Harmonic Pattern Scanner Explained

Harmonic pattern scanner is a tool that helps traders to detect harmonic patterns like Gartley, Butterfly, Shark, and Bat Patterns made up from the Fibonacci Ratios in Forex and Stock Market. In this article, we will explain the types of harmonic pattern scanner used in Forex and Stock market trading. Harmonic pattern scanner helps to detect the Harmonic Patterns automatically. However, there are several variations of harmonic pattern scanners. Not all the harmonic pattern scanner are the same. Trading Indicator is an effort of developer to create trading tools to comply with particular theory or trading strategy or trading ideas. However, there is always gap between theory (i.e. ideas or strategy) and practice. The main variations of Harmonic pattern scanners can be categorized as following four types.

Type 1: Non lagging (fast signal) but repainting – option to enter from turning point. This type of Harmonic Pattern Scanner does not show the failed pattern in chart and last pattern can repaint.

Type 2: Lagging (slow signal) but non repainting – no option to enter at turning point (i.e. early signal). This type of Harmonic Pattern Scanner does not show the failed pattern but last pattern does not repaint as it is lagging signal.

Type 3: Detecting pattern at point C but repainting – option to enter at turning point. This type of Harmonic Pattern Scanner detects the pattern too early and you have to wait quite bit of time until price move near the point D. In fact, price may not move near point D. You might just waste your time waiting for the pattern. Indicator does not show the failed pattern and last pattern can repaint.

Type 4: Non lagging (fast signal) and non repainting – option to enter from turning point. At the same time, the pattern is not repainting. This is hybrid of all above three Harmonic Pattern Scanner. This type of Harmonic Pattern Scanner can be considered as the most powerful harmonic pattern scanner among all variations.

To accomplish this information, you can read this article that explains about various Harmonic Pattern Indicator used in Forex and Stock market too. This article explain the type 1, type 2, type 3 and type 4 Harmonic Pattern Indicator in more details.

https://algotrading-investment.com/2019/03/03/harmonic-pattern-indicator-explained/

In addition, you can watch the YouTube Video to feel what is the automated harmonic pattern indicator like. For your information, we provides two YouTube videos with title and links below.

YouTube “Harmonic Pattern Indicator”: https://www.youtube.com/watch?v=CzYUwk5qeCk

YouTube “Non Repainting Non Lagging Harmonic Pattern Indicator”: https://www.youtube.com/watch?v=uMlmMquefGQ

List of Harmonic Pattern Indicators for MetaTrader

1. Harmonic Pattern Plus (Type 1)

Harmonic pattern plus is extremely good product for the price. With dozens of powerful features including Pattern Completion Interval, Potential Reversal Zone, Potential Continuation Zone, Automatic Stop loss and take profit sizing.

Below are the Links to Harmonic Pattern Plus

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

2. Harmonic Pattern Scenario Planner (Type 1 + Predictive feature)

With additional features of predicting future harmonic patterns, this is very tactical harmonic pattern indicator with advanced simulation capability on top of the powerful features of harmonic pattern plus.

Below are the Links to Harmonic Pattern Scenario Planner

https://www.mql5.com/en/market/product/6101

https://www.mql5.com/en/market/product/6240

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

3. X3 Chart Pattern Scanner (Type 4 = hybrid)

This is our next generation Chart Pattern Scanner. This is non-repainting and non-lagging Harmonic Pattern Indicator. On top of that, this tool can detect Elliott Wave Pattern and X3 Patterns. As a bonus, this scanner can detect around 52 Japanese candlestick patterns for your trading. This is the most advanced Harmonic and Elliott wave pattern detector in the market. You must try.

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

https://www.mql5.com/en/market/product/41992

https://www.mql5.com/en/market/product/41993