Deep Crab Harmonic Pattern indicator TradingView - Free - [TFlab]

The Deep Crab Harmonic Pattern Indicator in TradingView is a valuable technical analysis tool available on the TradingView platform, designed to identify potential market reversal points through a five-point harmonic structure (X-A-B-C-D). This indicator integrates Fibonacci ratios to assist traders in determining optimal entry and exit points across multiple markets.




You can access the indicator from this link:

https://tradingfinder.com/products/i...monic-pattern/

You can access the indicator on the TradingView website:

https://www.tradingview.com/script/x...eversal-Zones/

Key Features of the Deep Crab Harmonic Pattern Indicator

 

1. Category: Harmonic Pattern, Classic Pattern, Signal and Forecast
2. Platform: TradingView
3. Skill Level: Intermediate
4. Indicator Type: Reversal
5. Timeframe Compatibility: Multi-timeframe
6. Trading Style: Intraday
7. Market Types: Forex, Crypto, Stocks, Commodities

Overview of the Deep Crab Harmonic Pattern
The Deep Crab Pattern is structured around five critical points labeled X, A, B, C, and D. Its defining characteristic lies in point B, which retraces 88.6% of the XA leg. The final point D extends significantly beyond point X, suggesting a high-probability reversal zone (PRZ).
This pattern serves as a predictive signal, indicating potential shifts in market direction when the price action reaches point D.

Bullish Scenario: Deep Crab in an Uptrend
The indicator functions effectively in bullish trends. In the Bitcoin (BTC) chart on a 15-minute timeframe, the pattern demonstrates a clear bullish setup:

1. Price descends toward point D
2. The price enters the Potential Reversal Zone (PRZ)
3. The PRZ signals a potential end to the downtrend
4. Point D (green) is used as a buy signal for long positions

Bullish Trend Example

1. Deep Crab Pattern shows reversal at point D
2. Entry point is validated by convergence with PRZ
3. Provides trade confidence in a bullish reversal

Bearish Scenario: Deep Crab in a Downtrend
Conversely, the Deep Crab Pattern is also effective during bearish trends. In the EUR/USD price chart on a 5-minute timeframe, the pattern illustrates a bearish setup:

1. Price rises and reaches point D
2. The market enters the Potential Reversal Zone (PRZ)
3. PRZ signals the conclusion of the uptrend
4. Point D (red) is used as a sell signal for short positions

Bearish Trend Example

1. Deep Crab Pattern indicates reversal at point D
2. Entry point coincides with PRZ validation
3. Traders initiate short trades in anticipation of a downtrend

Reviewing Indicator Settings
To optimize the performance of the Deep Crab Harmonic Pattern Indicator on TradingView, users can configure several settings:

1. ZigZag Pivot Period: Defines the pivot range in the ZigZag pattern (default is 3)
2. Show Valid Format: Displays patterns that match valid harmonic structures
3. Show Formation Last Pivot Confirm: Confirms the last pivot point before formation
4. Period of Formation Last Pivot: Sets the number of candles used to detect the last point (default is 2)
5. Show Bullish Pattern: Enables visualization of bullish patterns
6. Show Bearish Pattern: Enables visualization of bearish patterns
7. Color Bullish Pattern: Customizes the color for bullish formations
8. Color Bearish Pattern: Customizes the color for bearish formations
9. Width Line: Adjusts the thickness of pattern lines
10. Label Size: Sets the size of the labels (X, A, B, C, D)
11. Switching Colors Theme Mode: Allows users to select a color theme
12. Alert: Enables real-time alerts
13. Alert Name: Customizes the alert name
14. Message Frequency: Defines how often alert messages are sent
15. Show Alert Time by Time Zone: Configures alerts according to time zones

Conclusion
The Deep Crab Harmonic Pattern Indicator provides a structured and data-driven approach to identifying Potential Reversal Zones (PRZ) using the X-A-B-C-D formation and Fibonacci-based ratios. It enhances trade timing by offering insights into entry and exit signals in both bullish and bearish market conditions.
As a reversal-based harmonic indicator, it supports analysis across various financial instruments, including Forex, cryptocurrencies, stocks, and commodities, making it a versatile tool for intraday traders. This indicator belongs to the category of classic chart patterns and offers a reliable method for technical analysis without market limitations.