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Harmonic Pattern Scanner Review
The world of Forex trading continues to evolve with rapid advancements in technology. The Harmonic Pattern Scanner, the third and most advanced version of the “Harmonic Pattern Finder”, is a testimony to this evolution. Let’s delve deep into its features, improvements, and what makes it a stand-out product for traders.
Understanding the Harmonic Patterns
Before we explore the scanner, it’s crucial to understand harmonic patterns. These patterns are unique structures or series of price movements that are based on Fibonacci ratios. Imagine your standard trading patterns, like triangles or double tops, but detailed to the extent that they can be measured using precise computerized tools.
Version: V 3.2
Terminal: MT4
Year of issue: 2023
Working pairs: Any
Recommended timeframe: Any
Best Brokers List
Harmonic Pattern Scanner works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
Harmonic Pattern Scanner Settings
Why the Harmonic Pattern Scanner V3?
There were two prior iterations of this software available on MQL5 (V1 and V2). The third version brings with it some remarkable enhancements:
1. Clutter-Free Screen
- Adjustable Display: Traders can now choose which features they want to be displayed, ensuring a cleaner workspace.
- Pattern Highlight: Double-clicking on any pattern brings it to the forefront, showcasing intricate details like harmonic reversal ratios and time-related attributes.
2. Seamless Installation Process
Say goodbye to the hassle of multiple zigzag selections. The software now uses a single embedded ATR ZigZag, ensuring easy installation when all files are in one place.
3. Track Past Performance
It’s always beneficial to know how a particular pattern has fared historically. The software provides a statistical overview, aiding traders in making informed decisions.
4. Accurate Anti-Pattern Ratios
Mistakes from the previous versions have been rectified, ensuring accurate anti-pattern ratios.
Personalizing Your Experience
Adjustable Features Include:
- Visual Filling: Choose between a complete visual or just line segments of patterns.
- Pattern Descriptions: Enabled by default, this option displays the specific names and points of a pattern.
- Emerging and Old Patterns: See future projections to anticipate trades or view already completed patterns.
- Projections: With “one-ahead” projections, the scanner becomes more responsive, projecting patterns ahead of the current swing.
- Soft Projections: A minimalist way of visualizing patterns without causing visual clutter.
- Comment Box: Located at the top-left, it showcases statistical data about patterns.
Pattern Filtration Engine:
The software adopts a holistic matching method. However, users can filter patterns based on specific criteria. For those with coding knowledge, custom “filtration” rules can be set.
Statistical Data:
For instance, a message reading “F. Bear. New Cypher Prob. 60.00 (6 S / 4 F)” indicates the historical success rate of that pattern. However, traders should always remember: past performance does not guarantee future success.
Harmonic Pattern Scanner Live Action
In Conclusion
The Harmonic Pattern Scanner is not just another trading tool; it’s an intuitive, comprehensive, and customizable solution for modern traders. While it offers detailed analytics, traders should always employ caution and conduct their research. The markets are ever-evolving, and the past might not always be the best predictor of the future. Yet, with tools like these at one’s disposal, navigating the Forex waters becomes a tad bit easier.
Download Harmonic Pattern Scanner
Please try for at least a week an XM demo account. Also, familiarize yourself with and understand how this free forex tool works before using it on a live account.
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