Butterfly Harmonic Dashboard Indicator – Full Person Information & Buying and selling Handbook (MT4 & MT5)
Introduction
The Butterfly Harmonic Dashboard Indicator is knowledgeable multi-symbol, multi-timeframe buying and selling device that automates the detection of Butterfly harmonic patterns. It scans as much as 20 devices throughout 9 timeframes and presents each validated sample in a compact, interactive six-column dashboard with configurable Fibonacci ratio ranges.
Key Options:
- Automated Butterfly Detection: Identifies each Bullish (LHLHL) and Bearish (HLHLH) Butterfly patterns utilizing swing pivot evaluation
- Fibonacci Validation: 4-ratio validation — XAB (0.786 mounted), ABC (38.2%-88.6%), BCD (161.8%-261.8%), XAD (1.27-1.618 extension)
- Multi-Image Monitoring: Watch as much as 20 forex pairs, metals, indices, or crypto belongings concurrently
- Multi-Timeframe Evaluation: Monitor M1 by means of Month-to-month timeframes (9 timeframes)
- Non-Repainting Alerts: Makes use of confirmed swing pivots with right-bar validation — alerts by no means disappear
- Yellow Triangle Visualization: Accomplished patterns are drawn with three crammed yellow triangles (XAB, ABC, BCD) and labeled X/A/B/C/D factors
- 6-Column Dashboard: Image, Timeframe, Path, Sample, Age, and Chart navigation
- 4-Channel Alerts: Popup, sound, e-mail, and push notifications with sample particulars
Obtain the indicator:
TIP: At all times mix sample alerts with correct place sizing and danger administration — by no means danger greater than 1-2% of your account on a single commerce.
Understanding the Butterfly Sample
What’s the Butterfly Sample?
The Butterfly sample is a 5-point XABCD harmonic sample initially recognized by Bryce Gilmore and Larry Pesavento, and later formalized by Scott Carney. Not like retracement patterns such because the Bat or Gartley, the Butterfly is an extension sample — level D extends past the start line X. This extension construction defines exact potential reversal zones utilizing 4 Fibonacci ratio checks between the X, A, B, C, and D swing factors. The XAD extension of 1.27-1.618 is the important thing defining ratio that distinguishes the Butterfly from different harmonic patterns. When all 4 ratios are happy, the D level marks a high-probability reversal zone the place worth has overextended previous the origin and is more likely to reverse.
Bullish Butterfly (BUY Sign)
The bullish sample follows a Low-Excessive-Low-Excessive-Low (LHLHL) sequence:
- X (Low): Beginning swing low
- A (Excessive): Value rises from X to A
- B (Low): Value retraces down from A, however B have to be ABOVE X
- C (Excessive): Value retraces upward from B, however C have to be BELOW A
- D (Low): Value drops from C to D, and D have to be BELOW X (extends past the origin) — BUY HERE
As a result of D extends under X, the Butterfly catches excessive worth strikes the place the market has pushed past a previous swing low, creating a possible reversal zone at an overextended degree.
Bearish Butterfly (SELL Sign)
The bearish sample follows a Excessive-Low-Excessive-Low-Excessive (HLHLH) sequence:
- X (Excessive): Beginning swing excessive
- A (Low): Value drops from X to A
- B (Excessive): Value retraces up from A, however B have to be BELOW X
- C (Low): Value retraces downward from B, however C have to be ABOVE A
- D (Excessive): Value rises from C to D, and D have to be ABOVE X (extends past the origin) — SELL HERE
As a result of D extends above X, the Butterfly identifies conditions the place worth has pushed past a previous swing excessive, creating a possible reversal zone at an overextended degree.
Fibonacci Ratios
| Measurement | Legitimate Vary | Description |
|---|---|---|
| XAB Retracement | 0.786 of XA (with 5% tolerance) | Level B retraces 78.6% of the XA leg — mounted ratio |
| ABC Retracement | 0.382 – 0.886 of AB | Level C retraces 38.2% to 88.6% of the AB leg |
| BCD Extension | 1.618 – 2.618 of BC | Level D extends 161.8% to 261.8% of the BC leg |
| XAD Extension | 1.27 – 1.618 of XA (with 10% tolerance) | Level D extends 127% to 161.8% of the XA leg — KEY RATIO |
The indicator validates all 4 ratios earlier than displaying a sample on the dashboard. Solely patterns that go each Fibonacci test seem as alerts. Be aware that the XAB ratio is a mounted worth (0.786) with a tolerance band, not a spread like the opposite ratios. The XAD measurement is an extension (better than 1.0), confirming that D has moved past X.
