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Advanced Harmonic Pattern Detection Indicator for MetaTrader 4
Harmonic Pattern Scenario Planner is an advanced Harmonic Pattern Detection Indicator. This is probably the most sophisticated harmonic pattern detection indicator for MetaTrader 4 platform, the most popular Forex trading platform since 2008. 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.
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.
If harmonic pattern could predict the potential turning point, we can choose to materialize this opportunity or not. We covered that this prediction is subject to probabilistic nature. Harmonic Pattern is not a bulletproof predictor of the future. If you find someone mentioning 95% or 96% or even 90% prediction accuracy whatsoever, you could just step away from those bullshit. Most of time, its two things, that person does not know what he is talking about or that person might want to cheat on you. Simply let us not involved on that time wasting activities. We have already shown you how to calculate your profits in previous chapter. There is certainly no need to talk about 95% prediction accuracy in our trading.
We use turning point strategy because of their high reward/risk ratio. Higher rewards/risk ratio means relatively lower winning rate comparing to other lower rewards/risk trading setup. As an extreme example, in scalping, you can achieve over 90% of winning rate if you have the target profit of 1 pip against 20 or 30 pips risk. However, it does not mean that scalping is better technique than other strategies. With scalping, you have to increase frequency of trading to achieve the same profit level as other techniques do. In addition, few losing trades will risk your account quickly. In harmonic pattern trading, higher rewards/risk ratio will reduce your winning rate dramatically. It is hard to say exact winning rate. Roughly, your chance to be successful is somewhere between 10% and 60%. Of course, it can be higher depending on your discipline and rewards/risk ratio.
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 4. You can find more about the features of this advanced Harmonic Pattern Scenario Planner. Let your MetaTrader 4 to be equipped with this cutting edge technology.