Classic Crab Harmonic Pattern Indicator for MetaTrader 5 — Free Download

The Classic Crab Harmonic Pattern Indicator for MetaTrader 5 (MT5) is a technical analysis tool designed to automatically identify the Classic Crab harmonic pattern on price charts.

💎source:
https://tradingfinder.com/products/indicators/mt5/crab-harmonic-pattern-free-download/

💎free indicator download:
https://cdn.tradingfinder.com/file/325427/classic-crab-harmonic-pattern-mt5-by-tflab.zip

Introduced by Scott Carney in 2000, the Classic Crab pattern utilizes Fibonacci ratios to pinpoint potential price reversal zones, offering traders favorable risk-to-reward opportunities.

Key Features

Application Examples

Indicator in an Uptrend

In the CHF/JPY price chart, the Classic Crab Harmonic Pattern Indicator automatically identifies the Price Reversal Zone (PRZ) and displays it on the chart. At point D, the price trend turns upward, confirming a price reversal from this level.

Indicator in a Downtrend

In the USD/CAD 5-minute chart, the indicator identifies an upward Crab pattern. Traders can enter a buy position after receiving confirmation of the reversal at point D, placing a stop-loss before the PRZ area.

Indicator Settings

The Classic Crab Harmonic Pattern Indicator offers customizable settings to tailor its functionality:

• Minimum Length of Wave (candle): Defines the minimum wave length in terms of the number of candles.
• Num Of Previous Candle: Specifies the number of previous candles for analysis.
• Show Lines: Option to display or hide the pattern lines.
• BreakPivot: Checks for pivot break.
• Original Pivot to Broken Pivot (Pipet): Sets the distance between the original pivot and the broken pivot in pips.
• Shift: Adjusts the amount of data shift on the chart.
• BullishPattern: Enables identification of bullish harmonic patterns.
• BearishPattern: Enables identification of bearish harmonic patterns.
• Style Of Line: Sets the style of the lines on the chart.
• Width Of Line: Determines the thickness of the displayed lines.
• Custom Color Lines (Bearish Harmonic): Allows customization of the color for bearish pattern lines.
• Custom Color Lines (Bullish Harmonic): Allows customization of the color for bullish pattern lines.
• Custom Color Of Text: Sets the color of the displayed text.

🔍Conclusion

The Classic Crab Harmonic Pattern Indicator for MT5 is a valuable tool for traders seeking to identify potential price reversals based on harmonic patterns. By automating the detection of the Classic Crab pattern and providing customizable settings, it enhances the trader’s ability to make informed decisions across various financial markets.

❓FAQs

✨ What is the Classic Crab Harmonic Pattern Indicator for MT5?
It’s a tool that automatically detects the Classic Crab harmonic pattern on MetaTrader 5 charts to identify potential price reversals.

✨Is this indicator free to use?
Yes, the Classic Crab Harmonic Pattern Indicator is available for free download.

✨ Can I use this indicator for Forex and crypto trading?
Yes, it works on various instruments including Forex, crypto, stocks, and indices.

✨Should I use this indicator alone?
No, it’s best used alongside other tools like RSI, MACD, or candlestick analysis for higher accuracy.