EFW Pattern Trader is a powerful pattern scanner for Forex and Stock trading. The pattern detection in EFW Pattern Trader uses the Fractal Wave Theory, which captures the endless up and down movement of the market. Therefore, EFW Pattern Trader can be considered as the robust price action indicator. Any patterns in EFW Pattern Trader can be backtested visually in your strategy tester. Visual backtesting with pattern will show you how pattern will likely behave in the live trading. Therefore, you can build the rational and confidence before your trading. Each pattern will generate different performance for different market. Therefore, run each pattern in your strategy tester and then choose which patterns you want to trade for the specific currency pairs to maximize your profit. Of course, you can trade multiple patterns for single currency pairs. You can use sound alert, push notification and email (Push notification is preferred way for remote signal.). After backtesting, to synchronize your backtesting results to your live accounts, use EFE Pattern Trader for your live trading only.
How to Trade
In general, each detected pattern will show you which direction to trade. Therefore, trading is really simple. Using this software requires at least some knowledge on risk and reward management in the financial trading. Check the performance of each pattern with your own eyes in your MetaTrader strategy tester before buying. Typically the pattern traders uses second confirmation to confirm the trading direction with patterns. The typical second confirmation can include fundametals and other technical indicators.
For your information, tradable Patterns in EFW Pattern Trader:
is not repainting
is not recalculating
provide stop loss and take profit target for your trading.
Between Golden Ratio (0.618) and Half Ratio (0.500), choose only one ratio to trade after backtesting. Do not trade both at the same time. Our research indicates that sometimes Golden Ratio wins but sometimes Half Ratio wins. All the patterns are powerful here but you might like some patterns more than the others might. Do not forget to backtest each pattern before trading. Backtesting will run faster in smaller timeframe when you use every tick mode. You might use open price mode at your own risk.
A. Golden Ratio 0.618 (1 EFW)
B. Half Ratio 0.500 (1 EFW)
C. Two Equal Waves Pattern (2 EFWs: 1.618-0.618)
D. Two Equal Waves Pattern (2 EFWs: 1.272-0.786)
E. Gartley (3 EFWs)
F. Star River Pattern (5 EFWs, introduced by Young Ho, Seo)
G. Trident Pattern (4 EFWs, introduced by Young Ho, Seo)
H. Horse Pattern (4 EFWs, introduced by Young Ho, Seo)
I. Butterfly (3 EFWs)
Input 1 – Pattern Setting
EFW Iteration: 3 to 100 only (choose higher number for more patterns but it requires more time to complete backtesting.)
EFW Line Color: Color of wave lines
EFW Line Color for overlapping wave: Color of overlapping wave lines
EFW Line Width: Width of wave line
EFW Text Color: color for ratio text
EFW Text Size: Size of text
EFW Ratio Text Format: Ratio format to display
EFW Arrow Up Color: Buy arrow color
EFW Arrow Down Color: Sell arrow color
EFW Arrow Width: buy and sell arrow size
Input 2 – General Setting
Bars To Scan: choose higher number for more computation
Use White Background Chart: true or false only
Enable sound alert: true or false only
Send email Alert
Send notification alert
Input 3 – Alert Setting
Delete Previous Patterns on new alert: set true to delete previous patterns on new pattern arrival
Min Pattern Size in Bar: filter the pattern by number of candle bar size
Search Pattern A: set to true to use the pattern A
Search Pattern B: set to true to use the pattern B
This product is the off the shelf product in the store. Therefore, we do not take any personal modification or personal customization request. For our products, we do not provide any code library or any support for your coding.
Other Technical Indicators
EFW Pattern Trader is one of the most basic tools in our product list. EFW Pattern Trader is easy to use but powerful. If you are thinking to become trader for your life time career, you can use the following tools for advanced decision making. These tools have been stood there over 4 years serving many fund managers and prop traders. We have few books for the trading guidelines for these tools too. You might request the books when you buy these tools.