Butterfly Harmonic Dashboard Indicator - Complete User Guide & Trading Manual (MT4 & MT5)
Introduction
The Butterfly Harmonic Dashboard Indicator is a professional multi-symbol, multi-timeframe trading tool that automates the detection of Butterfly harmonic patterns. It scans up to 20 instruments across nine timeframes and presents every validated pattern in a compact, interactive six-column dashboard with configurable Fibonacci ratio ranges.
Key Features:
- Automated Butterfly Detection: Identifies both Bullish (LHLHL) and Bearish (HLHLH) Butterfly patterns using swing pivot analysis
- Fibonacci Validation: Four-ratio validation -- XAB (0.786 fixed), ABC (38.2%-88.6%), BCD (161.8%-261.8%), XAD (1.27-1.618 extension)
- Multi-Symbol Monitoring: Watch up to 20 currency pairs, metals, indices, or crypto assets simultaneously
- Multi-Timeframe Analysis: Monitor M1 through Monthly timeframes (9 timeframes)
- Non-Repainting Signals: Uses confirmed swing pivots with right-bar validation -- signals never disappear
- Yellow Triangle Visualization: Completed patterns are drawn with three filled yellow triangles (XAB, ABC, BCD) and labeled X/A/B/C/D points
- 6-Column Dashboard: Symbol, Timeframe, Direction, Pattern, Age, and Chart navigation
- 4-Channel Alerts: Popup, sound, email, and push notifications with pattern details
Download the indicator:
- MetaTrader 5: Butterfly Harmonic Dashboard MT5
- MetaTrader 4: Butterfly Harmonic Dashboard MT4
TIP: Always combine pattern signals with proper position sizing and risk management -- never risk more than 1-2% of your account on a single trade.
Understanding the Butterfly Pattern
What is the Butterfly Pattern?
The Butterfly pattern is a 5-point XABCD harmonic pattern originally identified by Bryce Gilmore and Larry Pesavento, and later formalized by Scott Carney. Unlike retracement patterns such as the Bat or Gartley, the Butterfly is an extension pattern -- point D extends beyond the starting point X. This extension structure defines precise potential reversal zones using four Fibonacci ratio checks between the X, A, B, C, and D swing points. The XAD extension of 1.27-1.618 is the key defining ratio that distinguishes the Butterfly from other harmonic patterns. When all four ratios are satisfied, the D point marks a high-probability reversal zone where price has overextended past the origin and is likely to reverse.
Bullish Butterfly (BUY Signal)
The bullish pattern follows a Low-High-Low-High-Low (LHLHL) sequence:
- X (Low): Starting swing low
- A (High): Price rises from X to A
- B (Low): Price retraces down from A, but B must be ABOVE X
- C (High): Price retraces upward from B, but C must be BELOW A
- D (Low): Price drops from C to D, and D must be BELOW X (extends beyond the origin) -- BUY HERE
Because D extends below X, the Butterfly catches extreme price moves where the market has pushed beyond a prior swing low, creating a potential reversal zone at an overextended level.
Bearish Butterfly (SELL Signal)
The bearish pattern follows a High-Low-High-Low-High (HLHLH) sequence:
- X (High): Starting swing high
- A (Low): Price drops from X to A
- B (High): Price retraces up from A, but B must be BELOW X
- C (Low): Price retraces downward from B, but C must be ABOVE A
- D (High): Price rises from C to D, and D must be ABOVE X (extends beyond the origin) -- SELL HERE
Because D extends above X, the Butterfly identifies situations where price has pushed beyond a prior swing high, creating a potential reversal zone at an overextended level.
