
Pattern_Style: Configuration options for pattern visual styles.
Bullish Pattern: The default color is PowderBlue.
Bearish Pattern: The default color is Pink.
Bullish Label: The default color is Blue.
Bearish Label: The default color is Red.
Pattern Font Size: The default font size is 10.
Percentage Line Style: Options to configure the style of percentage lines.
Label Color: The default color is MediumSeaGreen.
Font Size: The default font size is 8.
Line Size: The default value is 1, specifying the line thickness.
TP & SL Style: Options for visualizing take-profit and stop-loss levels.
Stop Loss: The default color is Red.
Take Profit: The default color is Green.
Entry Point: The default color is Blue.
Line Size: The default value is 1, defining the line thickness.
Breakout: Options for configuring breakout signals.
Buy Arrow: The default color is Blue.
Sell Arrow: The default color is Red.
Width: The default value is 1.
ALERT: Configurations for alerts.
Display Alert: When enabled, the indicator will show alerts.
Push Notifications: When set to false, the indicator won’t send push notifications.
Candles Past a Pattern: The default value is 2, indicating how many candles have passed since a pattern appeared.
Alert Buffer Size: The default value is 2, defining the alert buffer size.
Alert Time Start (PC Hour): The default start time for alerts is 0 hours.
Alert Time End (PC Hour): The default end time for alerts is 24 hours.
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