5-0 Harmonic Pattern Indicator in MT 4 Download – [Trading Finder]

The 5-0 Harmonic Pattern indicator is a practical tool in the MetaTrader 4 platform for identifying harmonic patterns. This indicator identifies the 5-0 harmonic pattern by detecting 6 pivot points on the chart and displays it by drawing lines.

Traders can identify bullish and bearish patterns by combining technical analysis and using this indicator, performing more specialized analyses on the price chart.  

5-0 Harmonic Pattern Indicator Table

The general specifications of the 5-0 Harmonic Pattern indicator are listed in the section below.

Bullish Pattern

On the 30-minute chart of the USDJPY currency pair, a bullish 5-0 harmonic pattern has formed. Traders can identify price reversal points using the 5-0 Harmonic Pattern indicator and, upon confirmation of the pattern, enter a buy trade in the market.

Bearish Pattern

On the 1-hour chart of the EURUSD currency pair, the 5-0 Harmonic Pattern indicator has identified a bearish 5-0 pattern.

By displaying point D as the potential price reversal area (PRZ), this indicator allows traders to identify a suitable entry point for entering a sell trade.

5-0 Harmonic Pattern Indicator Settings

The settings for the 5-0 Harmonic Pattern indicator are provided in the section below:

• Minimum Length Of Wave (candle): Select the minimum length of a wave (in terms of number of candles).  
• Num Of Previous Candle: Select the number of previous candles to examine the market.  
• Show Lines: Select whether to display pattern lines.  
• Break Pivot: Select whether to check for pivot breakouts.  
• Original pivot to broken pivot (Pipet): Select the distance (in pipettes) between the original pivot and the broken pivot.  
• Shift: Select the horizontal shift of the lines.  
• Bullish Pattern: Select whether to display bullish patterns.  
• Bearish Pattern: Select whether to display bearish patterns.  
• Style Of Line: Select the line type.  
• Width Of Line: Select the width of the lines.  
• Custom Color Lines (Bearish Harmonic): Select the color for bearish harmonic pattern lines.  
• Custom Color Lines (Bullish Harmonic): Select the color for bullish harmonic pattern lines.  
• Custom Color Of Text: Select the color for the explanatory text on the chart.  

Summary

The 5-0 Harmonic Pattern indicator is a specialized trading strategy in the Forex market that allows traders to identify the market structure by drawing the 5-0 harmonic pattern. This indicator provides traders with a suitable entry point for entering buy or sell trades by displaying the potential price reversal area (PRZ).