Harmonic Patterns are a form of technical analysis that employs specific price patterns to determine the potential market direction. Harmonic patterns are based on Fibonacci retracement and extension levels representing potential reversal zones in the market.
Therefore, the Harmonic Pattern Finder V3 indicator for MT5 is a technical tool automated to find and display harmonic patterns on the chart. It assists traders in identifying and trading different harmonic price patterns without hassle.
Features of the Indicator
The Harmonic Pattern Finder V3 Indicator for MT5 is the most advanced version of the harmonic pattern indicators, which identifies patterns like Butterfly, Gartley, Crab, ABCCD, etc., across multiple time frames. Besides, it displays optimal trade entry and exit zones, enabling traders to trade with precision.
Furthermore, the indicator has diverse customizable features, allowing traders to modify the settings to their preferences.
Benefits of Using the Indicator
- Trend Direction Identification: By automatically identifying harmonic patterns, traders can determine the potential trend direction of the market with less technical analysis.
- Enhanced Trading Efficiency: The indicator assists traders in entering trades at optimal price levels, potentially increasing profitability.
Indicator Parameter Description
The indicator comes with the following customizable settings:
ATR ZZ atr multiplier: Value for the ATR multiplier.
ATR ZZ atr period: Period for the ATR multiplier.
ATR ZZ min/max period: Determines the minimum/maximum period to calculate the ATR (ZigZag) ZZ indicator.
ATR ZZ real-time: Enables/Disables ATR ZZ real-time update.
Max. Bars per pattern: Determines the maximum number of bars to consider for pattern recognition.
Max. History bars to process: Determines the maximum number of historical bars to analyze when for a pattern.
Max. Shared points per pattern: Defines the maximum number of points shared between different patterns.
Max. Slack for fib ratios (range): Defines the maximum allowable slack within the Fibonacci ratios for pattern recognition within a range.
Max. Slack for fib ratios (unary): Defines the maximum allowable slack within the Unary Fibonacci ratios for pattern recognition within a range
Too early time zone: Defines the time zone considered “too early” for pattern formations.
Ideal time zone: Determines the ideal time zone for pattern formations.
Too late time zone: Defines the time zone considered “too late” for pattern formations
Filter patterns without fib ratios in PRZ: Filter patterns without Fibonacci ratios within the PRZ.
Filter too early/late patterns: Enables/Disables filtering of “too early/too late” patterns.
Color for bullish/bearish patterns (5 points): Color to display bullish/bearish patterns with 5 points.
Color for bullish/bearish patterns (4 points): Color to display bullish/bearish patterns with 4 points.
Color for proj. bullish/bearish patterns (5p): Defines the color for projected bullish/bearish patterns with 4 & 5 points.
Color for focus patterns: Determines the color to highlight focus patterns.
Fill 5 points patterns found: Determines whether to fill the area for 5 points patterns.
Show pattern description: Enables/Disables pattern descriptions.
Show emerging patterns: Enables/Disables the display of emerging patterns on the chart.
Show past patterns: Enables/Disables the display of past patterns.
Show “one-head” projections: Enables/Disables the display of projections with only one head.
Draw projections bodies in soft color: Enables/Disables the display of projection bodies in a soft color.
Show comment box: Enables/Disables the display of the comment box.
Pattern line width: Defines the width of the lines to display patterns.
Emerging patterns line width: Determines the line width to display emerging patterns.
Focused patterns line width: Determines the line width to highlight focused patterns.
Font size: Defines the font’s size to display text.