How accurate is a harmonic scanner?

The percentage of harmonic pattern success results for each of the harmonic patterns (Gartley, Butterfly, Crab, Bat) is over 80% for all patterns and in some cases over 90%. Something like over 400 patterns a day are identified, typically.

Is harmonic pattern reliable?

Finding reversals requires an understanding of harmonic patterns. They are a very accurate tool that can identify very exact price fluctuations.

What is the success ratio of harmonic patterns?

Harmonic patterns are very profitable patterns with a success ratio of over 70% . The problem is that these patterns are rare and difficult to be identified, especially by non-professionals.

What is the most profitable harmonic pattern?

The Gartley, bat, and crab are among the most popular harmonic patterns available to technical traders.

What is the most accurate harmonic pattern indicator?

Harmonic pattern indicators The main technical indicator for harmonic trading is the Fibonacci retracement tool. It is used to verify every wave within the pattern, as well as highlight potential profit targets once the pattern has completed.

What is the success rate of the bat pattern?

Systematic tests by FxGroundworks, have shown the Bat pattern success rates to be 89%-95% .

Do harmonic patterns work in the stock market?

Advantages & Disadvantages of Harmonic Patterns Work well with defined Market Context, Symmetry and Measured Moves rules. Work in all timeframes and in all market instruments. Other indicator theories (CCI, RSI, MACD, DeMark…) can be used along with them.

What Fibonacci ratios are harmonic trading?

The primary idea behind harmonics trading is to identify price patterns that exhibit specific Fibonacci retracement and extension levels. The key Fibonacci ratios used in harmonics trading are 0.382, 0.50, 0.618, 0.786, 1.272, 1.414, 1.618, and others .

What is the rule for harmonic pattern?

In general, all harmonic patterns are based from 5 turning points in price . However, each type of harmonic pattern has a different geometrical shape and Fibonacci ratio. We name these points X, A, B, C and D. Each harmonic patterns follows its own set of rules that will discuss in greater detail later in the article.

What is the most popular trading pattern?

The head and shoulders chart pattern and the triangle chart pattern are two of the most common patterns for forex traders. They occur more regularly than other patterns and provide a simple base to direct further analysis and decision-making. Try a demo account to practise your chart pattern recognition.

How do you identify a harmonic pattern in forex?

There are three basic steps in spotting Harmonic Price Patterns: Step 1: Locate a potential Harmonic Price Pattern. Step 2: Measure the potential Harmonic Price Pattern. Step 3: Buy or sell on the completion of the Harmonic Price Pattern.

What is the best tool to measure harmonics?

For simple harmonics measurement of current and voltage, we recommend the CM3286-01 Clamp On Power Meter and GENNECT Cross mobile app (free download).

What is the best tool to measure harmonics in the system?

A harmonic analyzer is a specialized device that can measure and display the harmonic spectrum, the total harmonic distortion (THD), and other parameters of the voltage and current waveforms.

Why don't harmonic patterns work?

1) Harmonic trading is subjective And the first problem I faced with harmonic trading was the subjectivity of drawing out my X to A leg, aka the impulse leg. Drawing any harmonic patterns requires the identification of the impulse leg, it is the foundation of all harmonic patterns.

MT4 Harmonic Scanner (2024)

The MT4 Harmonic Scanner is a powerful tool used in MetaTrader 4 (MT4) for detecting harmonic patterns on price charts in Forex and Stock trading. Let’s cover MT4 Harmonic Scanner into the details:

1. Purpose and Functionality:

The Harmonic Scanner is an indicator that automatically identifies harmonic patterns using calculations based on Fibonacci ratios.
It is designed to improve the accuracy of price movement predictions and trade entries by correctly identifying these patterns.
The scanner works across multiple currencies and time frames, displaying detected harmonic patterns simultaneously on a single chart.

2. Key Features:

Multi-Time Frame: The Harmonic Scanner covers a wide range of symbols and time intervals, from one minute (M1) to one month (MN).
Informative Dashboard: The scanner provides an informative dashboard that displays the results of technical analysis for all trading instruments available in your MT4 terminal.
Pattern Identification: It identifies popular harmonic patterns such as the Butterfly pattern (both bullish and bearish).
Entry Point Calculation: The scanner indicates the entry price at which the pattern is considered formed and a trade should be executed.
Notifications: You can set up notifications via email, mobile phone, or MT4 alerts upon trading signal occurrence.

3. Advantages:

Efficiency: The dashboard eliminates the need for cluttering your trading terminal with multiple charts.
Accuracy: The algorithm ensures high accuracy in pattern identification and quick response to market conditions.
Focus: By presenting essential information, the scanner allows traders to focus on decision-making.

