Dragon Harmonic Pattern Indicator to TradingView – Free – [TFlab]

Dragon Harmonic Pattern Indicator is a valuable tool for traders with an intermediate skill level. It's designed to identify potential trend reversals by highlighting the Potential Reversal Zone (PRZ), marked by the completion of point "D." The indicator is versatile and can be used across multiple markets, including crypto, forex, commodities, and stocks, and is applicable to various timeframes, making it suitable for intraday trading.

You can access the Indicator from this link:
https://tradingfinder.com/products/i...monic-pattern/

You can access the Indicator on the TradingView website:
https://www.tradingview.com/script/A...agon-Detector/

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Bullish Dragon Pattern
The bullish dragon pattern is a reversal formation that signals a potential buying opportunity. After the indicator draws the complete bullish pattern, the price often reverses upward. Point "D" is considered a key entry point for a long position. An example of this is seen on a 1-hour USD/AUD chart, where the pattern completion is followed by an upward price reversal.

Bearish Dragon Pattern
Conversely, the bearish dragon pattern indicates a potential selling opportunity. The indicator identifies this "M"-shaped reversal formation. Once the pattern is completed, the price typically reverses downward, creating a favorable opportunity for a sell entry. A clear example is demonstrated on a 1-hour Ethereum (ETH) chart, where the completion of the pattern precedes a downward price movement.

Dragon Harmonic Pattern Indicator Settings
The indicator offers several customizable settings, allowing users to tailor its performance and appearance to their specific trading strategies. These settings are divided into three main categories:

1. Logical Settings:
   1. ZigZag Pivot Period: Adjusts the period used for pivot calculations.
   2. Show Valid Format: Displays only valid patterns to reduce clutter.
   3. Show Formation Last Pivot Confirm: Only shows a pattern when point "D" is confirmed, improving signal reliability.
   4. Period of Formation Last Pivot: Sets the calculation period for the "D" point.

2. Display Settings:
   1. Show Bullish/Bearish Pattern: Enables or disables the display of specific pattern types.
   2. Color Bullish/Bearish Pattern: Allows for customization of the line colors for both bullish and bearish patterns.
   3. Width Line: Adjusts the thickness of the pattern lines.
   4. Label Size: Controls the size of the pattern labels.
   5. Switching Colors Theme Mode: Changes the indicator's color scheme to match the user's chart theme.

3. Alert Settings:
   1. Alert: Enables notifications for pattern completion.
   2. Alert Name: Sets a custom name for the alert.
   3. Message Frequency: Determines how often the alerts are sent.
   4. Show Alert Time by Time Zone: Displays the alert time based on a specific time zone.

Conclusion
In conclusion, the Dragon Harmonic Pattern Indicator is a powerful analytical tool for identifying potential price reversals. By utilizing Fibonacci ratios and clearly marking the Potential Reversal Zones, it helps traders anticipate and capitalize on changes in market direction. The extensive customization options and alert functionality make it a versatile addition to any trader's toolkit.