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

The Gartley Harmonic Pattern indicator in TradingView identifies Gartley patterns and uses Fibonacci levels to predict Potential Reversal Zones (PRZ) in the market.

This pattern usually forms in the first and second waves of the Elliott Wave Theory, where the XA wave represents Wave 1, and the ABCD correction represents Wave 2. The key points of the Gartley pattern align with Fibonacci levels.

Specification Table for the Gartley Harmonic Pattern Indicator

The table below provides complete information about this indicator and its applications:

Indicator in an Uptrend

The movement from Point X to A must first be upward to identify an upward Gartley pattern. Then, the movement from Point A to B occurs downward, followed by an upward movement from Point B to C.

Finally, the movement from Point C to D takes a downward trajectory. On the chart, this pattern resembles the letter "M."

After this pattern completes, prices usually rise from Point D, and the indicator displays an entry signal (green arrow) for the trade.

Indicator in a Downtrend

In a downtrend for GBP/JPY, the initial movement from Point X to A is downward; the movement from Point A to B occurs upward. Afterward, the movement from Point B to C is downward again, and finally, the movement from Point C to D ascends.

Ultimately, the bearish Gartley pattern on the chart resembles the letter "W," indicating a potential price drop from Point D after the final movement.

Gartley Harmonic Pattern Indicator Settings

The image below refers to the formation of the Gartley harmonic pattern, which includes the sections [Logical Setting, Display Setting, and Alert]:

Logical Setting

• ZigZag Pivot Period: The Default pivot period for ZigZag is set to 3;
• Show Valid Format: Display only valid patterns
• Show Formation Last Pivot Confirm: Show confirmation of the last pivot.

Display Setting

• Period of Formation Pivot: For the formation period of the last pivot, the default is set to 2;
• Show Bullish Pattern: Display bullish patterns
• Show Bearish Pattern: Display bearish patterns;
• Color Bullish Pattern: The default color for bullish patterns is blue;
• Color Bearish Pattern: The Default color for the bearish pattern is red;
• Width Line: Default display line thickness set to 1;
• Label Size: Size of the text labels;
• Switching Colors Theme Mode: Background theme of the chart.

Alert

• Alert: Enable alerts for pattern formations;
• Alert Name: Name of the alert;
• Message Frequency: Customizable message content;
• Show Alert Time By Time Zone: Display alert times based on the selected time zone.

Conclusion

The Gartley Harmonic Pattern Indicator analyzes price structures and Fibonacci ratios, identifies market reversal zones, and highlights high-potential trading opportunities.

Successful use of this tool requires combining technical knowledge, risk management, and experience in financial markets.