NOTE: The indicator makes use of confirmed swing pivots (with Pivot Proper Bars of right-side affirmation) to establish X, A, B, C, and D factors. A sample is barely confirmed after level D has been validated by subsequent bars, making certain non-repainting alerts.
Set up Information
For MetaTrader 4
- Find Butterfly_Harmonic_Dashboard_Indicator.ex4 in your downloads
- Open MetaTrader 4 and click on File > Open Information Folder
- Navigate to MQL4 > Indicators and duplicate the file there
- Press Ctrl+N to open the Navigator, right-click “Indicators” and choose Refresh
Path: C:Customers(YourName)AppDataRoamingMetaQuotesTerminal(ID)MQL4Indicators
For MetaTrader 5
- The indicator installs mechanically by way of the MQL5 Market after buy
- Press Ctrl+N and develop Indicators > Market to search out it
Including to a Chart
- Double-click the indicator within the Navigator, or drag and drop onto any chart
- Modify settings as wanted and click on OK
After making use of, you will notice:
- Dashboard Panel: Separate window under your chart displaying all detected patterns
- Sample Visualization: Three yellow-filled triangles (XAB, ABC, BCD), X/A/B/C/D labels, and BUY/SELL ENTRY arrows
NOTE: Connect the indicator to a chart of one of many monitored symbols to see the sample visualization on that pair.
Dashboard Overview
The dashboard shows in a separate indicator window under your predominant chart. It presents all detected Butterfly patterns in a scrollable desk with six columns:
| Column | Description |
|---|---|
| Image | Instrument the place the sample was detected (e.g., EURUSD) |
| Timeframe | Chart interval (M5, M15, H1, H4, D1, and so on.) |
| Path | Inexperienced = Bullish/BUY, Pink = Bearish/SELL |
| Sample | “Bullish Butterfly” or “Bearish Butterfly” when lively; “—” when no sample |
| Age | Bars since level D shaped (sign freshness) |
| Chart | Click on to navigate to that image and timeframe |
Utilizing the Dashboard
- Scrolling: Use the scrollbar on the proper facet to view extra rows when there are extra alerts than seen rows
- Fast Navigation: Click on any row’s “Chart” button to immediately change your predominant chart to that image and timeframe
- Colour Coding: Inexperienced background tint for Bullish patterns, Pink for Bearish
- Contemporary Alerts: Search for patterns with low Age values (1-5 bars) for the newest setups
- Seen Rows: The variety of concurrently seen rows is configurable (default: 12)
TIP: Use the dashboard to shortly scan all of your markets for Butterfly patterns. If you spot an fascinating setup, click on the Chart button to examine the sample visually earlier than making a buying and selling determination.