Fibonacci Ratios
| Measurement | Valid Range | Description |
|---|---|---|
| XAB Retracement | 0.786 of XA (with 5% tolerance) | Point B retraces 78.6% of the XA leg -- fixed ratio |
| ABC Retracement | 0.382 - 0.886 of AB | Point C retraces 38.2% to 88.6% of the AB leg |
| BCD Extension | 1.618 - 2.618 of BC | Point D extends 161.8% to 261.8% of the BC leg |
| XAD Extension | 1.27 - 1.618 of XA (with 10% tolerance) | Point D extends 127% to 161.8% of the XA leg -- KEY RATIO |
The indicator validates all four ratios before displaying a pattern on the dashboard. Only patterns that pass every Fibonacci check appear as signals. Note that the XAB ratio is a fixed value (0.786) with a tolerance band, not a range like the other ratios. The XAD measurement is an extension (greater than 1.0), confirming that D has moved beyond X.
NOTE: The indicator uses confirmed swing pivots (with Pivot Right Bars of right-side confirmation) to identify X, A, B, C, and D points. A pattern is only confirmed after point D has been validated by subsequent bars, ensuring non-repainting signals.
Installation Guide
For MetaTrader 5- Purchase the indicator from the MQL5 Market -- it installs automatically
- Press Ctrl+N to open the Navigator and expand Indicators > Market to find it
- If the indicator does not appear immediately, restart MetaTrader 5
- Purchase the indicator from the MQL5 Market -- it auto-installs into your terminal
- Open the Navigator (Ctrl+N) and look under Indicators to find it
- If the indicator does not appear, restart MetaTrader 4
- Double-click the indicator in the Navigator, or drag and drop onto any chart
- Adjust settings as needed and click OK
After applying, you will see:
- Dashboard Panel: Separate window below your chart showing all detected patterns
- Pattern Visualization: Three yellow-filled triangles (XAB, ABC, BCD), X/A/B/C/D labels, and BUY/SELL ENTRY arrows
NOTE: Attach the indicator to a chart of one of the monitored symbols to see the pattern visualization on that pair.
Dashboard Overview
The dashboard displays in a separate indicator window below your main chart. It presents all detected Butterfly patterns in a scrollable table with six columns:
| Column | Description |
|---|---|
| Symbol | Instrument where the pattern was detected (e.g., EURUSD) |
| Timeframe | Chart period (M5, M15, H1, H4, D1, etc.) |
| Direction | Green = Bullish/BUY, Red = Bearish/SELL |
| Pattern | "Bullish Butterfly" or "Bearish Butterfly" when active; "---" when no pattern |
| Age | Bars since point D formed (signal freshness) |
| Chart | Click to navigate to that symbol and timeframe |
Using the Dashboard
- Scrolling: Use the scrollbar on the right side to view more rows when there are more signals than visible rows
- Quick Navigation: Click any row's "Chart" button to instantly switch your main chart to that symbol and timeframe
- Color Coding: Green background tint for Bullish patterns, Red for Bearish
- Fresh Signals: Look for patterns with low Age values (1-5 bars) for the most recent setups
- Visible Rows: The number of simultaneously visible rows is configurable (default: 12)
TIP: Use the dashboard to quickly scan all your markets for Butterfly patterns. When you spot an interesting setup, click the Chart button to inspect the pattern visually before making a trading decision.
