Classic Butterfly Harmonic Pattern Indicator MT4 Free Download | Forex Indicator Download - MetaTrader 4 Resources

On July 1, 2025, in version 2, the indicator added alerts/notifications and signals functionality

The Classic Butterfly Harmonic Pattern Indicator is designed to visually draw a butterfly pattern on a chart to highlight price reversal points . How this pattern differs from other harmonic patterns is that the position of point "D" extends beyond the initial point "X."

Typically, the appearance of this pattern signals the end of the current trend and the beginning of a new trend . This trading tool displays bullish patterns in pink and bearish patterns in blue .

Classic Butterfly Harmonic Mode Indicator Spec Sheet

The following table provides specifications for the classic Butterfly Harmonic Pattern Indicator:

List of Classic Butterfly Harmonic Form Indicators

This indicator uses specific Fibonacci ratios to create the butterfly harmonic pattern :

• Wave AB is typically a 78.6% Fibonacci retracement of wave XA
• Wave BC can be a 38.2% to 88.6% retracement of wave AB
• Wave CD can be a 127.2% or 161.8% Fibonacci extension of wave XA

bullish trend conditions

Based on the GBP/USD currency pair chart on the 4-hour time frame, the bullish butterfly pattern is drawn in the shape of the letter "M" and colored in pink .

As shown, after the pattern is completed at point "D," the market reverses direction and heads toward higher price levels.

Bearish trend conditions

According to the Bitcoin (BTC) chart on the 1-hour timeframe, the indicator plots a bearish butterfly pattern in the form of a letter "W" colored in blue once detected.

In this case, price tends to reverse and point "D" can be a suitable entry to sell trades .

Classic Butterfly Harmonic Mode Indicator Settings

The image below shows the settings of the classic Butterfly Harmonic Pattern indicator:

• Minimum Wave Length (Candles): The minimum number of candles required to form each wave
• Number of previous candles: The number of past candles used to identify the wave
• Show Lines: Display pattern lines
• Break Pivot: Show or hide broken pivot lines on the chart
• Original Pivot to Broken Pivot (Pipette): Allowed distance between original pivot and damaged pivot
• Shift: Move pattern lines forward or backward on the chart
• Bullish Pattern: Shows a bullish pattern
• Bearish Pattern: Shows a bearish pattern
• Style of Line: Type of line connecting pattern points
• Width of Line: Thickness of drawing pattern lines
• Custom Color Line (Bearish Harmonic): Custom line color for bearish patterns
• Custom Color Lines (Bullish Harmonic): Custom line color for bullish patterns
• Custom text colors: text and label colors

Conclusion

The Classic Butterfly Harmonic Pattern indicator effectively identifies price reversal points in strong trends.

By analyzing the Exact Analysis (XABCD) structure and marking the Potential Reversal Zone (PRZ) , it facilitates trend analysis and optimal entry points for trades.

It is also compatible with various trading strategies and can be used in different markets, such as cryptocurrencies , forex , stocks , and commodities .