Harmonic Pattern Scanner Indicator MT4 | Free Download

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…

Harmonic Pattern Scanner Indicator: When Should You go Long?

Harmonic Pattern Scanner Indicator: When Should You go Long?

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.

Harmonic Pattern Scanner Indicator: When Should You Short?

Harmonic Pattern Scanner Indicator: When Should You Short?

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.

Conclusion

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.

Click Here for Your Free Download of Harmonic Pattern Scanner Indicator.ex4 file

How to Install Custom Indicators on MT4 on Windows

How to Install Custom Indicators on MT4 on Mac OS


FREE Metatrader 4 Download | Free MT4 Download

Visit our Free MT4 Indicator Download page.

We hope you have enjoyed this post as much as we have created this strategy post for you.

Good luck and thank you for your readership.


Claim Your $60 No Deposit Bonus Here

All you need is to have your live account verified!
Of course, you need to open a live account...

2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!

Broker #1

Broker #2

We use both of these brokers and proudly promote them!

NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.

Other Analysis Today
Learn and SHARE the Knowledge!
Click Here to Leave a Comment Below 0 comments
Do NOT follow this link or you will be banned from the site!

The Powerful AllPips Trend Indicator | 100% Free Download 

x