Harmonic Pattern Detection Indicator – Trading Systems – 25 January 2022

Harmnoic Pattern Detection Indicator

Harmonic Pattern Detection Indicator is the tool to scan harmonic patterns in your chart automatically. Not all the harmonic pattern detection indicators are the same. The main variations of Harmonic pattern indicators can be categorized as the 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 the 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 these 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 (ie 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 these 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 detects the pattern too early and you have to wait quite a 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 the last pattern can repaint. You can trade live with these 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 a hybrid of all the above three system and can be considered as the most powerful harmonic pattern indicator. You can trade live with these 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”.

Harmonic Pattern Plus

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.

Harmonic Pattern Scenario Planner

With additional features of predicting future harmonic patterns, this is a 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.

X3 Chart Pattern Scanner

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.

Harmonic Pattern Detection Indicator for MetaTrader 4

You can use harmonic pattern detection indicator with several different strategy. For example, you can consider to use the following trading setup.

Harmonic Pattern Detection Indicator for MetaTrader 5

You can use harmonic pattern detection indicator with several different strategy. For example, you can consider to use the following trading setup.

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