Dragon Harmonic Pattern Indicator for MT5 Download – Free – [TradingFinder]

The Dragon Harmonic Pattern Indicator is designed to automatically detect and draw the Dragon reversal pattern, which is recognized in technical analysis as a harmonic pattern. This pattern visually resembles the letters "W" or "M", and it highlights Potential Reversal Zones (PRZ) on the chart.

This MT5 classic and chart pattern indicator constructs patterns based on specific Fibonacci ratios and the XABCD structure.

Dragon Harmonic Pattern Indicator Specifications Table

The specifications of the Dragon Harmonic Pattern Indicator are as follows:

Bullish Dragon Pattern

In the 1-hour timeframe chart of Silver vs. US Dollar (XAG/USD), following corrective waves at points "A" and "B", the pattern completes at point "D". Right after this, an upward price movement begins.

Bearish Dragon Pattern

Based on the 1-hour timeframe chart of Polkadot (DOT/USD), the price trend reverses downward after reaching point "D", consistent with the pattern structure.

This market reaction confirms the reversal nature of the Dragon pattern in this scenario.

Dragon Harmonic Pattern Indicator Settings

The customizable settings of the Dragon Harmonic Pattern Indicator are described below:

• Minimum Length of Wave (candle): Minimum number of candles required to form each wave
• Num of Previous Pivot: Number of previous candles to identify pivot points
• Show Lines: Enable or disable display of pattern lines
• Break Pivot: Toggle visibility of broken pivot lines on the chart
• Original pivot to broken pivot (Pipet): Allowed distance between the original and broken pivot
• Shift: Move the pattern structure forward or backward on the chart
• Bullish Pattern: Display bullish Bat pattern
• Bearish Pattern: Display bearish Bat pattern
• Custom Color Lines (Bullish Harmonic): Select color for bearish pattern lines
• Custom Color Lines (Bearish Harmonic): Select color for bullish pattern lines
• Custom Color of Text: Customize label and text color

Conclusion

The Dragon Harmonic Pattern Indicator can identify and display both bullish and bearish Dragon formations. This MT5harmonic pattern indicatorenhances analysis by visually outlining potential trend reversal structures.

Moreover, the tool enables traders to identify optimal entry points across various markets including Forex, cryptocurrency, and stocks.