Bat Harmonic Pattern Indicator in TradingView - Free - [TFlab]

The Bat Harmonic Pattern Indicator is an advanced tool for identifying trend reversal points on the TradingView platform. Designed by Scott Carney, it helps traders detect trend direction changes by utilizing Fibonacci ratios.

This indicator includes five points (X-A-B-C-D) and four waves (XA-AB-BC-CD), issuing an entry signal for trades.

Specifications Table of the Bat Harmonic Pattern Indicator

Bullish Bat Pattern

Based on the Ethereum (ETH) cryptocurrency chart analysis in a 15-minute timeframe, the Bullish Bat Pattern was completed at Point D, located at the 88.6% retracement of the XA leg. Using a green visual marker, the indicator issued a long (buy) signal.

Bearish Bat Pattern

According to the Dogecoin (Doge) cryptocurrency chart analysis in a 15-minute timeframe, the Bearish Bat Pattern was completed at Point D, which lies at the 88.6% retracement of the XA leg. Using a red visual marker, the indicator issued a short (sell) signal.

Indicator Settings

• ZigZag Pivot Period: The pivot point calculation period is set to 3;
• Show Valid Format: Display precise and noise-free patterns;
• Show Formation Last Pivot Confirm: Show patterns upon the formation of the last pivot point;
• Period of Formation Last Pivot: The calculation period for the last pivot is set to 2;
• Show Bullish Pattern: Display the bullish pattern;
• Show Bearish Pattern: Display the bearish pattern;
• Color Bullish Pattern: Set the color of the bullish pattern;
• Color Bearish Pattern: Set the color of the bearish pattern;
• Width Line: Line thickness is set to 1;
• Label Size: Set the label size;
• Switching Colors Theme Mode: Indicator theme;
• Alert: Alert;
• Alert Name: Set the alert name;
• Message Frequency: Set the alert frequency;
• Show Alert Time by Time Zone: Alert time by UTC zone.

Conclusion

The Bat Harmonic Pattern Indicator identifies potential trend reversal zones and provides visual signals to analysts for entering trades at suitable moments.

This indicator on the TradingView platform functions based on specific Fibonacci ratios, covering both bullish and bearish trends.