i don't think such that indicator for mt5 published for free. ( if i'm wrong sorry ).
The only one free tool is HWAFM but it stopped working with the latest build of MT5.
I do not think someone will make it for free (too much job sorry). The most good way is to go to Job service
or just wait when some coder will make it for free as his personal promotion ... but it is long way to wait :) because as I said - it is very hard job to create such a tool even if someone will pay good money for that.
Just my opinion.
hi newdigital; ( good point, and let make a little Talk about it here)
i was/have a work on this to have an indicator for check the harmonik pattern on chart.( from 10 month before to now and i will use for future ).
i write sub programs and can use them on any wave.
another Viewpoint about concept of " wave " in market ?!
my indicator check 18 harmonic pattern on 7 last point ( z,y,x,A,B,C,D ===> E target ) of his " wave ".
in my opinion the most important subject is " wave ".
my first indicator in step 1 check the zigzag as a wave and check all of those pattern , and type on chart which of them has the condition,
and Simultaneously make a wave Based on chase trend from "AO". and another check for this wave like before.
do you have any idea about this or which indicator can use for obtain WAVE ?
" to more best result "
The strange case - this HWAFM started to work for me with my latest build of Metatrader 5 (D1 is formed pattern, W1 is forming pattern):
MetaTrader Trading Platform Screenshots
EURUSD, D1, 2013.11.17
MetaQuotes Software Corp., MetaTrader 5, Demo
EURUSD D1 : WW bearish
EURUSD, W1, 2013.11.17
EURUSD W1 : WW developing pattern bearish
if you need to know about this free tool (download, how to instal and how to use) - let me know (tomorrow sorry) and I will make 1 or 2 posts about it.
The most interesting thing for those kind of patterns are the following: trading. We know that developing/forming pattern are traded ... pattern after confirmation (developed pattern) - are already done with all the movement.
Just an example with formed pattern (Retracement) - all the movement for uptrend was already done :
NZDCHF, MN1, 2013.11.17
The developing pattern - we can extect downtrend based on this pattern :