ZUP Indicator (ZUP) for MetaTrader 4 Download - Free - [TradingFinder]

The ZUP Indicator is one of the harmonic pattern for MT4. It identifies price movement legs and calculates Fibonacci ratios for each leg.

By displaying Fibonacci values and drawing lines to each pivot, this indicator helps traders identify harmonic patterns and detect each wave on the chart.

ZUP Indicator Table

The table below outlines the general specifications of the ZUP Indicator.

Bullish Harmonic Pattern

In the 30-minute Gold chart, a harmonic pattern has been identified using the ZUP Indicator. The indicator has detected the AB leg and calculated the Fibonacci ratios for this leg along with the BC leg, identifying the AB=CD Pattern.

Finally, after the pattern is completed, a buy trading opportunity has formed, and the price has moved sharply upward.

Bearish Harmonic Pattern

In the 1-hour NZD/USD chart, Fibonacci ratios based on movement legs are displayed. Traders can use the ZUP Indicator to analyze movement ratios and identify harmonic patterns.

In the chart below, a Bat Harmonic Pattern has been identified, which, after completion, has initiated a bearish trend.

ZUP Indicator Settings

The settings for the ZUP Indicator are as follows:

• min Bars: Set the minimum number of candles for identifying a price wave
• min Size: Set the number of High and Low points to connect and identify a pattern
• ExtMaxBar: Set the number of candles to analyze
• Ext Size Txt: Set the size of the numbers
• Ext ZigZagColor: Set the color of the zigzag lines
• ExtLine: Set the color of the numbers
• ExtLine886: Set the color of the pattern lines

Conclusion

The ZUP Indicator is one of the classic and chart pattern indicators for MetaTrader 4, designed to identify harmonic patterns based on Fibonacci ratios.

This indicator calculates price movement legs and displays Fibonacci ratios for each leg. 

Classic-style traders can use this tool to identify harmonic patterns such as Gartley, Bat, AB=CD, and other common patterns, and enter appropriate trading positions upon pattern confirmation.