Five zero Harmonic Pattern Indicator MT4
- Indicators
- Eda Kaya
- Version: 2.1
5-0 Harmonic Pattern Indicator MT4
The 5-0 Harmonic Pattern indicator is a practical tool in the MetaTrader 4 platform for identifying harmonic patterns. This indicator detects the 5-0 harmonic pattern by locating 6 pivot points on the chart and visualizing it by drawing connecting lines.
Traders can spot bullish and bearish formations by combining this indicator with technical analysis, enabling more refined and specialized chart analysis.
«Indicator Installation & User Guide»
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5-0 Harmonic Pattern Indicator Table
The general specifications of the 5-0 Harmonic Pattern indicator are listed in the section below:
Category | Harmonic Pattern - Classic and Chart Patterns - Price Action |
Platform | MetaTrader 4 |
Skill Level | Advanced |
Indicator Type | Reversal - Leading - Non-Repainting |
Time Frame | Multi Time Frame |
Trading Style | Scalping - Day Trading - Intraday Trading |
Trading Markets | Forex - Stocks - Indices |
Indicator at a Glance
The 5-0 Harmonic Pattern indicator displays the 5-0 pattern on the chart by identifying points O, X, A, B, C, and D and drawing connections between them. This advanced tool helps traders recognize high-probability trading opportunities by highlighting potential price reversal zones (PRZ).
Bullish Pattern
On the 30-minute chart of the USDJPY currency pair, a bullish 5-0 harmonic pattern has appeared. Traders can use the 5-0 Harmonic Pattern indicator to locate reversal points, and upon confirming the pattern, enter a buy trade in the market.
Bearish Pattern
On the 1-hour chart of the EURUSD currency pair, the 0-5 Harmonic Pattern indicator has identified a bearish 5-0 formation. By marking point D as the potential reversal area (PRZ), this indicator enables traders to determine a proper entry point for a sell trade.
5-0 Harmonic Pattern Indicator Settings
The settings for the 0-5 Harmonic Pattern indicator are provided below:
• Minimum Length Of Wave (candle): Select the minimum number of candles required to form a wave
• Num Of Previous Candle: Choose how many previous candles to evaluate
• Show Lines: Toggle the display of pattern lines
• Break Pivot: Enable or disable pivot breakout checks
• Original pivot to broken pivot (Pipet): Set the allowable distance between original and broken pivots
• Shift: Adjust the horizontal placement of lines
• Bullish Pattern: Enable detection of bullish patterns
• Bearish Pattern: Enable detection of bearish patterns
• Style Of Line: Choose the line style connecting pattern points
• Width Of Line: Set the thickness of the lines
• Custom Color Lines (Bearish Harmonic): Define color for bearish pattern lines
• Custom Color Lines (Bullish Harmonic): Define color for bullish pattern lines
• Custom Color Of Text: Customize the color of text annotations on the chart
Conclusion
The 5-0 Harmonic Pattern indicator is a focused trading tool in the Forex market designed to reveal the structure of the market through the 0-5 harmonic pattern. By identifying and displaying potential reversal areas (PRZ), this indicator assists traders in finding ideal entry points for both buying and selling positions.