Alternate Bat Harmonic Pattern Indicator on TradingView - Free - [TradingFinder]

The Alternate Bat Harmonic Pattern is one of the most accurate harmonic pattern indicators, introduced in 2003 by Scott Carney.

This pattern is featured in the TradingView indicators section and utilizes Fibonacci ratios such as 0.382 for point B and 1.13 for the XA extension at point D to identify the Potential Reversal Zone (PRZ). In this zone, a price reversal is highly likely to occur.

This indicator uses a green arrow to display Buy signals and a red arrow to indicate Sell signals.

Alternate Bat Harmonic Pattern Indicator Table

The following table outlines the general specifications of this indicator:

Indicator in an Uptrend

This pattern signals a potential price reversal to the downside in an uptrend. The structure comprises three upward movements and two corrective waves, culminating at point D, the PRZ.

In this zone, the indicator, after receiving necessary confirmations, generates a Buy signal.

Indicator in a Downtrend

This pattern indicates a price reversal to the upside in a downtrend. Its structure includes three downward movements and two corrective waves, concluding at point D, the PRZ.

The indicator displays a Sell signal in this zone when Fibonacci levels and reversal candlesticks align.

Indicator Settings

The image below shows the complete settings of the indicator, including Logical Settings, Display Settings, ...:

Logical Settings

• ZigZag Pivot Period: Calculation period for pivot points;
• Show Valid Format: Enable/Disable valid patterns;
• Show Formation Last Pivot Confirm: Display the last confirmed pivot;
• Period of Formation Last Pivot: Calculation period for the last pivot confirmation.

Display Settings

• Show Bullish Pattern: Enable the display of bullish patterns;
• Show Bearish Pattern: Enable the display of bearish patterns;
• Color Bullish Pattern: Set the color for bullish patterns;
• Color Bearish Pattern: Set the color for bearish patterns;
• Width Line: Adjust the line thickness for patterns;
• Label Size: Adjust the size of the text labels on the chart;
• Switching Colors Theme Mode: Change the background theme of the indicator.

Alert Settings

• Alert: Notify when a pattern forms;
• Alert Name: Customizable alert name;
• Message Frequency: Display a message when the pattern forms;
• Show Alert Time by Time Zone: Display alert time based on the time zone.

Conclusion

The Alternate Bat Harmonic Pattern Indicator is an effective tool for identifying Potential Reversal Zones (PRZ). It is available on the TradingView platform and is suitable for intermediate traders.

This tool is particularly useful in various trading strategies, especially for more precise entry and exit point analyses.