Butterfly Pattern

Butterfly Pattern Indicator
Best MT4 butterfly pattern indicator for anticipating accurate price pullback levels. Spots butterfly patterns on MTF charts. Determine solid buy-sell positions in forex & stocks.

CATEGORIES: TREND, MT4, PATTERNS
Updated on: 16.12.2023

The Butterfly Pattern Indicator is an automatic MT4 price pattern detector that helps trend and range traders spot solid price swing levels.

Technically, the butterfly pattern carries an 87.4% to 89.79% success rate, making it a reliable and widely accepted tool for assessing buy-sell signals in forex and stocks. It monitors the price actions in the background and plots bullish/bearish movement signals whenever it detects a perfect butterfly pattern.

According to our review, we’ve found the Indicator a good match for all types of MT4 timeframes. Eventually, this pattern works super in identifying trade signals for both day and intraday traders.

How to use the Butterfly Pattern Indicator in MT4

The butterfly price pattern is a four-wave price structure. Point X to A is the first wave of the harmonic structure. B is the first retracement point. Next, the price spikes to C but pullbacks to a further downside position. The direction of the first wave (XA) determines the bullish or bearish mode.

The most significant advantage of the Indicator is you’ll not have to analyze the price waves manually. It automatically spots the potential price structures and plots the buy-sell signals using simple arrows.

Whenever you see an arrow alert, consider other price actions like candlestick patterns or support/resistance for making precise trading decisions.