Classic Bat Harmonic Pattern Indicator MT5 Download – Free – [TradingFinder]

The Classic Bat Harmonic Pattern Indicator is designed to detect and draw harmonic bat reversal patterns. These patterns are formed based on harmonic pattern and are used to identify potential trend changes.

This MT5 classic chart pattern indicator displays bullish bat patterns in pink and bearish bat patterns in blue.

Classic Bat Harmonic Pattern Indicator Specifications Table

The table below presents a set of specifications and features of the Classic Bat Harmonic Pattern Indicator:

Bullish Classic Bat Pattern

The formation of a bullish bat pattern on the GBP/USD currency pair's one-hour chart may offer a valid buy opportunity.

In this setup, the final C-D wave extends to the 88.6% Fibonacci level of the initial X-A wave, and point “D” is identified as the buy entry point.

Bearish Classic Bat Pattern

According to the 30-minute chart analysis of Ethereum (ETH), a bearish bat pattern has been completed.

This often signals the end of a bullish correction and the start of a new downtrend. Point “D” is considered the sell entry zone in this case.

Classic Bat Harmonic Pattern Indicator Settings

The image below displays the adjustable parameters of the Classic Bat Harmonic Pattern Indicator:

• Minimum Length of Wave (candle): Minimum number of candles to form each wave
• Num of Previous Candle: Number of previous candles used to identify the waves
• Show Lines: Enable/disable the display of pattern lines on the chart
• Break Pivot: Show or hide broken pivot lines on the chart
• Original pivot to broken pivot (Pipet): Allowed distance between original and broken pivots
• Shift: Shift pattern lines forward or backward on the chart
• Bullish Pattern: Display a bullish bat pattern
• Bearish Pattern: Display a bearish bat pattern
• Custom Color Lines (Bearish Harmonic): Color of lines for bearish patterns
• Custom Color Lines (Bullish Harmonic): Color of lines for bullish patterns
• Custom Color of Text: Color of labels and text

Conclusion

The Classic Bat Harmonic Pattern Indicator performs a detailed analysis of a defined number of candles to identify harmonic bat structures, which it then visually displays on the chart.

This trading tool allows you to configure the number of analyzed candles and minimum wave length, which improves the accuracy of pattern recognition.

Additionally, users can independently enable/disable bullish or bearish pattern detection and customize line and text colors for a better user experience.