Best Harmonic Indicator: Complete tutorial

Recently, we had a lot of calls from many of our users regarding the harmonic related indicators.

this indicator, prepared for you, we tried to publish the best and most complete version of it.

Best Harmonic Indicator v 1.0

Download the best harmonic indicator

To download the indicator, you can use the box below to download this Forex indicator.

The Best Harmonic Indicator is the exclusive version of TEJARATFX website and is fully optimized.

After downloading, unzip the compressed file and copy the content to the indicator folder.

Note that this indicator is prepared to use in MetaTrader 4 desktop versions. So it will not be practical for mobile and MetaTrader 5 versions.

To install the indicator in MetaTrader, first click on File from the top of the MetaTrader tab. Then select the Open Data Folder menu from the menu which opens. Open the MQL4 folder to install the indicator. Then copy and paste the indicator in the folder. Now close your MT4 and open it again.

In the relevant menu, you will see that the indicator has been added to the list of indicators.

Just double-click on it in MetaTrader to be called and run on the chart.

You can use the same method to install and run the harmonic indicator.

How to Run a Harmonic Indicator?

After double-clicking on the indicator’s name in the MetaTrader 4 indicators section, go to the specified section in the opened page and tick the boxes as shown below.

Installation of Best Harmonic Indicator v 1.0After ticking all the items as shown in the image above, go to the settings section.

In the image below, we have shown you the settings section.

Best Harmonic Indicator v 1.0 Settings

This section contains several settings. You can use these kinds of settings, only if you have learned Harmonic pattern and the related trading strategy quite well enough.

We have fully explained the harmonic strategy in detail in another article.

So note that this Forex indicator is especially designed for professional and well experienced Forex traders. So if you have not yet mastered harmonic strategy, leave this indicator.

In this Forex indicator, we have made it possible for you to create formations and harmonic patterns based on your preference and all patterns are drawn on the charts based on exactly what you want. So you do not need to calculate and enter all the items manually.

In fact, this indicator will be an assistant analytical tool at your service.

Getting Familiar with Harmonic Trading Strategy

In harmonic trading strategy what we deal is harmonic patterns.

Harmonic patterns are patterns that have a specific formation with specific features:

⦁ Harmonic patterns are obtained through complicated Fibonacci calculations.

⦁ The price formation in harmonic patterns happens with consecutive corrections.

⦁ In harmonic patterns, we calculate several aspects based on Fibonacci. Hence you use Fibonacci-based harmonic patterns to identify levels where prices are likely to reverse. And there is a reversal in the market at that point or zone, we call the zone PRZ.

In the harmonic patterns, we use the terms Bullish and Bearish repeatedly.

Bullish market refers to the uptrend or rising trend of the market.

Bearish market refers to the downtrend or falling trend of the market.

So you now realized that due to the complicated calculations in the harmonic strategy, based on the settings you make, we have prepared for you the Best Harmonic Indicator to do the calculations automatically and draw it on the chart.

So in the best harmonic indicator we cannot generally define a fix setting.

You make these settings based on the knowledge and preference that you have achieved through experience.

The most common harmonic patterns used in our harmonic indicator include:

⦁ AB = CD pattern which is one of the most widely used patterns.
⦁ 3 Drives Pattern
⦁ Butterfly Pattern
⦁ Crab Pattern
⦁ Gartley Pattern
⦁ Bat Pattern
⦁ Shark Pattern
⦁ Cypher Pattern

We have explained all these patterns fully in the Forex training section in the harmonic strategy training part.

Trading with Harmonic Patterns in Harmonic Indicator!

How to analyze and use harmonic patterns is actually one of the best Fibonacci-related strategies.

You will learn techniques that will help you find the suitable pattern alongside with the trading opportunity.

In the harmonic indicator, if you have mastered the harmonic strategy, you can have all the calculations done in a very short period of time.

Just using a harmonic indicator is not a good reason to enter into a trade.

In order to enter a trade, in addition to the calculations done by this indicator, you should also check the items yourself, so please do not enter the market at any price by just downloading and installing this Forex indicator. First learn and master the harmonic strategy.

What is a Forex Indicator?

The word “Indicator” literally means an index or criterion for measurement.

In general, an indicator is created by comparing the data and variables.

Indicators used by Forex traders are files which are written in Meta-Editor environment MT4 or MT5.

These files should be saved and installed in the MetaTrader Indicator path and are used when needed by running the indicator.

If you are interested in learning more about the Forex Indicator, we suggest you to read the following post.

Signal Forex Indicator

There are some forex indicators that, in addition to doing certain calculations and plotting them on the chart, they also specify a level or range to enter into the market.

These Forex indicators are called Forex signal indicators but what you need to be careful about is that using a Forex signal indicator is not an enough reason to enter the market. You should not limit yourself by one indicator to receive trading signals.

The harmonic indicator that we have provided for you for free and you can download it in this article is also a kind of signal indicator, which in addition to specifying the enter point, it also specifies the enter zones.

But this harmonic indicator too, should not be used lonely. In other words, you should not enter the market by just observing a buy or sell signal. In such cases signals are not credible much and you should not quickly enter into a trade, in fact several other items of a harmonic pattern must also be considered.

Also, paying attention to support and resistance levels is one of the most useful things that should be considered in harmonic strategy.