Harmonic Patterns for MT4
This is not just an indicator; this is a quantitative presentation of a great thinking and gifted idea.
This indicator detects the following major price patterns:
- Alternate Bat
- Ideal Butterfly
- Three Drives
All the pattern definitions can be found at HarmonicTrader.com.
Unlike other similar indicators, this indicator is not based on ZIGZAG indicator. As you know, the high/low result of ZIGZAG indicator is uncertain; the last value floats in a wide range. This indicator calculates inflection point on the basis of a self-developed smart algorithm. All inflection points are stable. Of course it has a reasonable lagging than real market.
Combining it with my other useful indicators "Trend Eye" and "Fibonacci retracement trajectory", you will understand and grasp the market pulse.
This indicator doesn't draw any uncertain patterns. Also, it doesn't forecast any potential target range which price can probably reach. Despite it's not hard, but I don't like to mislead anyone.
Due to MetaTrader terminal uses XOR algorithm to render background color of object, this indicator just fills the background color for the first matched pattern, otherwise some overlap area will not be colored. All the following matched patterns will leave footmarks. It's useful reviewing and tracing.
The indicator not only draws patterns on the chart, but it provides two signal buffers. 0: Bullish, 1: Bearish. It's easy to integrate this indicator into a program as an optional signal generator.
All currency-pairs and all timeframes are supported.
- You can apply multiple indicators on a single chart; it'll help analyzing either a short-term or a long-term trend.
- Be careful with the "Max bars in chart" parameter in your terminal, a large value will lead to a low performance.
Both MetaTrader 5 and MetaTrader 4 versions are available. Price is US$199 each.