Input Parameters Reference
Dashboard Settings
| Parameter | Default | Description |
|---|---|---|
| Symbols | EURUSD,GBPUSD,USDCAD,USDJPY | Comma-separated symbols to monitor (up to 20) |
| Symbol Prefix | (empty) | Broker prefix, e.g., "x" for xEURUSD |
| Symbol Suffix | (empty) | Broker suffix, e.g., ".pro" for EURUSD.pro |
| Enable M1 | false | Toggle M1 scanning |
| Enable M5 | true | Toggle M5 scanning |
| Enable M15 | true | Toggle M15 scanning |
| Enable M30 | true | Toggle M30 scanning |
| Enable H1 | true | Toggle H1 scanning |
| Enable H4 | true | Toggle H4 scanning |
| Enable D1 | true | Toggle D1 scanning |
| Enable W1 | true | Toggle W1 scanning |
| Enable MN | false | Toggle Monthly scanning |
| Visible Rows | 12 | Rows displayed in dashboard at once |
Butterfly Pattern Settings
| Parameter | Default | Description |
|---|---|---|
| Pivot Left Bars | 5 | Bars left for swing pivot confirmation. Higher = major swings only |
| Pivot Right Bars | 5 | Bars right for swing pivot confirmation. Ensures non-repainting |
| XAB Ratio | 0.786 | Fixed XAB retracement (78.6% of XA) -- defining Butterfly ratio |
| XAB Tolerance | 0.05 | Tolerance for XAB validation (plus/minus 5%) |
| ABC Min Retracement | 0.382 | Minimum ABC ratio (38.2% of AB) |
| ABC Max Retracement | 0.886 | Maximum ABC ratio (88.6% of AB) |
| BCD Min Extension | 1.618 | Minimum BCD extension (161.8% of BC) |
| BCD Max Extension | 2.618 | Maximum BCD extension (261.8% of BC) |
| XAD Min Extension | 1.27 | Minimum XAD extension (127% of XA) |
| XAD Max Extension | 1.618 | Maximum XAD extension (161.8% of XA) |
| XAD Tolerance | 0.10 | Tolerance for XAD validation (plus/minus 10%) |
| Max History Bars | 500 | Historical bars to scan per symbol-timeframe |
Chart Display Settings
| Parameter | Default | Description |
|---|---|---|
| Show Butterfly Pattern | true | Draw yellow triangle pattern overlay on chart |
| Show BUY/SELL Arrows | true | Display BUY/SELL ENTRY arrows at point D |
| Show Pattern Labels | true | Display X, A, B, C, D labels at swing points |
| Bullish Pattern Color | Lime | Color for bullish (BUY) elements |
| Bearish Pattern Color | Red | Color for bearish (SELL) elements |
| Pattern Fill Color | Yellow | Fill color for triangles |
| Pattern Line Color | Black | Line color connecting X-A-B-C-D |
| Arrow Size | 4 | Entry arrow size (scale 1-5) |
| Arrow Gap (ATR mult.) | 0.8 | Arrow distance from D point as ATR multiplier |
Alert Settings
| Parameter | Default | Description |
|---|---|---|
| Alert Title | "Butterfly Harmonic Dashboard" | Title prefix for alert messages |
| Enable Popup Alerts | true | Show popup dialog on new pattern |
| Enable Sound Alerts | true | Play WAV sound on new pattern |
| Sound File | alert2.wav | WAV file in MT4/MT5 Sounds folder |
| Enable Email Alerts | false | Send email on new pattern (requires email config) |
| Enable Push Notifications | true | Send mobile push via MT4/MT5 app |
IMPORTANT: The source code uses InpAlertTitle = "Butterfly Harmonic Dashboard" as the default alert title. Alerts fire only once per pattern per symbol-timeframe to prevent duplicate notifications.
Chart Pattern Visualization
When a Butterfly pattern is detected on the current chart symbol and timeframe, the indicator draws the following visual elements:
Yellow Triangle Fill
Three filled triangles are drawn to highlight the five-point pattern structure:
- Triangle 1 (XAB): Connects points X, A, and B with a yellow filled area
- Triangle 2 (ABC): Connects points A, B, and C with a yellow filled area
- Triangle 3 (BCD): Connects points B, C, and D with a yellow filled area
The triangles use the configurable Pattern Fill Color (default: Yellow). Black lines ( Pattern Line Color ) connect X to A, A to B, B to C, and C to D to outline the pattern.
Dashed Extension Lines
In addition to the main pattern lines, dashed lines are drawn to highlight the extension structure of the Butterfly:
- X-B Line: Shows the relationship between the origin and the B retracement
- A-C Line: Connects the A and C swing points
- B-D Line: Shows the BCD extension leg
- X-D Line: The critical extension line showing how D extends beyond X
These dashed lines help traders visually confirm the extension nature of the Butterfly pattern and verify that D has indeed moved beyond X.
X/A/B/C/D Point Labels
Each swing point is labeled with red text:
- X -- Origin point of the pattern
- A -- End of the first leg (XA)
- B -- End of the retracement leg (AB)
- C -- End of the second retracement leg (BC)
- D -- Pattern completion point (entry zone) -- extends beyond X
Labels are positioned slightly offset from the price point to avoid overlapping with candlesticks.