Enter Parameters Reference
Dashboard Settings
| Parameter | Default | Description |
|---|---|---|
| Symbols | EURUSD,GBPUSD,USDCAD,USDJPY | Comma-separated symbols to watch (as much as 20) |
| Image Prefix | (empty) | Dealer prefix, e.g., “x” for xEURUSD |
| Image Suffix | (empty) | Dealer suffix, e.g., “.professional” for EURUSD.professional |
| Allow M1 | false | Toggle M1 scanning |
| Allow M5 | true | Toggle M5 scanning |
| Allow M15 | true | Toggle M15 scanning |
| Allow M30 | true | Toggle M30 scanning |
| Allow H1 | true | Toggle H1 scanning |
| Allow H4 | true | Toggle H4 scanning |
| Allow D1 | true | Toggle D1 scanning |
| Allow W1 | true | Toggle W1 scanning |
| Allow MN | false | Toggle Month-to-month scanning |
| Seen Rows | 12 | Rows displayed in dashboard directly |
Butterfly Sample Settings
| Parameter | Default | Description |
|---|---|---|
| Pivot Left Bars | 5 | Bars left for swing pivot affirmation. Increased = main swings solely |
| Pivot Proper Bars | 5 | Bars proper for swing pivot affirmation. Ensures non-repainting |
| XAB Ratio | 0.786 | Fastened XAB retracement (78.6% of XA) — defining Butterfly ratio |
| XAB Tolerance | 0.05 | Tolerance for XAB validation (plus/minus 5%) |
| ABC Min Retracement | 0.382 | Minimal ABC ratio (38.2% of AB) |
| ABC Max Retracement | 0.886 | Most ABC ratio (88.6% of AB) |
| BCD Min Extension | 1.618 | Minimal BCD extension (161.8% of BC) |
| BCD Max Extension | 2.618 | Most BCD extension (261.8% of BC) |
| XAD Min Extension | 1.27 | Minimal XAD extension (127% of XA) |
| XAD Max Extension | 1.618 | Most XAD extension (161.8% of XA) |
| XAD Tolerance | 0.10 | Tolerance for XAD validation (plus/minus 10%) |
| Max Historical past Bars | 500 | Historic bars to scan per symbol-timeframe |
Chart Show Settings
| Parameter | Default | Description |
|---|---|---|
| Present Butterfly Sample | true | Draw yellow triangle sample overlay on chart |
| Present BUY/SELL Arrows | true | Show BUY/SELL ENTRY arrows at level D |
| Present Sample Labels | true | Show X, A, B, C, D labels at swing factors |
| Bullish Sample Colour | Lime | Colour for bullish (BUY) components |
| Bearish Sample Colour | Pink | Colour for bearish (SELL) components |
| Sample Fill Colour | Yellow | Fill shade for triangles |
| Sample Line Colour | Black | Line shade connecting X-A-B-C-D |
| Arrow Dimension | 4 | Entry arrow measurement (scale 1-5) |
| Arrow Hole (ATR mult.) | 0.8 | Arrow distance from D level as ATR multiplier |
Alert Settings
| Parameter | Default | Description |
|---|---|---|
| Alert Title | “Butterfly Harmonic Dashboard” | Title prefix for alert messages |
| Allow Popup Alerts | true | Present popup dialog on new sample |
| Allow Sound Alerts | true | Play WAV sound on new sample |
| Sound File | alert2.wav | WAV file in MT4/MT5 Sounds folder |
| Allow E-mail Alerts | false | Ship e-mail on new sample (requires e-mail config) |
| Allow Push Notifications | true | Ship cell push by way of MT4/MT5 app |
IMPORTANT: The supply code makes use of InpAlertTitle = “Butterfly Harmonic Dashboard” because the default alert title. Alerts fireplace solely as soon as per sample per symbol-timeframe to stop duplicate notifications.
Chart Sample Visualization
When a Butterfly sample is detected on the present chart image and timeframe, the indicator attracts the next visible components:
Yellow Triangle Fill
Three crammed triangles are drawn to spotlight the five-point sample construction:
- Triangle 1 (XAB): Connects factors X, A, and B with a yellow crammed space
- Triangle 2 (ABC): Connects factors A, B, and C with a yellow crammed space
- Triangle 3 (BCD): Connects factors B, C, and D with a yellow crammed space
The triangles use the configurable Sample Fill Colour (default: Yellow). Black traces ( Sample Line Colour ) join X to A, A to B, B to C, and C to D to stipulate the sample.
Dashed Extension Traces
Along with the principle sample traces, dashed traces are drawn to spotlight the extension construction of the Butterfly:
- X-B Line: Exhibits the connection between the origin and the B retracement
- A-C Line: Connects the A and C swing factors
- B-D Line: Exhibits the BCD extension leg
- X-D Line: The essential extension line displaying how D extends past X
These dashed traces assist merchants visually affirm the extension nature of the Butterfly sample and confirm that D has certainly moved past X.
X/A/B/C/D Level Labels
Every swing level is labeled with purple textual content:
- X — Origin level of the sample
- A — Finish of the primary leg (XA)
- B — Finish of the retracement leg (AB)
- C — Finish of the second retracement leg (BC)
- D — Sample completion level (entry zone) — extends past X
Labels are positioned barely offset from the worth level to keep away from overlapping with candlesticks.
