Leonardo Harmonic Pattern Indicator for MetaTrader 5 Download - [TradingFinder]

The Leonardo Harmonic Pattern Indicator is a specialized tool for analyzing harmonic structures. It is designed to detect potential price reversal zones based on Fibonacci ratios. Structurally, it resembles the Bat Pattern but shows notable differences in numerical levels and ratios, making it unique.

The Leonardo pattern comprises five price legs labeled XA, AB, BC, CD, and AD. These waves can help determine potential entry and exit zones if identified correctly in Technical analysis . Key ratios like 50%, 88.6%, and 261.8% play a critical role in the formation.

Leonardo Harmonic Pattern Indicator Table

The specifications of the Leonardo Harmonic Pattern Indicator are summarized in the table below:

Uptrend Conditions

In the EUR/CAD currency pair chart, point D is marked as a significant zone within the Leonardo pattern after the complete formation of XA, AB, BC, and CD.

Positioning D within a sensitive Fibonacci area increases the probability of a reversal from bearish to bullish.

Downtrend Conditions

The Leonardo pattern is accurately identified on the EUR/USD chart. After the formation from XA to CD, point D is positioned in a key area considered a reversal zone.

The Fibonacci relationshipsbetween AB, BC, and CD confirm the structure's validity and suggest a higher probability for a bearish move from D.

Leonardo Harmonic Pattern Indicator Settings

The image below illustrates the configurable parameters of the Leonardo Harmonic Pattern Indicator:

• Minimum Length Of Wave (candle): Minimum number of candles for wave detection
• Num Of Previous Candle: Number of past candles used in calculations
• Show Lines: Show or hide pattern lines
• BreakPivot: Check for pivot breaks
• Original pivot to broken pivot (Pipet): Distance in pipets between original and broken pivot
• Shift: Data offset in the chart
• BullishPattern: Enable bullish pattern detection
• BearishPattern: Enable bearish pattern detection
• Style Of Line: Line style selector
• Width Of Line: Thickness of displayed lines
• Custom Color Lines (Bearish Harmonic): Color for bearish pattern lines
• Custom Color Lines (Bullish Harmonic): Color for bullish pattern lines
• Custom Color Of Text: Text color setting

Conclusion

The Leonardo Harmonic Pattern Indicator, built on an accurate Fibonacci-based structure, allows for analyzing potential reversal formations across all timeframes.

While similar to the Bat Pattern, its specific retracement levels and high precision make it a distinctive tool for identifying market-sensitive zones in MetaTrader 5.