AB=CD Harmonic Pattern Indicator in MetaTrader 4 - Free - [TradingFinder]

The AB=CD harmonic indicator in the MetaTrader 4 platform is designed as a tool for identifying harmonic patterns.

This indicator draws the AB=CD pattern on the chart by specifying four main points A, B, C, and D and displays the price reversal area (PRZ).

Traders can better identify opportunities to enter or exit trades at critical market points using this tool and technical analysis.  

Table of the AB=CD Harmonic Pattern Indicator

The general specifications of the AB=CD Harmonic Pattern indicator are listed in the section below.

Bullish Pattern

On the 30-minute chart of the GBPJPY currency pair, a bullish AB=CD harmonic pattern has been identified.

Traders looking to identify this type of harmonic pattern can recognize this price structure on the chart using the AB=CD harmonic pattern indicator.

Considering point D, which is known as the potential price reversal area (PRZ), a suitable opportunity to enter a buy position becomes available. This tool allows analysts to make more intelligent and specialized decisions in the market.

Bearish Pattern

On the 30-minute chart of the USDJPY currency pair, the AB=CD harmonic pattern indicator has identified and drawn a bearish AB=CD pattern on the chart.

Traders looking to identify this type of bearish pattern can use this specialized indicator to identify a suitable entry point for selling and enter a sell position at the appropriate time.

Settings of the AB=CD Harmonic Pattern Indicator

The settings for the AB=CD Harmonic Pattern indicator are provided in the section below.

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

Summary

The AB=CD harmonic pattern indicator is one of the advanced trading strategies in the Forex market. By identifying the AB=CD pattern, it enables traders to better understand market trends and price movements.

This tool identifies four key points (A, B, C, D) and critical areas called price reversal areas (PRZ), where the probability of price trend change increases. By using this indicator, traders can enter buy or sell positions with lower risk and a higher probability of success.