Dragon Harmonic Pattern Indicator MT4
Dragon Harmonic Pattern Indicator for MT4
The Dragon Harmonic Pattern Indicator provides an automated and visual display of the Dragon reversal pattern. This pattern typically forms shapes resembling the letters “M” or “W” and is used to identify Potential Reversal Zones (PRZ).
Built upon the XABCD wave framework, this MT4 indicator leverages Fibonacci ratios to recognize Dragon pattern formations.
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Dragon Harmonic Pattern Indicator Specifications Table
The table below details the features and specifications of the Dragon Harmonic Pattern Indicator:
Category | Harmonic Pattern - Candlestick - Classic & Chart Patterns |
Platform | MetaTrader 4 |
Skill Level | Intermediate |
Indicator Type | Reversal |
Timeframe | Multi Timeframe |
Trading Style | Intraday Trading |
Market | All Markets |
Dragon Harmonic Pattern Indicator at a Glance
The Dragon Harmonic Pattern appears in two variations, bullish and bearish, with the following structure:
- Bullish Dragon Pattern: Forms a “W”-shaped structure in blue, suggesting the beginning of an upward trend.
- Bearish Dragon Pattern: Forms an “M”-shaped pattern in pink, indicating a potential downward reversal.
Bullish Dragon Pattern
On the one-hour chart of Gold against the US Dollar (XAU/USD), the indicator detects a bullish Dragon pattern. After corrective movements at points A and B, the formation concludes at point D, where price action begins to trend upward.
Bearish Dragon Pattern
In the 30-minute USD/CAD chart, the Dragon Harmonic Pattern Indicator identifies a bearish setup marked in pink. As shown, the price completes the formation at point D and subsequently initiates a bearish trend.
Dragon Harmonic Pattern Indicator Settings
Below are the configurable settings available in the Dragon Harmonic Pattern Indicator:
- Minimum Length of Wave (candle): Defines the minimum number of candles required to form each wave
- Num of Previous Candle: Number of historical candles used in the analysis
- Show Lines: Enable or disable display of pattern lines
- Break Pivot: Toggle broken pivot line display
- Original pivot to broken pivot (Pipet): Set the permissible distance between original and broken pivot points
- Shift: Adjust pattern display forward or backward on the chart
- Bullish Pattern: Toggle the display of bullish Bat patterns
- Bearish Pattern: Toggle the display of bearish Bat patterns
- Style of Line: Choose the type of connecting lines between pattern points
- Width of Line: Define the thickness of the pattern lines
- Custom Color Lines (Bullish Harmonic): Set custom colors for bullish pattern lines
- Custom Color Lines (Bearish Harmonic): Set custom colors for bearish pattern lines
- Custom Color of Text: Select the color of the pattern text and labels
Conclusion
The Dragon Harmonic Pattern Indicator enables the detection of both bullish and bearish Dragon patterns, well-known in harmonic analysis for signaling trend reversals. It graphically overlays these patterns on MetaTrader 4 candlestick charts, helping traders locate potential reversal zones.
The indicator also assists in optimizing entry points across various markets such as Forex, Cryptocurrency, Stocks, and more.