Harmonic Pattern Scanner is the automated tool to detect harmonic patterns. Here is very simple explanation on type of pattern detection algorithm behind Harmonic Pattern Scanner. Not all the harmonic pattern detection algorithms are the same. In the past the main variations of Harmonic pattern detection algorithms can be categorized as following four types.
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.
Type 2: Lagging (slow signal) but non repainting – no option to enter at turning point (i.e. early signal). Indicator does not show the failed pattern but last pattern does not repaint.
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.
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.
List of Harmonic Pattern Scanner available in MetaTrader platform
1. Harmonic Pattern Plus (2014)
Harmonic pattern plus is extremely good product for the price. It is the Type 1 Harmonic Pattern Scanner as explained above. With dozens of powerful features including Pattern Completion Interval, Potential Reversal Zone, Potential Continuation Zone, Automatic Stop loss and take profit sizing.
2. Harmonic Pattern Scenario Planner (2014)
Harmonic Pattern Scenario Planner is also the Type 1 Harmonic Pattern Scanner as explained above. With additional features of predicting future harmonic patterns, this is very tactical harmonic pattern scanner with advanced simulation capability on top of the powerful features of harmonic pattern plus.
3. X3 Chart Pattern Scanner (2019)
This is our next generation Harmonic Pattern Detector. This is non-repainting and non-lagging Harmonic Pattern Scanner as explained above. Therefore, this is the Type 4 Harmonic Pattern Scanner. On top of that, this tool can detect Elliott Wave Pattern and X3 Price Patterns. As a bonus, this scanner can detect around 52 Japanese candlestick patterns for your trading. This is the most advanced Harmonic and Elliott wave pattern detector in the market.
Harmonic Pattern in Forex and Stock market is an advanced technique for your trading although it is hard to find out any scientific reference to its usage. We know that harmonic pattern is originated from Fibonacci Ratio Analysis. However, that is not sufficient to bring your harmonic pattern trading to another level. There is a need to pin down the harmonic pattern in terms of the science, that are the price dynamics and cycles.
Although the harmonic pattern are used by many successful trading strategies, no book or article will really pin down the science behind the harmonic pattern. The book: Science Of Support, Resistance, Fibonacci Analysis, Harmonic Pattern, Elliott Wave and X3 Chart Pattern (In Forex and Stock Market Trading) is exactly the book dedicated for this topic. This book will tell you the wisdom behind the harmonic pattern in Forex and Stock market trading.
Understanding the scientific principle always help you to bring it further than other traders. This book incorporates the price dynamics and cycles to explain why and how the harmonic patterns are formed in your chart. This also covers why the harmonic pattern and other Fibonacci based patterns are repainting. The book also provides how to detect them as well as how to trade them.
The book can be found in all the major book distributors in the world. Please choose the best book distributor you like from the link below including amazon.com, Google Play Book, scribd.com, Apple Book and so on.