This is a forex reversal indicator for mt4. I found it while browsing the internet and thought I would share it. It is based off of Gartley patterns that look like a butterfly. The last leg will repaint so use with caution.
Scott Carney published the book "The Harmonic Trader" published in 1999 was based on H.M. Gartley early works of circa 1935 and of course harmonic trading. Carney added Fibonacci ratios to the distances between points.
The pattern starts from x point and has waves a,b,c,d with d being the last leg.
Each wave has an angle / fibonacci ratio. These patterns are similar to M or W type Elliott wave patterns.
according to Carney:
1.27/1.618% is ideal ratio for A-B points.
ideal for C is .618/.786%
ideal for D is 76.8% (he considers this to be vital)
Must have an AB=CD pattern that converges in the same area as the .786 Fibonacci on the XA, and also the 1.27 or 1.618 BC. The B point retracement ideally at .618 of the XA leg.
download ZUP for MT4 (just click slow download - it should be free)
Here is a different version:
By Neal Vanderstelt
Forex Trader, Market Analyst, Trading System Designer
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