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.
Manual Detection of Harmonic Patterns is much more challenging exercise than Fibonacci Price patterns. However, it is still doable. Especially, if you have done through-exercise with Fibonacci Price patterns, then you can manage to detect Harmonic patterns. Many people might prefer to use automated harmonic pattern scanner instead of manual pattern detection. However, as we mentioned before, it is still better if you know how to detect these patterns manually, then you can get more benefit from automated pattern scanner too.
In the modern electronic trading environment, good tools are the priority for winning trading performance. MT5 Harmonic Pattern Scanner is such a tool you must have in your trading arsenal. MetaTrader 5 is the next generation trading platform developed by Meta Quote who developed MetaTrader 4. 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 designed for MetaTrader 5 platform.
1. MT5 Harmonic Pattern Plus
One of the first automated Harmonic Pattern Scanner released in 2014. It 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.
It is an advanced Harmonic Pattern Scanner. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic patterns through simulation. This is the tactical harmonic pattern scanner designed for Professional harmonic pattern trader.
This is our next generation Harmonic Pattern scanner. This is non-repainting and non-lagging Harmonic pattern scanner. On top of that, this tool can detect Elliott Wave Pattern and X3 Price Patterns. It can detect over 20 Chart 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.