ZUP Indicator (ZUP) for MetaTrader 4 Download - Free - MT4/MT5 Resource

The ZUP indicator is one of the harmonic patterns of MT4. It identifies price movements and calculates Fibonacci ratios for each leg.

By displaying Fibonacci values ​​and plotting lines for each pivot, this indicator helps traders identify harmonic patterns and detect each wave on the chart.

ZUP Indicator Table

The table below outlines the general specifications of the ZUP indicator.

Indicators at a glance

The ZUP indicator is a tool specifically provided for traders to help them determine the rate of price changes relative to the previous period. By calculating the Fibonacci ratio for each leg, this indicator can be used to detect various harmonic patterns such as bat patterns, AB=CD patterns, and other harmonic patterns.

Bullish Harmonic Patterns

In the 30-minute gold chart, the harmonic pattern has been identified using the ZUP indicator. The indicator has detected the AB leg and calculated the Fibonacci ratio of this leg to the BC leg, thus determining the AB=CD pattern.

Finally, after the pattern is completed, a buying trade opportunity forms and the price rises significantly.

Bearish Harmonic Pattern

Fibonacci ratios based on trend legs are shown on the 1 hour NZD/USD chart. Traders can use the ZUP indicator to analyze change ratios and identify harmonic patterns.

In the chart below, the Bat Harmonic pattern has been identified and the completion of this pattern initiated a bearish trend.

ZUP indicator settings

The settings of the ZUP indicator are as follows:

• min Bars: Set the minimum number of candles used to identify price movements
• min Size: Set the number of highs and lows for connection and recognition patterns
• ExtMaxBar: Set the number of candles to analyze
• Ext Size Txt: Set the size of the number
• Ext ZigZagColor: Set the color of the zigzag line
• ExtLine: Set the color of numbers
• ExtLine886: Set the color of pattern lines

Conclusion

The ZUP indicator is one of the classic chart pattern indicators for MetaTrader 4, designed to identify harmonic patterns based on Fibonacci ratios.

The indicator calculates legs of price movement and displays the Fibonacci ratios for each leg.

Classic style traders can use this tool to identify harmonic patterns, such as the Gartley Pattern , Bat, AB=CD patterns, and other common patterns, and enter appropriate trading positions upon pattern confirmation.