BUY ENTRY / SELL ENTRY Arrows
At point D, a large arrow is drawn to indicate the signal direction:
- Bullish (BUY): An upward-pointing arrow in Lime (green) color, placed below the D point
- Bearish (SELL): A downward-pointing arrow in Red, placed above the D point
The arrow size is configurable (default: 4 on a 1-5 scale) and the distance from price is controlled by the Arrow Gap parameter (default: 0.8 x ATR).
TIP: If the yellow triangles or arrows are too large or too small for your screen, adjust the Arrow Size and Arrow Gap parameters. For higher timeframes (H4, D1), you may want a larger arrow size to keep signals visible.
Alert Configuration
Alert Message Format
When a new Butterfly pattern is detected, the alert message contains all essential information:
Butterfly Harmonic Dashboard: EURUSD BULLISH BUTTERFLY (BUY) pattern on H1
The message tells you: the symbol, the pattern type (Bullish or Bearish), the trading direction (BUY or SELL), and the timeframe.
Setting Up Email Alerts
- Go to Tools > Options > Email and configure your SMTP server
- Send a test email to verify, then set Enable Email Alerts to true
Setting Up Push Notifications
- Install the MetaTrader mobile app and find your MetaQuotes ID in Settings
- In desktop MetaTrader, go to Tools > Options > Notifications and enter the ID
- Click "Test" to verify, then set Enable Push Notifications to true
Alert Best Practices
- Keep Popup and Sound Alerts enabled for immediate desk notification
- Use Push Notifications for mobile alerts when away from the computer
- Email Alerts create a useful log of all detected patterns
- Alerts fire once per pattern per symbol-timeframe to prevent duplicates
Trading Strategies
Strategy 1: Direct Entry at Point D
- Wait for a new Butterfly pattern on the dashboard (Age = 1-2)
- Click Chart to view the pattern and verify the triangles and labels look clean
- Enter at the current price near point D
- Stop Loss: Beyond D by a buffer (e.g., 1x ATR). For Bullish Butterfly, stop below D. For Bearish Butterfly, stop above D. Since D already extends beyond X in the Butterfly pattern, the stop loss is placed beyond D rather than beyond X
- Take Profit: Target B level first, then C or A level for extended targets
- Typical risk-reward: 1:1.5 to 1:3 depending on pattern geometry
NOTE: The Butterfly stop loss placement differs from retracement patterns like the Bat or Gartley. In those patterns, the stop goes beyond X because D is between X and A. In the Butterfly, D has already moved beyond X, so your stop loss goes beyond D -- the extreme of the extension.
Strategy 2: Confirmation Entry
Wait for price confirmation before entering:
- Note the D point level when a new Butterfly pattern appears
- For Bullish: wait for a bullish close above the D-bar high. For Bearish: wait for a bearish close below the D-bar low
- Enter after the confirmation candle closes
- Stop Loss: Below D (Bullish) or above D (Bearish)
- Take Profit: B level first, A level as extended target
Slightly worse entry price but significantly fewer false signals.
Strategy 3: Multi-Timeframe Confluence
Find patterns aligning across multiple timeframes:
- Look for the same symbol showing Butterfly patterns on two or more timeframes (e.g., EURUSD Bearish Butterfly on H1 and H4)
- Enter on the lower timeframe pattern in the direction confirmed by the higher timeframe
- Use the higher timeframe B and A levels as extended targets
TIP: Multi-timeframe confluence is one of the strongest filters for Butterfly pattern trading. When the dashboard shows the same direction on two or more timeframes for a symbol, the probability of a successful reversal increases significantly. The extension nature of the Butterfly means these confluence setups often occur at significant market extremes.
