Classic Butterfly Harmonic Pattern Indicator MT5 Free Download | Forex Indicator Download - MetaTrader 5 Resources

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

The Classic Butterfly Harmonic Pattern Indicator plots butterfly pattern structures to identify potential price reversal zones . The distinguishing feature of this pattern is the extension of point "D" beyond the starting point "X," distinguishing it from other harmonic patterns .

The occurrence of this pattern often indicates the end of the current market move and the beginning of a new price phase . This trading tool displays bullish patterns in pink and bearish patterns in blue for better clarity.

Classic Butterfly Harmonic Mode Indicator Specification Table

The specifications of the classic butterfly harmonic morphology indicator are as shown in the following table:

List of Classic Butterfly Harmonic Form Indicators

This indicator plots butterfly harmonic patterns based on specific Fibonacci ratios:

• Wave AB : 78.6% Fibonacci retracement of wave XA
• Wave BC : 38.2% to 88.6% Fibonacci retracement of AB wave
• Wave CD : 127.2% or 161.8% Fibonacci extension of the XA wave

bullish trend conditions

The letter-like bullish butterfly harmonic pattern "M" in pink is drawn based on the Binance Coin (BNB) 30-minute chart.

As shown, once the pattern completes at point "D," price reverses, presenting a buy entry opportunity .

Bearish trend conditions

According to the NZD/USD 30-minute chart , the indicator is drawing a "W" shaped structure in blue after detecting a bearish butterfly pattern.

In this case, the market will usually show signs of trend reversal, and point "D" will often become a suitable sell entry point .

Classic Butterfly Harmonic Mode Indicator Settings

The image below shows the customizable settings of the classic Butterfly Harmonic Pattern indicator on MetaTrader 5:

• Minimum Wave Length (Candles): Minimum number of candles to form a wave
• Number of previous candles: Number of previous candles used for wave detection
• Show Lines: Toggle to show pattern lines
• Break Pivot: Toggle to show/hide broken pivot lines on the chart
• Original Pivot to Broken Pivot (Pipette): The maximum allowed distance between the original pivot and the broken pivot
• Shift: Move pattern lines forward/backward on the chart
• Bullish Pattern: Enable bullish pattern display
• Bearish Pattern: Enable bearish pattern display
• Custom Color Line (Bearish Harmonic): Set custom line color for bearish patterns
• Custom Color Line (Bullish Harmonic): Set custom line color for bullish patterns
• Custom text color: Set text and label colors

Conclusion

The Classic Butterfly Harmonic Pattern Indicator is a powerful tool for identifying price reversal areas within a strong market trend .

This trading tool facilitates accurate trend analysis and helps determine the best trading entry points through precise analysis of the (XABCD) structure and marking the Potential Reversal Zone (PRZ) .