Classic Harmonic Butterfly Pattern Indicator MT4 Download – Free

The Classic Butterfly Harmonic Pattern Indicator is designed to visually plot butterfly patterns on the chart to highlight price reversal points. What sets this pattern apart from other harmonic patterns is the placement of point "D" beyond the initial point "X."

Typically, the appearance of this pattern indicates the end of the current trend and the beginning of a new one. This trading tool displays bullish patterns in pink and bearish patterns in blue.

Classic Butterfly Harmonic Pattern Indicator Specifications Table

The table below provides specifications for the Classic Butterfly Harmonic Pattern Indicator:

Bullish Trend Conditions

Based on the GBP/USD currency pair chart in the 4-hour time frame, a bullish Butterfly pattern is drawn in the shape of the letter "M" and colored in pink.

As shown in the image, after the pattern completes at point "D," the market reverses direction and moves toward higher price levels.

Bearish Trend Conditions

According to the Bitcoin (BTC) chart in the 1-hour time frame, once detected, the indicator plots a bearish Butterfly pattern in the shape of the letter "W" colored in blue.

Price often tends to reverse in such conditions, and point "D" can be a suitable entry for sell trades.

Classic Butterfly Harmonic Pattern Indicator Settings

The image below shows the settings of the Classic Butterfly Harmonic Pattern Indicator:

• Minimum Length of Wave (candle): Minimum number of candles required to form each wave
• Num of Previous Candle: Number of past candles used to identify waves
• Show Lines: Display pattern lines
• Break Pivot: Display or hide broken pivot lines on the chart
• Original pivot to broken pivot (Pipet): Allowed distance between original and broken pivots
• Shift: Move pattern lines forward or backward on the chart
• Bullish Pattern: Display bullish patterns
• Bearish Pattern: Display bearish patterns
• Style of Line: Type of line connecting pattern points
• Width of Line: Thickness of drawn pattern lines
• Custom Color Lines (Bearish Harmonic): Custom line color for bearish patterns
• Custom Color Lines (Bullish Harmonic): Custom line color for bullish patterns
• Custom Color of Text: Text and label color

Conclusion

The Classic Butterfly Harmonic Pattern Indicator effectively identifies price reversal points within strong trends.

By precisely analyzing the (XABCD) structure and marking the Potential Reversal Zone (PRZ), it facilitates trend analysis and optimal entry points for trades.

It is also compatible with various trading strategies and can be used across different markets such as cryptocurrencies, forex, stocks, and commodities.