BUY ENTRY / SELL ENTRY Arrows
At level D, a big arrow is drawn to point the sign course:
- Bullish (BUY): An upward-pointing arrow in Lime (inexperienced) shade, positioned under the D level
- Bearish (SELL): A downward-pointing arrow in Pink, positioned above the D level
The arrow measurement is configurable (default: 4 on a 1-5 scale) and the gap from worth is managed by the Arrow Hole parameter (default: 0.8 x ATR).
TIP: If the yellow triangles or arrows are too massive or too small in your display screen, modify the Arrow Dimension and Arrow Hole parameters. For increased timeframes (H4, D1), you might have considered trying a bigger arrow measurement to maintain alerts seen.
Alert Configuration
Alert Message Format
When a brand new Butterfly sample is detected, the alert message incorporates all important info:
Butterfly Harmonic Dashboard: EURUSD BULLISH BUTTERFLY (BUY) sample on H1
The message tells you: the image, the sample kind (Bullish or Bearish), the buying and selling course (BUY or SELL), and the timeframe.
Setting Up E-mail Alerts
- Go to Instruments > Choices > E-mail and configure your SMTP server
- Ship a check e-mail to confirm, then set Allow E-mail Alerts to true
Setting Up Push Notifications
- Set up the MetaTrader cell app and discover your MetaQuotes ID in Settings
- In desktop MetaTrader, go to Instruments > Choices > Notifications and enter the ID
- Click on “Take a look at” to confirm, then set Allow Push Notifications to true
Alert Finest Practices
- Hold Popup and Sound Alerts enabled for rapid desk notification
- Use Push Notifications for cell alerts when away from the pc
- E-mail Alerts create a helpful log of all detected patterns
- Alerts fireplace as soon as per sample per symbol-timeframe to stop duplicates
Buying and selling Methods
Technique 1: Direct Entry at Level D
- Look ahead to a brand new Butterfly sample on the dashboard (Age = 1-2)
- Click on Chart to view the sample and confirm the triangles and labels look clear
- Enter on the present worth close to level D
- Cease Loss: Past D by a buffer (e.g., 1x ATR). For Bullish Butterfly, cease under D. For Bearish Butterfly, cease above D. Since D already extends past X within the Butterfly sample, the cease loss is positioned past D relatively than past X
- Take Revenue: Goal B degree first, then C or A degree for prolonged targets
- Typical risk-reward: 1:1.5 to 1:3 relying on sample geometry
NOTE: The Butterfly cease loss placement differs from retracement patterns just like the Bat or Gartley. In these patterns, the cease goes past X as a result of D is between X and A. Within the Butterfly, D has already moved past X, so your cease loss goes past D — the intense of the extension.
Technique 2: Affirmation Entry
Look ahead to worth affirmation earlier than getting into:
- Be aware the D level degree when a brand new Butterfly sample seems
- For Bullish: anticipate a bullish shut above the D-bar excessive. For Bearish: anticipate a bearish shut under the D-bar low
- Enter after the affirmation candle closes
- Cease Loss: Under D (Bullish) or above D (Bearish)
- Take Revenue: B degree first, A degree as prolonged goal
Barely worse entry worth however considerably fewer false alerts.
Technique 3: Multi-Timeframe Confluence
Discover patterns aligning throughout a number of timeframes:
- Look for a similar image displaying Butterfly patterns on two or extra timeframes (e.g., EURUSD Bearish Butterfly on H1 and H4)
- Enter on the decrease timeframe sample within the course confirmed by the upper timeframe
- Use the upper timeframe B and A ranges as prolonged targets
TIP: Multi-timeframe confluence is among the strongest filters for Butterfly sample buying and selling. When the dashboard exhibits the identical course on two or extra timeframes for a logo, the likelihood of a profitable reversal will increase considerably. The extension nature of the Butterfly means these confluence setups typically happen at important market extremes.
