In the case of the above chart, the price is 1.12558. The price level is the number below the вЂDreamCC_Batterfly9вЂ™ line. If you place your cursor on the vertices, you shall be able to see the market price level at which the vertex is formed. For the take profit level, you can place it at any of the target levels shown (D1, D2 or D3). There is also a summary text at the right corner which shows you where you should place your order, the stop loss level and also your take profit level.

vertex X, A is on the first triangle while vertex C, D are on the second triangle while the two triangles share the common vertex B. The vertices of the triangles are labeled using letters X, A, B, C, and D. The indicator by default displays two conjoined triangles like in the above chart. The harmonic indicator is designed to analyze the markets of any currency pair and indicate the prevailing pattern depending on the immediate historical data. It is important to understand how an indicator works before making a point of using it. How does the Harmonic Pattern Indicator Work? Also, a long-term trader using timeframes above D1 would also be in a position to use the indicator to trade.

At the same time, a day trader using one hour (H1), four hours (H4) and one day (D1) timeframes would also perfectly use this indicator to identify perfect trading opportunities. A scalper using the tightest timeframes of maybe one minute (M1) and 5 minutes (M5) would perfectly use this indicator to identify trends.

Harmonic scanner