Summary of 📥 Butterfly Harmonic Pattern Indicator on TradingView - Free Download - [TradingFinder]
The video tutorial explains how to use the Butterfly harmonic pattern Indicator available for free on TradingView via the TradingFinder website. This indicator helps traders identify the Butterfly harmonic reversal pattern on price charts, which consists of five key harmonic points connected to signal potential buy or sell opportunities when confirmed by candlestick patterns.
Main Financial Strategy and Market Analysis:
- The indicator focuses on harmonic trading, specifically identifying the Butterfly harmonic pattern, a reversal pattern used to predict market turning points.
- It generates buy or sell signals based on the confirmation of these patterns with candlestick formations.
- Traders can adjust settings to focus on short-term or long-term trends by modifying the zigzag period.
- The tool filters patterns by accuracy, showing only valid, noise-free patterns based on precise Fibonacci ratios if desired.
- It can also be set to recognize patterns only after a confirming pivot point forms, increasing reliability.
- Alerts can be customized for different notification frequencies and time zones to keep traders informed in real-time.
Methodology / Step-by-step Guide:
- Access the indicator on TradingView by searching for its name and adding it to your favorites for quick access.
- Apply the indicator to your chart; it will automatically detect and draw Butterfly harmonic patterns.
- Adjust the zigzag period to define the trend length focus (default is 3).
- Enable show valid patterns to display only precise, noise-free patterns.
- Enable show last pivot confirmation to display patterns only after a confirming pivot point forms.
- Set the pivot period (default is 2) to adjust sensitivity of pivot detection.
- Choose whether to display bullish and/or bearish patterns and customize their colors, line thickness, and label size.
- Select the theme mode (light or dark) to match your chart style.
- Configure alerts:
- Enable or disable alerts.
- Name alerts and choose message frequency: "all" (alerts in all situations), "once per bar" (alerts while candle is active), or "per bar close" (alerts when candle closes).
- Enter your UTC time zone for accurate alert timing.
Presenters / Sources:
- The tutorial is presented by TradingFinder.
This summary captures the key features, usage instructions, and customization options of the Butterfly harmonic pattern Indicator as demonstrated in the video.
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Category
Business and Finance