Pivot & Ratio Tuning
Adjusting Pivot Sensitivity
These parameters control how significant a swing must be to qualify as an X, A, B, C, or D point:
| Setting | Pivot Bars | Effect | Best For |
|---|---|---|---|
| Aggressive | 3-4 | Finds minor swings, more patterns, faster detection | Scalping M1-M15 |
| Default | 5 | Balanced between quality and quantity | Day trading M15-H4 |
| Conservative | 7-10 | Only major swings, fewer but higher-quality patterns | Swing trading H4-D1 |
Adjusting Butterfly Fibonacci Ranges
| Trading Style | XAB Tolerance | ABC Range | BCD Range | XAD Tolerance | Patterns Found |
|---|---|---|---|---|---|
| Strict | 3% | 0.50 - 0.786 | 1.80 - 2.40 | 5% | Few, high quality |
| Default | 5% | 0.382 - 0.886 | 1.618 - 2.618 | 10% | Balanced |
| Relaxed | 8% | 0.30 - 0.90 | 1.50 - 3.0 | 15% | Many, wider criteria |
Note that unlike range-based patterns, the Butterfly XAB ratio is a fixed value (0.786), so you adjust the tolerance rather than a min/max range. The same applies to XAD, which uses a range (1.27-1.618) with a tolerance band around the boundaries.
Recommendations by instrument type:
- Major Forex Pairs: Default settings work well. Clean harmonic patterns with reliable Fibonacci relationships
- Minor/Exotic Forex: Slightly relaxed settings (XAD tolerance 12-15%) as price action is less uniform
- Gold/Silver (XAUUSD, XAGUSD): Default or slightly strict. Metals produce well-defined Butterfly patterns
- Crypto (BTCUSD, ETHUSD, SOLUSD): Relaxed settings (XAD tolerance 15%) due to higher volatility
- Indices (US500, US30): Default settings. Index patterns tend to be well-formed
Max History Bars
| Value | Effect | Best For |
|---|---|---|
| 200 | Faster calculation, only recent patterns | Scalping, low-resource systems |
| 500 (default) | Good balance of depth and performance | Most trading scenarios |
| 1000+ | Finds larger patterns spanning many bars | Higher timeframes (D1, W1) |
Broker Symbol Configuration
Many brokers add prefixes or suffixes to symbol names. If your broker's EURUSD appears differently in Market Watch, configure the prefix and/or suffix:
Common Examples
| Broker Symbol | Prefix | Suffix |
|---|---|---|
| EURUSD | (empty) | (empty) |
| xEURUSD | x | (empty) |
| EURUSD.pro | (empty) | .pro |
| mEURUSD.i | m | .i |
| EURUSD_SB | (empty) | _SB |
How to Configure
- Open Market Watch (Ctrl+M) and note the exact symbol name (e.g., "EURUSDpro")
- Identify the prefix (before "EURUSD") and suffix (after "EURUSD")
- Enter prefix in Symbol Prefix , suffix in Symbol Suffix
- In Symbols , enter base names without prefix/suffix: EURUSD,GBPUSD,USDJPY
The indicator automatically combines prefix + base name + suffix to find correct symbols.
TIP: If your dashboard shows "---" for all entries, the most common cause is incorrect symbol names. Check Market Watch and verify your prefix/suffix settings match your broker's naming convention.
Troubleshooting
Dashboard Shows "---" for All Entries
Possible causes:
- Wrong symbol names: Verify symbols match your broker's naming in Market Watch (Ctrl+M)
- Missing prefix/suffix: Set Symbol Prefix and Symbol Suffix to match your broker
- Symbols not loaded: Add missing symbols via Market Watch > right-click > Symbols
- No patterns found: Try increasing Max History Bars
No Arrows or Triangles on Chart
- Verify Show Butterfly Pattern and Show BUY/SELL Arrows are set to true
- Ensure chart symbol is in your monitored symbols list and timeframe is enabled
- If the dashboard row shows "---", no active pattern exists for that symbol-timeframe
Alerts Not Working
- Popup not appearing: Check Enable Popup Alerts is true and MT4/MT5 allows alerts (Tools > Options > Events)
- No sound: Verify sound file exists in the Sounds folder
- Email not received: Configure email in Tools > Options > Email first
- Push not received: Verify MetaQuotes ID in Tools > Options > Notifications
Indicator Loads Slowly
- Reduce monitored symbols or disable unneeded timeframes (e.g., M1, MN)
- Reduce Max History Bars from 500 to 200-300
- The first load is always slower; subsequent calculations are faster
FAQ
Q: Does this indicator repaint? A: No. The indicator uses confirmed swing pivots requiring Pivot Right Bars (default: 5) bars of right-side confirmation. Once displayed, patterns never change or disappear.
