Deep Crab Harmonic Pattern (Reversal Zones) indicator TradingView - Free - [TFlab]

The Deep Crab Harmonic Pattern Indicator is a practical tool with a five-point structure (X-A-B-C-D) available on the TradingView platform, used to identify market reversal points.

This indicator utilizes Fibonacci ratios to form the Deep Crab Pattern, serving as a guide for identifying entry and exit points in trades.

Specifications Table of the Deep Crab Harmonic Pattern Indicator

Bullish Trend Conditions

The price chart of Bitcoin (BTC) on a 15-minute timeframe demonstrates how the indicator operates under bullish trend conditions.

As shown in the image, the price decreases to point D and enters the PRZ (Potential Reversal Zone), signaling the end of the downtrend and the beginning of an uptrend.
In such conditions, traders can consider point D (marked in green) as a signal to enter long (buy) trades.

Bearish Trend Conditions

As shown in the EUR/USD price chart on a 5-minute timeframe, the price increases to point D and enters the PRZ (Potential Reversal Zone), signaling the end of the uptrend and the beginning of a downtrend.

In such conditions, traders can consider point D (marked in red) as a signal to enter short (sell) trades.

Indicator Settings

• ZigZag Pivot Period: Pivot period in the ZigZag structure, set to 3;
• Show Valid Format: Display valid pattern formats;
• Show Formation Last Pivot Confirm: Confirm the last pivot point;
• Period of Formation Last Pivot: Number of candles for detecting the last point, set to 2;
• Show Bullish Pattern: Display bullish patterns;
• Show Bearish Pattern: Display bearish patterns;
• Color Bullish Pattern: Set the color for bullish patterns;
• Color Bearish Pattern: Set the color for bearish patterns;
• Width Line: Define the thickness of the pattern lines;
• Label Size: Set the label size (X-A-B-C-D);
• Switching Colors Theme Mode: Select the indicator’s color theme;
• Alert: Enable alerts;
• Alert Name: Name the alert;
• Message Frequency: Set the frequency of alert messages;
• Show Alert Time by Time Zone: Configure alert timing based on the time zone.

Conclusion

The Deep Crab Harmonic Pattern Indicator identifies PRZ (Potential Reversal Zones) using its five-point structure (X-A-B-C-D) and Fibonacci ratios, helping traders make informed decisions for entering or exiting trades.

This indicator plays a significant role in trend analysis and identifying critical reversal points, and it operates effectively across all markets without any limitations.