4. Use Cases:

Traders can use the Harmonic Scanner to identify potential trade opportunities based on harmonic patterns.
It’s particularly useful for those who follow technical analysis and want to enhance their trading strategies.
Remember that while the Harmonic Scanner provides valuable insights, it’s essential to combine it with other analysis techniques and risk management practices for successful trading.

5. Optional Features:

There are some optional features too depending on the purpose of the Harmonic Pattern Scanner and the core algorithm, if they use repainting or non repainting algorithm. Some optional features of an MT4 Harmonic Pattern Scanner may include:

Customizable parameters: Traders can often customize the settings of the scanner to adjust the sensitivity of the pattern detection or to filter out certain types of patterns. (For example, X3 Chart Pattern Scanner)
Pattern history: The scanner may also have the ability to display historical harmonic patterns on the chart, allowing traders to analyze past patterns and their outcomes. (For example, X3 Chart Pattern Scanner)

Overall, the MT4 Harmonic Scanner is a valuable tool for traders who employ harmonic trading strategies, as MT4 Harmonic Scanner can help them identify potential trading opportunities based on these specific price patterns. However, it’s important for traders to combine the use of such tools with their own analysis and risk management techniques for effective trading decision-making. In next part we will cover the pattern structure of the Harmonic Pattern.

Harmonic Pattern Overview

MT4 Harmonic Scanner is a powerful Forex indicator that scan Harmonic Pattern automatically to identify the potential profit opportunity. To understand MT4 Harmonic Scanner, we need to learn the basics of Harmonic Patterns. The tradable 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 another fractal wave patterns that frequently used by many financial traders. Harmonic patterns are typically made up from two or three triangles (i.e. three price swings or four price swings). The structures of the harmonic pattern are based on the Fibonacci ratios. Hence, some people consider Harmonic pattern as an advanced Fibonacci price patterns. You can read some details about Harmonic Pattern, Harmonic Pattern Trading, Harmonic Pattern Testing, Harmonic Pattern Book, Harmonic Pattern Detection Process from the link below:

https://algotrading-investment.com/2022/06/22/harmonic-pattern/

Assuming that you have read some basics about Harmonic Pattern from the link above, here we list the fibonacci structure of some popular Harmonic Patterns.

Butterfly Pattern has the three-triangle structure. The three triangles are enclosed by one bigger triangle with one closing retracement ratio. Pattern definition of Butterfly Pattern can be described as below:

C0: 1.270 to T0: 3,
R0: 1.618 or 2.240, R1: 0.382 or 0.886, R2: 0.786

Gartley Pattern has the three-triangle structure. The three triangles are enclosed by one bigger triangle with one closing retracement ratio. Pattern definition of Gartley Pattern can be described as below:

C0: 0.786 to T0: 3,
R0: 1.130 or 1.618, R1: 0.382 or 0.886, R2: 0.618

MT4 Harmonic Scanner List

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. We provide a range of powerful harmonic pattern scanner particularly for MetaTrader 4 platform. Below is the list:

1. MT4 Harmonic Pattern Plus

One of the first automated Harmonic Scanner released in 2014. It can detect 11 most popular harmonic patterns with well-defined trading entries and stops. Pattern Completion Interval, Potential Reversal Zone and Potential Continuation Zone are supported. In addition, other dozens of powerful features are added like Japanese candlestick detection, etc. Although this is the repainting indicator, it comes at the affordable price with lots of powerful features.

https://www.mql5.com/en/market/product/4488

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

2. MT4 Harmonic Pattern Scenario planner

It is an advanced Harmonic Scanner. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic patterns through simulation. This is the tactical harmonic pattern scanner designed for Professional harmonic pattern trader. Although this is the repainting indicator, it comes at the affordable price with lots of powerful features.

https://www.mql5.com/en/market/product/6240

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

3. MT4 X3 Chart Pattern Scanner

This is our next generation Harmonic Scanner. This is non-repainting and non-lagging Harmonic scanner. On top of that, this tool can detect Elliott Wave Pattern and X3 Chart Patterns. It can detect over 20 chart patterns. As a bonus, this tool can detect around 52 bearish and bullish Japanese candlestick patterns. This is the most advanced Harmonic and Elliott Wave scanner in the market. You must try.

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Do not forget to download free Volume Spread Zone analysis to use together with MT4 harmonic scanner.

https://algotrading-investment.com/2019/09/06/harmonic-pattern-with-volume-zone-oscillator/

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