Explore the creation of custom indicators in MetaTrader 5 using chart objects, a step beyond traditional buffers and plots. This approach offers advanced flexibility, enabling the development of complex visual representations critical for identifying unique trading patterns and price levels. The technique allows dynamic illustration of Harmonic Patterns, fundamental in recognizing potential market reversals. By focusing on practical application, learn to pinpoint swing points, integrate Fibonacci levels for pattern validation, and label key chart areas. This methodology enhances precision in trade signal accuracy, providing valuable insights for both professional traders and developers seeking to create sophisticated MQL5 indicators.

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Part 20 of the MQL5 series focuses on harmonic patterns, crucial tools in technical analysis. These patterns use precise Fibonacci ratios to predict reversal zones. Key patterns include Gartley, Bat, Butterfly, and Crab, each with distinct Fibonacci measurements integral for pattern validation.

Understanding Fibonacci retracement and extension is vital for harmonic patterns. Retracement measures market pullbacks, while extensions project potential price movements. In MQL5, these ratios aid in programming pattern detection effectively. The importance of precise ratio application in pattern recognition is emphasized, as deviations can invalidate setups.

Upcoming discussions will explore automating pattern identification using MQL5, enhancing trading strategies through harmonic patterns.

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