Pivot & Ratio Tuning
Adjusting Pivot Sensitivity
These parameters management how important a swing have to be to qualify as an X, A, B, C, or D level:
| Setting | Pivot Bars | Impact | Finest For |
|---|---|---|---|
| Aggressive | 3-4 | Finds minor swings, extra patterns, quicker detection | Scalping M1-M15 |
| Default | 5 | Balanced between high quality and amount | Day buying and selling M15-H4 |
| Conservative | 7-10 | Solely main swings, fewer however higher-quality patterns | Swing buying and selling H4-D1 |
Adjusting Butterfly Fibonacci Ranges
| Buying and selling Type | XAB Tolerance | ABC Vary | BCD Vary | XAD Tolerance | Patterns Discovered |
|---|---|---|---|---|---|
| Strict | 3% | 0.50 – 0.786 | 1.80 – 2.40 | 5% | Few, top quality |
| Default | 5% | 0.382 – 0.886 | 1.618 – 2.618 | 10% | Balanced |
| Relaxed | 8% | 0.30 – 0.90 | 1.50 – 3.0 | 15% | Many, wider standards |
Be aware that in contrast to range-based patterns, the Butterfly XAB ratio is a hard and fast worth (0.786), so that you modify the tolerance relatively than a min/max vary. The identical applies to XAD, which makes use of a spread (1.27-1.618) with a tolerance band across the boundaries.
Suggestions by instrument kind:
- Main Foreign exchange Pairs: Default settings work nicely. Clear harmonic patterns with dependable Fibonacci relationships
- Minor/Unique Foreign exchange: Barely relaxed settings (XAD tolerance 12-15%) as worth motion is much less uniform
- Gold/Silver (XAUUSD, XAGUSD): Default or barely strict. Metals produce well-defined Butterfly patterns
- Crypto (BTCUSD, ETHUSD, SOLUSD): Relaxed settings (XAD tolerance 15%) because of increased volatility
- Indices (US500, US30): Default settings. Index patterns are usually well-formed
Max Historical past Bars
| Worth | Impact | Finest For |
|---|---|---|
| 200 | Quicker calculation, solely current patterns | Scalping, low-resource programs |
| 500 (default) | Good steadiness of depth and efficiency | Most buying and selling situations |
| 1000+ | Finds bigger patterns spanning many bars | Increased timeframes (D1, W1) |
Dealer Image Configuration
Many brokers add prefixes or suffixes to image names. In case your dealer’s EURUSD seems in a different way in Market Watch, configure the prefix and/or suffix:
Widespread Examples
| Dealer Image | Prefix | Suffix |
|---|---|---|
| EURUSD | (empty) | (empty) |
| xEURUSD | x | (empty) |
| EURUSD.professional | (empty) | .professional |
| mEURUSD.i | m | .i |
| EURUSD_SB | (empty) | _SB |
Methods to Configure
- Open Market Watch (Ctrl+M) and notice the precise image title (e.g., “EURUSDpro”)
- Determine the prefix (earlier than “EURUSD”) and suffix (after “EURUSD”)
- Enter prefix in Image Prefix , suffix in Image Suffix
- In Symbols , enter base names with out prefix/suffix: EURUSD,GBPUSD,USDJPY
The indicator mechanically combines prefix + base title + suffix to search out appropriate symbols.
TIP: In case your dashboard exhibits “—” for all entries, the commonest trigger is wrong image names. Test Market Watch and confirm your prefix/suffix settings match your dealer’s naming conference.
Troubleshooting
Dashboard Exhibits “—” for All Entries
Potential causes:
- Improper image names: Confirm symbols match your dealer’s naming in Market Watch (Ctrl+M)
- Lacking prefix/suffix: Set Image Prefix and Image Suffix to match your dealer
- Symbols not loaded: Add lacking symbols by way of Market Watch > right-click > Symbols
- No patterns discovered: Strive rising Max Historical past Bars
No Arrows or Triangles on Chart
- Confirm Present Butterfly Sample and Present BUY/SELL Arrows are set to true
- Guarantee chart image is in your monitored symbols listing and timeframe is enabled
- If the dashboard row exhibits “—“, no lively sample exists for that symbol-timeframe
Alerts Not Working
- Popup not showing: Test Allow Popup Alerts is true and MT4/MT5 permits alerts (Instruments > Choices > Occasions)
- No sound: Confirm sound file exists within the Sounds folder
- E-mail not obtained: Configure e-mail in Instruments > Choices > E-mail first
- Push not obtained: Confirm MetaQuotes ID in Instruments > Choices > Notifications
Indicator Hundreds Slowly
- Scale back monitored symbols or disable unneeded timeframes (e.g., M1, MN)
- Scale back Max Historical past Bars from 500 to 200-300
- The primary load is all the time slower; subsequent calculations are quicker
FAQ
Q: Does this indicator repaint? A: No. The indicator makes use of confirmed swing pivots requiring Pivot Proper Bars (default: 5) bars of right-side affirmation. As soon as displayed, patterns by no means change or disappear.