Q: Can I use this on any symbol? A: Yes. It works on any symbol in your MetaTrader terminal -- forex, metals, crypto, indices, and more.
Q: What timeframes work best? A: The indicator works on all timeframes from M1 to Monthly. For day trading, M15-H1 provides good frequency and quality. For swing trading, H4-D1 provides higher-quality patterns. The Butterfly pattern performs especially well on H1 and H4 where extension moves are most clearly defined.
Q: How many symbols can I monitor? A: Up to 20 symbols simultaneously. Enter them as a comma-separated list in the Symbols parameter.
Q: Does the indicator provide Entry, Stop Loss, and Take Profit levels? A: The indicator identifies the D point (entry zone) but does not calculate specific SL/TP levels. Since the Butterfly is an extension pattern where D moves beyond X, set your stop loss beyond D and target the B or A level for take profit based on your risk management rules.
Q: What is the difference between the MT4 and MT5 versions? A: Both use identical detection logic. The MT5 version uses handle-based calculations and input group organization. Functionality and output are the same.
Q: How do I know if a pattern is still valid? A: Check the Age column. Low Age values (1-5 bars) are freshest. As Age increases, the entry window may have passed. Also check if price has moved significantly from D.
Q: Can I adjust the Fibonacci ratios? A: Yes. The XAB ratio and tolerance, ABC Min/Max Retracement, BCD Min/Max Extension, XAD Min/Max Extension, and XAD Tolerance are all fully configurable to match your preferred harmonic trading style.
Q: How does the Butterfly pattern differ from the Bat pattern? A: The Butterfly and Bat are both 5-point XABCD harmonic patterns, but they differ fundamentally in structure. The Butterfly is an extension pattern where D moves beyond X (XAD ratio of 1.27-1.618), while the Bat is a retracement pattern where D stays within the XA leg (XAD ratio of 0.886). The Butterfly's XAB ratio is fixed at 0.786, compared to the Bat's range of 0.382-0.50. Because of the extension nature, Butterfly stop losses are placed beyond D (the extreme point), whereas Bat stop losses are placed beyond X. The Butterfly tends to catch larger reversal moves at market extremes, while the Bat identifies tighter reversal zones within established swings.
Download the indicator:
- MetaTrader 5: Butterfly Harmonic Dashboard MT5
- MetaTrader 4: Butterfly Harmonic Dashboard MT4
Support & Contact
If you need help with the Butterfly Harmonic Dashboard Indicator:
Product Pages:
- MetaTrader 5: Butterfly Harmonic Dashboard MT5
- MetaTrader 4: Butterfly Harmonic Dashboard MT4
Contact:
- Developer: Forexobroker - Dominic Walsh
- Website: www.forexobroker.com
- MQL5 Profile: Use the "Message" button on the product page to contact the developer directly
Getting Help:
- Use the Comments section on the product page for general questions
- Use the private Message feature for account-specific issues
- Include your MetaTrader version (MT4 or MT5) and broker name when reporting issues
Risk Disclaimer
Trading foreign exchange, metals, cryptocurrencies, and other financial instruments on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade, carefully consider your investment objectives, level of experience, and risk appetite.
The Butterfly Harmonic Dashboard Indicator is a technical analysis tool that identifies patterns in historical price data. It does not guarantee future results. Past performance is not indicative of future results.
Key Risk Considerations:
- Never risk more than 1-2% of your account on a single trade
- Always use stop losses
- Practice on a demo account before trading with real money
- The indicator identifies patterns; it does not make trading decisions for you
- Harmonic patterns have a statistical edge but do not work 100% of the time
The developer and publisher accept no liability for any trading losses incurred while using this product. Use it at your own risk.
