PZ Harmonic indicator
PZ Harmonic indicator is able to recognize Bat, Alt. Bat, Gartley, Crab, Butterfly, Cypher, Shark patterns, and plots primary, derived and complementary Fibonacci retracement level projections accordingly.
PZ Harmonic preview
Although the indicator determines perfect market entries according to the harmonic patterns, exit points will need to be established by either a trailing stop or any other favorable measure.
In general, blue colored patterns are longed after a bullish breakout of the upper identified Fibonacci retracement level and patterns in rad after a bearish breakdown of the lowest Fibonacci retracement point. A stop loss could be set at the opposite range of Fibonacci retracement levels.
A Bat pattern has been determined on an hourly GBPUSD time-frame. After the completion, Fibonacci retracement levels are set. In this case we would place a limit order at Fibonacci 0.786 XA level with a stop loss at 3.618 point. Our target would be at a first major support. Even if an upward trend line would have been chosen, the set would have produced 80 pips reward.
Trade example on hourly GBPUSD time-frame
Out of many color and detail display features, I find the option to display patterns with perfect measurement ratios only the most useful. Furthermore, different types of alerts are also available.
How to install your indicator on MT4 platform:
1. Click on Download button above;
2. Save the the file to your computer;
3. Extract and move the .ex4 files into the following folder : meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “PZ Harmonic”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: PZ Harmonic indicator is developed by pointzero-trading and was sent by an AtoZForex follower from the Russia, Piotr. AtoZForex does not carry any copyrights over this trading tool.
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