Introduction to Profitable Pattern Scanner
Profitable Pattern Scanner is the non-repainting and non-lagging indicator detecting profitable chart patterns including Harmonic pattern, Elliott Wave pattern, X3 patterns, and Japanese Candlestick patterns. Historical patterns match with signal patterns. Hence, you can readily develop profitable strategy in your chart. More importantly, this superb pattern scanner can detect the optimal pattern of its kind. In addition, you can switch on and off individual patterns according to your preferences. Or You can also switch on and off the category of patterns according to your preferences. For example, if you only want to trade harmonic patterns, then just switch off all Elliott Wave and X3 patterns. Also, do note that each patterns are completely customizable with RECF notation. Japanese candlstick patterns are kind of bonus package added in the indicator. Japanese candlestick patterns can be used as the secondary confirmation for harmonic patterns, Elliott wave and X3 patterns. You can also switch on and off Japanese Candlestick patterns.
Harmonic Pattern Category
- Optimal AB=CD
- Optimal Butterfly Pattern
- Optimal Gartley Pattern
- Optimal Bat Pattern
- Optimal Alternate Bat Pattern
- Optimal Shark Pattern
- Optimal Crab Pattern
- Optimal Deep Crab Pattern
- Optimal Cypher Pattern
- Optimal 5-0 Pattern
- Optimal 3 Drives Pattern
Elliott Wave Pattern Category
- Elliott Wave .1234 Pattern
- Elliott Wave .12345 Pattern
- Elliott Wave .12345AB Pattern
- Elliot Wave .12345ABC Pattern
X3 Pattern Category
- Star River Pattern
- Trident Pattern
- Horse Pattern
- Eagle Pattern
- Phoenix Pattern
Japanese Candlestick Pattern Category
- Piercing Line
- Morning Star
- Doji Star
- many more Japanese candlestick patterns also detectable.
- Non-repainting and non-lagging Harmonic pattern, Elliott Wave pattern and X3 Pattern indicator
- Pattern Completion Interval
- Potential Reversal Zone
- Potential Continuation Zone
- Pattern Locking and Unlocking Feature
- Interactive Stop Loss and Take Profit according to your Reward/Risk ratio
- Historical Patterns
- Signal Alert
- Can detect around 52 bullish and bearish Japanese candlestick patterns
- Multiple Timeframe Pattern Scanning for Harmonic pattern, Elliott Wave pattern, and X3 Pattern
Entry and Exit for Trading
This indicator provides three essential components to trade with profitable patterns:
- pattern completion interval
- potential reversal zone
- potential continuation zone.
Provided stop loss and take profit levels are movable and automatically adjustable. Potential reversal zone can be used to identify the location of turning point. Potential continuation zone can be used to predict future price move after turning point detection. It is tactical place where you can set breakeven, or trail stop your profit or to open new entry according to the market condition.
Any experienced trader will recommend using secondary confirmation together with profitable chart patterns. Depending on your skill, you can combine various secondary confirmation technique with Profitable Pattern Scanner.
- Other technical indicators (i.e. RSI, CCI, MACD, etc)
- Fundamental Analysis
- Financial and Political News
- Elliott Wave Analysis
You can also use following products with Profitable Pattern Scanner:
- Price Breakout Pattern Scanner
- Advanced Price Pattern Scanner
- Mean Reversion Supply Demand
- Elliott Wave Trend
- Excessive Momentum Indicator
- Ace Supply Demand Zone Indicator
Important Note for Trading
- Profitable Pattern Scanner provides many good patterns for your trading. However, use the patterns you like most only. It is not compulsory to trade with all the patterns inside indicator. Each pattern in the scanner can be switched on and off.
- Computation of history patterns can be heavy. To improve indicator speed, you can set BarsToScan = low number like 50 or 30 if necessary. This will reduce computation for history patterns but this will not affect your live trading.
- This indicator is testable in strategy tester up to 80% of its features. Please test it before purchasing.
- This indicator requires use of mouse in its operation.
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