Harmonic Pattern Scanner Indicator MT4 | Free Download
The Harmonic Pattern Scanner Indicator is an MT4 trading indicator that automatically plots Harmonic Patterns in real-time.
The Harmonic pattern ideally plots some of the most commonly traded harmonic patterns such as the Butterfly pattern, which is bullish and bearish.
Traders can use this pattern to automatically plot the buy and sell patterns.
It is important traders know how to trade these patterns before using this indicator.
This is the lite version and if you like to unlock the full power of Harmonic Pattern on your trading, please click here to learn more…
When to go long using the Harmonic Pattern Scanner Indicator?
Wait for the Harmonic pattern to plot a bullish Butterfly pattern.
This will be an evolving pattern.
Then, identify the pattern, and once price moves to the potential reversal zone, initiate a long position.
Set the take profit levels as per the regular harmonic pattern structure.
When to exit your long positions?
Exit your long position based on the bullish butterfly harmonic pattern, which comes to a few pips below the potential reversal zone of the long position.
When to go short using the Harmonic pattern indicator?
Wait for the Harmonic pattern to appear and then wait for the price to reach the potential reversal zone.
Alternately, identify the levels and then place a pending order to go short.
Set your profit level as per the bearish butterfly harmonic pattern.
When to exit your short positions?
The take profit level of the bearish short position form the bearish butterfly harmonic pattern should be set up at the 61.8% of the pattern.
Simply follow the harmonic pattern rules to set your take profit levels.
Where to set the stop loss using the Harmonic pattern indicator?
The stop loss for short positions using the Harmonic Pattern Scanner Indicator is to be set a few pips above the potential reversal zone, as per the structure and principle of trading with harmonic patterns.
The Harmonic Pattern Scanner Indicator is simple to use. However, it draws constantly. Therefore, traders should be careful when trading with this indicator. It is important that the trader also knows the rules of the harmonic pattern before trading with this indicator.
How to Increase Your Winning Ratio with the Harmonic Pattern Scanner Indicator MT4?
When you add the Harmonic Pattern Scanner Indicator and use it together with a proven trend trading system like the Elite Swing Trader or Simple Trend Trading System, you can only expect to achieve a better win ratio and better risk-reward ratio.
Recommended Time Frames
Technically speaking, you can use this MT4 indicator for all time frames.
However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly.
We recommend that you use higher time frames like the H4 or even higher for better consistency.
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