Three Drive Harmonic Pattern Indicator on TradingView - Free - [TradingFinder]

The Three-Drive Harmonic Pattern Indicator enables traders to identify harmonic reversal patterns in price charts.

This indicator examines three consecutive price movements and displays them sequentially numbered (1, 2, and 3) on the chart.

Once the third movement (Drive 3) completes and price reversal confirmations, such as Doji candles, are identified, the indicator issues a trade entry signal.

Indicator Table Specifications

Indicator in an Uptrend

In the chart below, the price first moves downward, followed by a retracement to the Fibonacci 1.482 level. The price then continues its downward movement until reaching the Fibonacci 1.318 level from the previous correction.

During the third drive, the price enters the PRZ, where Fibonacci level confluence occurs, creating a potential reversal area for upward movement.

The indicator looks for confirmations like candlestick patterns (e.g., Doji or Pin Bar) in this area. Upon confirmation, it issues a Buy Entry Signal.

Indicator in a Downtrend

In the first drive, the price moves upward and retraces to approximately 1.298 Fibonacci level; in the second drive, the price extends upward to the 1.552 Fibonacci level. This pattern repeats for the third drive until reaching the PRZ.

Once the PRZ is identified, the indicator displays a Sell Entry Signal with a red arrow for traders.

Indicator Settings

• ZigZag Pivot Period: Configures the number of periods for identifying pivot points in the ZigZag chart;
• Show Valid Format: Option to display valid formats for pattern recognition;
• Show Formation Last Pivot Confirm: Enables confirmation for the last pivot formation;
• Period of Formation Last Pivot: Sets the number of periods to confirm the last pivot formation;
• Show Bullish Pattern: Displays bullish patterns on the chart;
• Show Bearish Pattern: Displays bearish patterns on the chart;
• Color Bullish Pattern: Sets the color for bullish patterns;
• Color Bearish Pattern: Sets the color for bearish patterns;
• Width Line: Adjusts line thickness for patterns;
• Label Size: Configures label size on the chart;
• Switching Colors Theme Mode: Toggles color themes between light and dark modes;
• Alert: Sends alerts when patterns are detected;
• Alert Name: Sets a custom name for alerts;
• Message Frequency: Customizes the message content for alerts;
• Show Alert Time by Time Zone: Displays alert times according to the selected time zone.

Conclusion

With features such as automatic pattern recognition, precise Fibonacci ratios (1.27 and 1.618), and candlestick confirmations, this indicator is suitable for harmonic analysis-based trading strategies.

The indicator generates Buy Entry Signals (green arrow) for uptrends and Sell Entry Signals (red arrow) for downtrends using its sequential structure.