Nen Star Harmonic Pattern Indicator on TradingView - Free - [TFlab]

The Nen Star Harmonic Pattern Indicator is recognized as an advanced reversal pattern among TradingView indicators, designed to identify market trend changes and predict key price reversal points (PRZ - Potential Reversal Zones).

Using Fibonacci ratios and specific price structures, the Nen Star harmonic pattern determines potential reversal areas, where price direction is likely to change.

Nen Star Harmonic Pattern Indicator Table

The table below summarizes the key features of the Nen Star Harmonic Indicator:

Indicator in an Uptrend

The Nen Star Harmonic Pattern Indicator detects a bullish Nen Star pattern.

The identified pattern, forming an M shape on the chart, signals the end of a bearish move as price reaches Point D in the Potential Reversal Zone (PRZ). After Point D, a trend reversal signal to bullish is generated, marked by a green arrow.

Indicator in a Downtrend

In the Nen Star harmonic pattern, after Point D, a confirmation bearish candle appears, indicating the beginning of a downtrend. The indicator determines the entry signal (Sell) near Point D.

Traders can place the Stop Loss (SL) slightly above Point D and define Take Profit (TP) targets based on the continuation of the downtrend.

Indicator Settings

Upon evaluating the Nen Star Harmonic Pattern Indicator, it is observed that its settings are divided into three main sections: Logical, Display, and Alert.

Logical Settings

• ZigZag Pivot Period: Defines the calculation period for pivot points
• Show Valid Format: Displays valid patterns
• Show Formation Last Pivot Confirm: Displays confirmation of the last pivot
• Period of Formation Last Pivot: Defines the calculation period for the last pivot confirmation

Display Settings

• Show Bullish Pattern: Enables displaying bullish patterns
• Show Bearish Pattern: Enables displaying bearish patterns
• Color Bullish Pattern: Sets the color for bullish patterns
• Color Bearish Pattern: Sets the color for bearish patterns
• Width Line: Defines the thickness of pattern lines
• Label Size: Adjusts the size of text labels on the chart
• Switching Colors Theme Mode: Changes the indicator’s background theme

Alert Settings

• Alert: Generates an alert when a pattern is detected
• Alert Name: Customizes the alert name
• Message Frequency: Defines how often messages appear when a pattern forms
• Show Alert Time by Time Zone: Displays alert time based on the selected time zone

Conclusion

Traders can utilize the Harmonic Pattern Indicators to identify high risk-to-reward trading opportunities.

The Buy Signal is displayed with a green arrow, and the Sell Signal is shown with a red arrow. These signals are applicable across various markets, including Forex.

The precise identification of Potential Reversal Zones (PRZ) and target price levels in the Nen Star Harmonic Pattern makes this indicator an effective tool for risk management and optimizing profitability in trading strategies.