Crab Harmonic Pattern Indicator on TradingView - Free - [TradingFinder]

The Crab Harmonic Pattern is a Reversal Pattern that identifies suitable Price Reversal Zones (PRZ) on charts using Fibonacci Ratios.The Crab Pattern can appear in Bullish (M shape) and Bearish (W shape) on the chart.

After forming the pattern, theSell signal is shown with a red arrow, and the Buy signal is shown with a green arrow.

Specifications of the Crab Harmonic Indicator

Indicator in an Uptrend

This pattern starts with an upward movement, followed by a price retracement. Subsequently, the price resumes its upward target.

Price retracements play a key role in this pattern, as Entry and Exit points are determined using Fibonacci Ratios at these stages.

After the pattern is completed and confirmation from the indicator is received, theBuy signal (green arrow) is displayed.

Indicator in a Downtrend

On the price chart of the AUD/USD pair, the Bearish Crab Pattern resembles the letter W. It usually starts with a corrective move in a downtrend.

After several price oscillations, the price reaches its peak, where the direction changes, and a sharp decline occurs. At this point, the indicator generates a Sell signal.

Indicator Settings

Logical Setting

• ZigZag Pivot Period: Default calculation period for ZigZag pivots: 3;
• Show Valid Format: Display only valid patterns;
• Show Formation Last Pivot Confirm: Show confirmation of the last pivot;
• Period of Formation Pivot: Formation period for the last pivot - Default is 2.

Display Setting

• Show Bullish Pattern: Display Bullish Patterns;
• Show Bearish Pattern: Display Bearish Patterns;
• Color Bullish Pattern: Default color for Bullish Pattern: Blue;
• Color Bearish Pattern: Default color for Bearish Pattern: Blue;
• Width Line: Default line thickness: 1;
• Label Size: Text label size;
• Switching Colors Theme Mode: Chart background theme.

Alert

• Alert: Generate alerts for pattern creation;
• Alert Name: Name of the alert;
• Message Frequency: Customizable alert content;
• Show Alert Time By Time Zone: Display alert time based on time zone.

Conclusion

The Crab Harmonic Pattern Indicator is specifically designed for traders who use harmonic patterns in their analysis.

This tool automatically identifies key points of the harmonic patterns and determines thePotential Reversal Zones (PRZ), issuing trade entry signals.