Description
The Gartley Harmonic Pattern ULTRA V1 indicator shows the well-known Gartley Formation of harmonic patterns and thus offers good signals for a trend reversal.
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 Gartley Harmonic Pattern ULTRA V1 indicator in action:
The indicator draws the individual lines as soon as the first 4 points are fixed. The last point is then predicted and remains fixed. There is therefore no repaint! However, the signal is generated as soon as the conditions in the immediate vicinity of the pattern are met (blue vertical lines show when the indicator gives signals).
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 three options in the settings. The settings of the indicator can be opened at the top left of the indicator name.
By clicking on the gear icon comes the adjustment mask. In it you can change the conditions for the respective chart.
What is the Gartley pattern?
Before we turn to the indicator, let’s understand what the Gartley pattern actually is. Developed by H.M. Gartley in his book“Profits in the Stock Market“, the Gartley pattern is a harmonic pattern based on geometric shapes and Fibonacci numbers. It helps traders to identify turning points in the market with high precision by highlighting potential buy and sell zones.
The Gartley pattern indicator on TradingView
The Gartley Pattern Indicator is a powerful extension for TradingView that allows traders to automatically recognize these harmonic patterns on their charts. This tool takes away the tedious work of manually identifying patterns and instead provides you with a clear, visual representation of potential trading opportunities.
How does this harmonic pattern indicator work?
The indicator analyzes price movements and identifies formations that correspond to the Gartley pattern. It marks these on the chart, including the potential reversal points (X, A, B, C, and D points), making it easier to plan entry and exit points for your trades.
- Installation and setup: Wait for activation within 24 hours of your purchase. Add the indicator to your TradingView chart and customize the settings according to your preferences.
- Pattern recognition: The indicator scans the chart in real time and shows you when a Gartley pattern occurs.
- Make trading decisions: Use the information displayed to make informed trading decisions.
Advantages of the Gartley pattern
- Accuracy: Increase the precision of your market analyses.
- Time saving: Save time by skipping the manual search for patterns.
- Ease of use: Easy to install and use, even for beginners.
Practical tips for using the indicator
- Practice on historical data: Test the indicator on past market data to get a feel for its accuracy.
- Combine with other indicators: Use the Gartley pattern indicator together with other technical analysis tools to strengthen your trading strategy.
- Be patient: wait for clear signals from the indicator before you trade.
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