Q: Can I take advantage of this on any image? A: Sure. It really works on any image in your MetaTrader terminal — foreign exchange, metals, crypto, indices, and extra.
Q: What timeframes work finest? A: The indicator works on all timeframes from M1 to Month-to-month. For day buying and selling, M15-H1 gives good frequency and high quality. For swing buying and selling, H4-D1 gives higher-quality patterns. The Butterfly sample performs particularly nicely on H1 and H4 the place extension strikes are most clearly outlined.
Q: What number of symbols can I monitor? A: As much as 20 symbols concurrently. Enter them as a comma-separated listing within the Symbols parameter.
Q: Does the indicator present Entry, Cease Loss, and Take Revenue ranges? A: The indicator identifies the D level (entry zone) however doesn’t calculate particular SL/TP ranges. Because the Butterfly is an extension sample the place D strikes past X, set your cease loss past D and goal the B or A degree for take revenue based mostly in your danger administration guidelines.
Q: What’s the distinction between the MT4 and MT5 variations? A: Each use an identical detection logic. The MT5 model makes use of handle-based calculations and enter group group. Performance and output are the identical.
Q: How do I do know if a sample remains to be legitimate? A: Test the Age column. Low Age values (1-5 bars) are freshest. As Age will increase, the entry window might have handed. Additionally test if worth has moved considerably from D.
Q: Can I modify the Fibonacci ratios? A: Sure. The XAB ratio and tolerance, ABC Min/Max Retracement, BCD Min/Max Extension, XAD Min/Max Extension, and XAD Tolerance are all totally configurable to match your most well-liked harmonic buying and selling model.
Q: How does the Butterfly sample differ from the Bat sample? A: The Butterfly and Bat are each 5-point XABCD harmonic patterns, however they differ basically in construction. The Butterfly is an extension sample the place D strikes past X (XAD ratio of 1.27-1.618), whereas the Bat is a retracement sample the place D stays inside the XA leg (XAD ratio of 0.886). The Butterfly’s XAB ratio is mounted at 0.786, in comparison with the Bat’s vary of 0.382-0.50. Due to the extension nature, Butterfly cease losses are positioned past D (the intense level), whereas Bat cease losses are positioned past X. The Butterfly tends to catch bigger reversal strikes at market extremes, whereas the Bat identifies tighter reversal zones inside established swings.
Obtain the indicator:
In the event you need assistance with the Butterfly Harmonic Dashboard Indicator:
Product Pages:
Contact:
- Developer: Forexobroker – Dominic Walsh
- Web site: www.forexobroker.com
- MQL5 Profile: Use the “Message” button on the product web page to contact the developer instantly
Getting Assist:
- Use the Feedback part on the product web page for common questions
- Use the non-public Message characteristic for account-specific points
- Embrace your MetaTrader model (MT4 or MT5) and dealer title when reporting points
Threat Disclaimer
Buying and selling overseas change, metals, cryptocurrencies, and different monetary devices on margin carries a excessive degree of danger and will not be appropriate for all traders. Earlier than deciding to commerce, rigorously think about your funding aims, degree of expertise, and danger urge for food.
The Butterfly Harmonic Dashboard Indicator is a technical evaluation device that identifies patterns in historic worth knowledge. It doesn’t assure future outcomes. Previous efficiency just isn’t indicative of future outcomes.
Key Threat Concerns:
- By no means danger greater than 1-2% of your account on a single commerce
- At all times use cease losses
- Apply on a demo account earlier than buying and selling with actual cash
- The indicator identifies patterns; it doesn’t make buying and selling selections for you
- Harmonic patterns have a statistical edge however don’t work 100% of the time
The developer and writer settle for no legal responsibility for any buying and selling losses incurred whereas utilizing this product. Use it at your individual danger.