Classic Bat Harmonic Pattern Indicator MT4 Download – Free – [TradingFinder]

The Classic Bat Harmonic Pattern Indicator is one of technical analysis's most recognized harmonic patterns. This pattern is formed based on Fibonacci ratios and indicates a strong price correction.

This MT4 candlestick indicator draws the bullish bat pattern in pink and the bearish bat pattern in blue. Using this trading tool, optimal entry and exit points can be identified.

Classic Bat Harmonic Pattern Indicator Specifications Table

The table below describes the specifications and features of the Classic Bat Harmonic Pattern Indicator:

Bullish Pattern

According to the 30-minute EUR/USD pair chart, forming a bullish Bat pattern provides a buy entry opportunity.

The image shows that the final downward wave C-D reaches the 88.6% Fibonacci level of wave X-A, and point “D” is considered the entry point.

Bearish Pattern

Based on the 1-hour chart analysis of Bitcoin (BTC), the appearance of a bearish Bat pattern indicates the end of a bullish correction and the beginning of a new downtrend. Point “D” is considered a sell entry zone in such scenarios.

Classic Bat Harmonic Pattern Indicator Settings

The following image displays the settings panel for the Classic Bat Pattern Indicator:

• Minimum Length of Wave (candle): Minimum number of candles required to form each wave
• Num of Previous Candle: Number of previous candles to identify waves
• Show Lines: Display pattern lines on the chart
• Break Pivot: Enable/disable the display of broken pivot lines on the chart
• Original pivot to broken pivot (Pipet): Allowable distance between the original and broken pivot
• Shift: Shift pattern lines forward or backward on the chart
• Bullish Pattern: Display a bullish Bat pattern
• Bearish Pattern: Display a bearish Bat pattern
• Style of Line: Line style connecting pattern points
• Width of Line: Thickness of pattern lines
• Custom Color Lines (Bearish Harmonic): Line color for bearish patterns
• Custom Color Lines (Bullish Harmonic): Line color for bullish patterns
• Custom Color of Text: Text and label color

Conclusion

The Classic Bat Harmonic Pattern Indicator analyzes a specific number of candles to identify harmonic bat reversal patterns and displays them on the chart.

Adjusting the wavelength, number of previous candles, and line styles in this MT4 harmonic indicator can improve pattern detection accuracy.

Users can also independently activate bullish or bearish patterns and customize the colors of lines and texts.