The indicator 121 Harmonic Pattern ULTRA V1 shows the known 121 Formation of Harmonic Patterns.
In order to use this indicator after purchase, an unblocked user account on TradingView* is required. Within 24 hours after payment the indicator will be activated for the ordered period for the TradingView username, entered in the order process.
The indicator 121 Harmonic pattern ULTRA V1 in action:
The indicator automatically records the 121 formation as soon as the first 4 points of the total 5 points have formed. The drawing takes place approximately in the area where the orange dashed line is drawn.
The last point defines the typical bounce point. This green dotted line is based on the Fibonacci extensions.
At the bounce point, the resumption in the superior trend can be expected.
When drawing the pattern, sometimes the problem arises that too many lines are drawn. The reason for this is the TradingView platform itself. To prevent TradingView servers from collapsing, a maximum of 50-55 lines/labels per indicator is allowed.
To work around this problem, the indicator offers two options in the settings. The settings of the indicator can be opened in the upper left corner behind the indicator name:
Afterwards, the following adjustment mask opens, with which you can adjust the special features of the patterns individually:
Please note that harmonic patterns often only try to define the bounce price. As takeprofit is usually taken 61.8 Fibonacci extensions of the last wave.