Introduction to Advanced Harmonic Pattern
In this article, we will introduce the main featuers of Advanced Harmonic Pattern Scanner in detail. The Harmonic Pattern like Gartley Pattern, Butterfly Pattern, Bat Pattern, Crab Pattern, Cypher Pattern, 5-0 Pattern and so on are used often to trade currency or stock. The advanced Harmonic Pattern Scanner can predict the future Harmonic Pattern using the computer simulation. For example, the present state of Forex market can go through many different possible price paths to reach its future destination. Future is dynamic. Therefore, planning your trade with possible future scenario is an important step for your successful trading. To meet such a powerful and predictive concept, we introduce the Harmonic Pattern Scenario Planner, the first predictive Harmonic Pattern Scanner in the world among its kind.
Advanced Harmonic Pattern Features
- Predicting future patterns for scenario analysis
- 11 Harmonic Pattern Detection
- Automatic stop loss and take profit recognition for superb risk management
- Pattern Completion Interval for precision trading
- Potential Continuation Zone Detection for future price prediction
- Potential Reversal Zone Detection for Point D identification
- Automatic Channel Detection to go with Harmonic Pattern (Optional)
- Multiple timeframe Pattern Analysis
- Multiple timeframe Pattern Detection
- Guided Trading Instruction for professional traders
- Pattern Locking and Unlocking feature in your chart
- Even more, please find it out.
Scenario Simulation for Future Harmonic Pattern
There are powerful simulation techniques known to generate possible future price patterns like Monte Carlos Simulation, Brownian motion simulation, etc. To do so, we need to understand the price behavior including distribution and its randomness. Then we repeat the simulation as many times as possible to identify various future price path. Some future price path may be very important for your trading whereas some other price path may be insignificant. Harmonic Pattern Scenario Planner collects those significant price paths only for your advance trading decision.
How to Use
You can run Harmonic Pattern Scenario Planner like Harmonic Pattern Plus to pick up the turning point. At the same time, you can predict the future patterns for the advanced scenario analysis. The predicted pattern can be used for the earlier decision making for your trading.
- Reduce commission and slippage using pending orders in advance
- Worst case scenario planning before taking position
- Early identification of important support and resistance lines automatically in advance
- More accurate prediction of entry and exit timing
How to Trade
Each Harmonic Pattern provides you the potential entry for the turning point. You might apply few other filters to improve your trading. Some of the basic filters you can apply include RSI, CCI, MACD, Bollinger Bands, and Moving Average. More advanced filter can include Price Breakout Pattern Scanner, Mean Reversion Supply Demand, Elliott Wave Trend, and Harmonic Volatility Indicator. Please note that the trading performance can vary for your trading experience and trading skills.
Indicator Input
Here we list part of input setting. For full input setting, visit this webpage:
Harmonic Pattern Parameters 1 ( User Option )
These parameters below concerns operations of Harmonic patterns. You can change button size, timeframe to detect patterns and alerts using these parameters. You can change timeframe of pattern detection. However, you cannot use smaller timeframe pattern detection for higher timeframe. For example, you cannot set Timeframe to detect patterns = H1 timeframe while you are using D1 chart.
- Timeframe to detect Patterns
- Max number of patterns to display
- Pattern Index from which to display
- Enable sound alert
- Send email if pattern is found
- Send notification if pattern is found
- Display Fibo retracement (DC Future Price Projection)
- Fibo Retracement Length
- Fibo Retracement Color for pattern
- Fibo Retracment Wdith for pattern
- Use white background for chart
- Amount of bars to scan for pattern search (1500 = default)
- Detect Pattern at Every Tick: true or false only
- Pattern Update Frequency (Period)
https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/
https://www.mql5.com/en/market/product/6101
https://www.mql5.com/en/market/product/6240
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