MT4 Harmonic Pattern Scanner

MetaTrader 4 (MT4) Harmonic Pattern Scanner is a tool used by traders who utilize harmonic trading strategies in the Forex and Stock market. Harmonic patterns are specific price pattern that are believed to indicate potential reversals or continuations in the price movement of an asset. These Harmonic patterns are based on Fibonacci ratios and are considered to have a high probability of success when identified correctly.

The MT4 Harmonic Pattern Scanner is an indicator or a software add-on that can be integrated into the MetaTrader 4 trading platform. It automatically scans the price charts for harmonic patterns such as the Gartley pattern, Butterfly pattern, Crab pattern, and others. Once a pattern is detected, it typically highlights the pattern on the chart and provides relevant information such as entry and exit points, stop-loss levels, and potential price targets.

Some key features of an MT4 Harmonic Pattern Scanner may include:

  • Automatic pattern recognition: The scanner automatically identifies harmonic patterns as they form on the price chart, saving traders time and effort in manually identifying these patterns.
  • Alerts and notifications: The scanner can be configured to send alerts or notifications to traders when a harmonic pattern is detected, allowing them to take prompt action.
  • Pattern validation: Some scanners provide additional tools to validate the detected patterns, helping traders assess the reliability and strength of the patterns identified.
  • Compatibility: It’s essential for the scanner to be compatible with the MetaTrader 4 platform since many traders use MT4 for their trading activities.

There are some optional features too depending on the purpose of the Harmonic Pattern Scanner and the core algorithm, if they use repainting or non repainting algorithm. Some optional features of an MT4 Harmonic Pattern Scanner may include:

  • Customizable parameters: Traders can often customize the settings of the scanner to adjust the sensitivity of the pattern detection or to filter out certain types of patterns. (For example, X3 Chart Pattern Scanner)
  • Pattern history: The scanner may also have the ability to display historical harmonic patterns on the chart, allowing traders to analyze past patterns and their outcomes. (For example, X3 Chart Pattern Scanner)

Overall, the MT4 Harmonic Pattern Scanner is a valuable tool for traders who employ harmonic trading strategies, as MT4 Harmonic Pattern Scanner helps them identify potential trading opportunities based on these specific price patterns. However, it’s important for traders to combine the use of such tools with their own analysis and risk management techniques for effective trading decision-making.

Let us dig little deeper on the basics of Harmonic Patterns. Harmonic patterns are one of the frequently occurring patterns due to the underlying Equilibrium Fractal-Wave process in the market. It is typically made up from three equilibrium fractal waves. Occasionally there are few harmonic patterns with two equilibrium fractal waves or four equilibrium fractal waves. The structure of the equilibrium fractal waves in the harmonic pattern are typically based on the Fibonacci ratios. The main premise of the harmonic pattern is the repeatability. The history of the harmonic pattern goes back to the Gartley’s book “Profits in the Stock Market” in 1935. At that time, Gartley described the trend reversal pattern on page 222 of his book. In Modern Forex and Stock trading, Harmonic patterns include Butterfly, Gartley, Bat, Alternate Bat, AB=CD, Shark, Crab, Deep Crab, Cypher, 5-0 Patterns, 3 Drives Pattern and so on. Harmonic Pattern Trading is not bullet proof but if it is used wisely, then it can yield enough edge to pull the profits from the market.

Two main elements of Harmonic pattern trading are the pattern recognition and the market timing. Between those two elements, the pattern recognition is the prior task before the market timing. Mostly harmonic patterns consist of five points except few patterns. The five points are often denoted as XABCD conventionally. When we want to detect harmonic pattern manually, the Peak Trough analysis can be very helpful. For example, trader can apply the Peak Trough analysis on their chart to find the five points of the harmonic pattern. With the Peak Trough analysis, traders can get rid of a lot of alternative possibility for the pattern detection. Since the Zig Zag indicator produces the least number of peaks and troughs to work with, it is easier to work with the Zig Zag indicator. However, if you do not like the false peaks and troughs of the Zig Zag indicator, then you can use the modified Fractal indicator alternatively. With the modified Fractal indicator, you will work with more number of peaks and troughs in your chart. However, this will not stop traders to detect harmonic patterns.

In the modern electronic trading environment, good tools are the priority for winning trading performance. MT4 Harmonic Pattern Scanner is such a tool you must have in your trading arsenal. MetaTrader 4 is one of the most popular trading platform since 2010. It is accessible for free of charge for any trader from all over the world. We provide a range of powerful harmonic pattern scanner particularly desinged for MetaTrader 4 platform.

1. MT4  Harmonic Pattern Plus

Harmonic Pattern Plus is One of the first automated Harmonic Pattern Scanner released in 2014. This MT4 Harmonic Pattern Scanner can detect 11 most popular harmonic patterns with well-defined trading entries and stops. Pattern Completion Interval, Potential Reversal Zone and Potential Continuation Zone are supported. In addition, other dozens of powerful features are added like Japanese candlestick detection, etc in Harmonic Pattern Plus. You can experience the rich features of MT4 Harmonic Pattern Plus from the link below.

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

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

2. MT4  Harmonic Pattern Scenario planner

Harmonic Pattern Scenario Planner is an advanced MT4 Harmonic Pattern Scanner. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic pattern trading signals through the computer simulation. Harmonic Pattern Scenario Planner is the tactical harmonic pattern scanner designed for Professional harmonic pattern trader. You can experience the rich features of MT4 Harmonic Pattern Scenario Planner from the link below.

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

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

3. MT4  X3 Chart Pattern Scanner

MT4 X3 Chart Pattern Scanner is our next generation Harmonic Pattern scanner. MT4 X3 Chart Pattern Scanner is non-repainting and non-lagging Harmonic pattern scanner. On top of that, this Harmonic Pattern Scanner can detect Elliott Wave Pattern and X3 Chart Patterns. It can detect over 20 profitable patterns. As a bonus, this tool can detect around 52 bearish and bullish Japanese candlestick patterns + advanced Channel features. This is the most advanced Harmonic and Elliott wave scanner in the market. You must try this MT4 Harmonic Pattern Scanner from the link below.

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

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

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