About the Harmonic Patterns Forex Indicator
The Harmonic Patterns Forex Indicator for Metatrader 4 is a specialized price action tool designed to automatically detect advanced harmonic trading patterns across any currency pair.
Instead of relying on lagging calculations, this indicator focuses entirely on geometric price movements and Fibonacci relationships.
As a result, traders can identify potential reversal zones while the pattern is forming or immediately after completion.
All detected harmonic patterns are drawn directly on the main price chart, allowing traders to see the full structure without switching between windows.
Bullish and bearish setups are color-coded, making it easier to react quickly during active market conditions.
The indicator supports a wide range of harmonic models and can be adjusted through the inputs tab to match different trading preferences.
It is suitable for traders who value precision entries and structured price behavior.
Free Download
Download the “HarmonicShow_bySB_14CL.ex4.ex4” MT4 indicator
Key Features
- Automatically scans for harmonic trading patterns.
- Based entirely on price action and Fibonacci ratios.
- Displays patterns directly on the main chart.
- Supports both bullish and bearish market setups.
- Highly customizable through indicator input settings.
Indicator Chart
The Harmonic Patterns Forex Indicator appears directly on the price chart where patterns are formed.
Each detected pattern is drawn using geometric lines and highlighted in green for bullish setups and red for bearish setups.
The chart visualization helps traders understand the full pattern structure and potential reversal areas at a glance.
Guide to Trade with Harmonic Patterns Forex Indicator
Buy
- Wait for the Harmonic Patterns indicator to display a green bullish pattern.
- Confirm that the pattern completes near a support or Fibonacci reaction zone.
Sell
- Wait for the Harmonic Patterns indicator to display a red bearish pattern.
- Confirm that the pattern completes near resistance or a Fibonacci extension level.
Stop Loss
- Place the stop loss slightly below the final swing low of the bullish harmonic pattern.
- Place the stop loss slightly above the final swing high of the bearish harmonic pattern.
Take Profit
- Set the first take profit near the previous swing level within the pattern.
- Trail the position toward the next Fibonacci target if momentum supports the trade.
- Adjust targets based on market volatility and timeframe.
Harmonic Patterns + Simple Arrow Scalper Forex Strategy for M1/M5
This scalping strategy combines the Harmonic Patterns Forex Indicator MT4 and the Simple Arrow Scalper MT4 Indicator.
The Harmonic Patterns indicator displays green bullish patterns and red bearish patterns on the chart, highlighting potential high-probability reversal zones.
The Simple Arrow Scalper provides clear entry signals with blue arrows for buy trades and magenta arrows for sell trades.
Combining these two indicators helps traders identify precise entries for quick scalping moves on M1 and M5 charts.
This strategy works best on major currency pairs such as EUR/USD, GBP/USD, and USD/JPY during high liquidity periods.
It is suited for traders who prefer fast trades and structured setups while managing risk effectively.
Buy Entry Rules
- Wait for the Harmonic Patterns indicator to display a green (bullish) pattern.
- Confirm that the price reacts near the pattern’s completion or potential reversal zone.
- Wait for the Simple Arrow Scalper to display a blue arrow, confirming the buy signal.
- Enter a buy trade immediately after the blue arrow appears.
- Place the stop-loss a few pips below the recent swing low or the low of the pattern zone.
- Set take-profit for a small pip target (5–10 pips on M1, 10–15 pips on M5) or exit when a magenta arrow appears or price breaks below the pattern zone.
Sell Entry Rules
- Wait for the Harmonic Patterns indicator to display a red (bearish) pattern.
- Confirm that the price reacts near the pattern’s completion or potential reversal zone.
- Wait for the Simple Arrow Scalper to display a magenta arrow, confirming the sell signal.
- Enter a sell trade immediately after the magenta arrow appears.
- Place the stop-loss a few pips above the recent swing high or high of the pattern zone.
- Set take-profit for a small pip target (5–10 pips on M1, 10–15 pips on M5) or exit when a blue arrow appears or price breaks above the pattern zone.
Advantages
- Combines structural analysis from harmonic patterns with clear entry signals.
- Designed for quick scalping moves on M1 and M5 charts.
- Helps filter false entries by confirming pattern and arrow alignment.
- Works well on major pairs during active sessions.
Drawbacks
- High noise on M1 charts can generate false signals.
- Requires fast execution and constant monitoring.
- Profit per trade is small; consistent wins are needed for meaningful gains.
- Spread and slippage may impact small pip targets.
Case Study 1 – EUR/USD M1
At 14:23 GMT, the Harmonic Patterns indicator displayed a green pattern near 1.1205.
Price reacted to the pattern zone, and the Simple Arrow Scalper showed a blue arrow at 1.1207.
A buy trade was entered at 1.1208. Stop-loss was placed at 1.1202 (6 pips risk).
Take-profit was set at 1.1214 (6 pips gain).
Price reached the target within 8 minutes with no reversal arrow appearing.
Case Study 2 – GBP/USD M5
During the London/New York overlap, a red harmonic pattern appeared at 1.2550.
Price approached the pattern zone, and the Simple Arrow Scalper showed a magenta arrow at 1.2547.
A sell trade was entered at 1.2546. Stop-loss was set at 1.2560 (14 pips risk).
Take-profit was set at 1.2534 (12 pips gain).
The trade reached the target within 15 minutes while the arrow signal remained bearish.
Strategy Tips
- Only enter trades when both the harmonic pattern and arrow signal align.
- Use recent swing highs/lows or pattern structure for precise stop-loss placement.
- Consider trailing stops on strong M5 moves to lock in profits.
- Avoid trading during major news events that may disrupt pattern zones.
Download Now
Download the “HarmonicShow_bySB_14CL.ex4” MT4 indicator
FAQ
Which harmonic patterns does this indicator detect?
The indicator scans for commonly traded harmonic structures such as Gartley, Bat, Butterfly, and Crab patterns.
The exact selection can be modified in the settings.
Does the indicator repaint patterns?
Once a harmonic pattern is completed and drawn on the chart, it remains fixed.
Incomplete formations may update as price develops.
Can it be used on lower timeframes?
Yes, the indicator works on all timeframes.
Lower timeframes generate more signals, while higher timeframes provide stronger setups.
Summary
The Harmonic Patterns Forex Indicator for MT4 offers traders an efficient way to identify advanced price action setups without manual drawing.
Automating pattern detection saves time and reduces analytical errors.
With flexible settings, clear visual output, and compatibility across all currency pairs, this indicator is a valuable addition for traders who focus on structured market behavior and precision-based entries.
