Harmonic Pattern Detection Indicator MT5

Harmonic Pattern Detection Indicator is the powerful technical indicator to solve the puzzle of market geometry in Forex and Stock market, which is often not solvable with other technical indicators. How about automatic harmonic pattern detection for your trading ? Before we go to the automatic software to detect Harmonic Patterns, let’s cover the two important aspect of Harmonic Pattern Trading. 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 Figure 4-3, we present the example of detecting bullish Gartley pattern using the Zig Zag indicator. With the help of the Peak Trough analysis, we can identify five probable points for the patterns. In first attempt, you might be wrong in selecting the five probably points. With more practice, you will become good at it. Once you have selected five probable points, next you have to measure the ratios between legs to check if the pattern is the qualified Gartley pattern. For example, for Gartley pattern, you can expect to have the following Fibonacci ratio relationship between legs:

  • AB/XA = 0.618 or 0.786
  • BC/AB = 0.618
  • CD/BC = 1.272 or 1.618 and
  • CD/XA = 0.786

When you detect the patterns manually, it is important to use high and low price of the candle bar for the five probable points. In the past, I have met some traders connecting the five points with close price or open price. Sometimes, they use two or three points with high and low price from the candle bar, then they use close price for the rest of points. 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. Using close price or open price is not recommended practice in general.

Not all the harmonic pattern detection indicators are the same. The main variations of Harmonic pattern indicators can be categorized as following four types. Users should understand the pros and cons of each variation to maximize their trading performance with harmonic patterns.

Type 1:  Non lagging (fast signal) but repainting

option to enter from turning point. Indicator does not show the failed pattern in chart and last pattern can repaint. This is almost considered as standard Harmonic Pattern Indicator. Even if they are repainting, harmonic pattern trader just accept it as it is. 99% of time, this is the harmonic pattern product you will get from the market whether they are free or paid one. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy.

Type 2:  Lagging (slow signal) but non repainting

no option to enter at turning point (i.e. early signal). This type of indicator turns harmonic pattern indicator as slow as moving average cross over. It might be not overly attractive option for your trading. Indicator does not show the failed pattern. Hence, you can not use historical patterns to tune your strategy but last pattern does not repaint. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy. Probably about 1% of harmonic pattern indicator is this type.

Type 3: Detecting pattern at point C but repainting

option to enter at turning point. Indicator detect 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. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy.  Probably about 1% of harmonic pattern indicator is this type.

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 system and can be considered as the most powerful harmonic pattern indicator. You can trade live with this indicators and you can also use historical patterns to fine tune your strategy. With this indicator, you are complying perfectly with the statement “Trade What you See”.

To accomplish this post, you can read the full blog article about the types of Harmonic Pattern Indicator from the link below.


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://youtu.be/CzYUwk5qeCk

YouTube “Non Repainting Non Lagging Harmonic Pattern Indicator”:  https://youtu.be/uMlmMquefGQ


We have several Harmonic Pattern Detection Indicator for MetaTrader 5. MetaTrader 5 is the next generation trading platform developed by Meta Quote who developed MetaTrader 4. MetaTrader 5 is a newer and more advanced version of MetaTrader 4, the popular trading platform for forex and CFDs. MetaTrader 5 has some advantages over MetaTrader 4, such as:

MetaTrader 5 supports more markets, including stocks, commodities, and cryptocurrencies.
MetaTrader 5 has more timeframes, technical indicators, graphical objects, and order types.
MetaTrader 5 has a built-in economic calendar and email system with attachments.
MetaTrader 5 has a more powerful strategy tester that allows multi-threaded, multi-currency, and real tick testing.
MetaTrader 5 has a more modern and user-friendly interface that supports multilingual Unicode.

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.

Here is the list of Harmonic Pattern Indicators for MetaTrader 4 and MetaTrader 5.

1. Harmonic Pattern Plus (2014)

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. This is type 1 harmonic pattern indicator.

Below are the Links to Harmonic Pattern Plus



2. Harmonic Pattern Scenario Planner (2014)

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. This is type 1 and type 3 harmonic pattern indicator.

Below are the Links to Harmonic Pattern Scenario Planner



3. X3 Chart Pattern Scanner  (2019)

X3 Chart Pattern Scanner is next generation tools to trade with Harmonic pattern and Elliott Wave patterns in Forex market. With non repainting and non lagging algorithm, this tool can detect with advanced Harmonic Pattern, Elliott Wave Pattern, X3 Chart Pattern for your trading. As a bonus, it provides your Japanese candlestick patterns too. This is type 4 harmonic pattern indicator, which means that you can fine tune your strategy using historical patterns while you are trading the same patterns on live trading.



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