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Advanced Harmonic Pattern Detection Indicator for MetaTrader 5
Harmonic Pattern Scenario Planner is an advanced Harmonic Pattern Detection Indicator. This is probably the most sophisticated harmonic pattern detection indicator for MetaTrader 5 platform. MetaTrader 5 is the next generation trading platform developed by Meta Quote who developed MetaTrader 4. MetaTrader 5 is accessible for free of charge for any trader from all over the world. More and more brokers are now offering MetaTrader 5 trading options even including US based firms.
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 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.
When we detect a harmonic pattern, we need to filter out some bad patterns from good one. Fibonacci ratios are the important rule in detecting harmonic patterns. For example, when we want to detect the Bullish Gartley pattern, we will select five probable points first. Then we will measure the ratios of AB/XA, BC/AB, CD/BC and CD/XA to check the structural integrity of the pattern. We can call it as the perfect Gartley pattern if the patterns have the precise Fibonacci relationship between legs like below: AB/XA = 0.618However, it is very rare to find the perfect pattern. Most of time, they will come close to the ideal ratio but they will never be dead accurate. Therefore, trader can assign some quantity to the pattern matching accuracy. For example, trader might use one of the following four error metrics to measure the pattern matching errors.
The pattern detection process must have some consistent logic. The best ways to practice the pattern detection is to select the important peaks and troughs using the Peak Trough analysis.
If you want to avoid any complex feature, then Harmonic Pattern Scenario planner can be used like Harmonic Pattern Plus. Hence, it is easy and friendly to use. At the same time, if you do not mind more advanced features, then it combines powerful Monte Carlos Simulation to provide you advanced harmonic pattern search capability. This feature is the most unique feature provided from Harmonic Pattern Scenario Planner. Monte Carlo Simulation can help you to find future reversal points in advance.
For your information, we provide two YouTube videos with title and links below. Although these two videos are not created using the Harmonic Pattern Scenario Planner, you can watch the YouTube Video to feel what is the automated harmonic pattern indicator like.
Here is the product link to Harmonic Pattern Scenario Planner for MetaTrader 5. You can find more about the features of this advanced Harmonic Pattern Scenario Planner. Let your MetaTrader 5 to be equipped with this cutting edge technology.