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Introduction to Momentum Trading


Profitable Trading Idea

In this article, we will explain how to use Price Momentum in Forex and Stock trading. We will start it by sharing some idea behind the profitable trading strategy. First of all, trading is an applied science. The profit for day trader comes from the good discipline driven by fact and evidence. Likewise, the profit for any systematic trading is the fruits of the good market analysis driven by fundamental and technical knowledge. To access more profits as a trader, you will need an improved discipline and technological advancement together allowing you to see the predictable behavior of the financial market. Many traders will highly emphasize that the technology is the key to success. Many will agree that the good automated indicators and tools will provide the edge to the average trader. It is the growing trend in the modern electronic trading environment.

Then where the profit comes from ? Profit comes from the regular movement in the market. That is something we can analyze and can make use to predict the next movement of the financial market. These five regularities shown in the Figure 1 are typically what traders are looking to catch in their trading. We highly emphasize to look for or focus on the fifth regularity in your practical trading. The fifth regularity says that the price in the financial market will move in the zigzag path. Mathematically, this is described as fractal wave or repeating patterns. Fundamentally these happens to balance the supply and demand force.


Introduction to Excessive Momentum Trading

Excessive momentum is the technique to identify unusually strong supply or unusually strong demand by analyzing the price series. Why do we need to care about the unusually strong supply or unusually strong demand in our trading? It is because unusually strong supply or unusually strong demand are the sign of the end of the current trend ( or birth of new trend). As you probably guess, when the new trend is born, you can ride the highest profit as possible. Hence, the excessive momentum can provide you the attractive entries for your trading.

Now probably you are starting to make some sense. That is good. Your intuition will start to tell you that this excessive momentum can provide good trading opportunity. When the balance is broken marginally, we can consider it as the market anomaly. Two potential causes can drive the occurrences of Excessive momentum. Firstly, the excessive momentum could be caused by some irrational price reaction like the late comers buying stocks after the stock have gone up too much. Secondly, the excessive momentum could be caused by strong belief of the crowd that the price will continue to go in the same direction. Whichever scenario is driving the excessive momentum, it is where we can observe the crowd psychology clearly. Excessive momentum provides the good market timing. We will also confirm that with the volume spread analysis to make further sense with excessive momentum trading.


You can read everything about Momentum Trading from the original link below.

https://algotrading-investment.com/2018/10/29/introduction-to-momentum-trading/


Volume spread analysis and excessive momentum zone are not a rocket science although detection of excessive momentum requires the sophisticated algorithm. But we did a lot of work to provide you the automated tools for your trading. With the automated Excessive Momentum detection tool, you can easily detect the broken balance between supply and demand for your trading. With excessive momentum drawn in your chart, it is much easier to predict the timing of new trend and its direction.


Here is three important summary about the Excessive momentum, Accumulation and Distribution area.

1. Excessive momentum provides the important clue to detect accumulation and distribution area outlined by Wickoff Cycle. Other methodology of finding Accumulation and Distribution area is not as good as the Excessive momentum indicator.

2. Detected Accumulation and Distribution area can indicate the fresh price movement that will expand in full scale. This is often the best entry or exit for your trading with highest rewards and smallest risks.

3. Accumulation and distribution area do not come in alternating manner. It can come like accumulation – accumulation – distribution or distribution – distribution – distribution – accumulation. Hence, do not get confused it from the original Wickoff cycle screenshot.



Excessive Momentum Indicator can detect the final phase of the price momentum. This final phase of the price momentum usually provide the good place to identify the accumulation and distribution area in Volume Spread Analysis. At the same time, this final phase of the price momentum is a excellent place to identify the supply and demand unbalance in the market. Excessive Momentum Indicator is the excellent tool for the advanced momentum trading. Here is link to Excessive Momentum Indicator for MetaTrader 4 and MetaTrader 5.

https://algotrading-investment.com/portfolio-item/excessive-momentum-indicator/

https://www.mql5.com/en/market/product/30641

https://www.mql5.com/en/market/product/30621

Japanese candlestick patterns with Price Breakout Pattern Scanner


Price Breakout Pattern Scanner can detect the important chart patterns like Triangle, Rising Wedge, Falling Wedge Pattern and so on. In addition, Price Breakout Pattern Scanner detects the Japanese candlestick patterns. Price Breakout Pattern Scanner can detect 52 different Japanese candlestick patterns. Properly used these provided chart patterns and Japanese Candlestick patterns, they can yield excellent trading results.

Japanese Candlestick patterns are categorized under five categories including one, two, three, four and five candlestick patterns. To use Japanese candlestick patterns, you can enable the candlestick pattern from Price Breakout Pattern Scanner input. See the attached screenshot for the purpose. If you wish, you can switch on and off the individual category of patterns according to your preferences. For example, you can only use two and three candlestick patterns if you wish. Japanese candlestick patterns are the supplementary tools when you trade with the chart patterns like Triangle, Rising Wedge, Falling Wedge Patterns. For example, you can use the Japanese candletick patterns as the secondary confirmation when you decide the trading direction of the chart patterns.

You can also receive sound alert, email and push notification when new Japanese candlestick patterns are detected. Here are the links to Price Breakout Pattern Scanner available in MetaTrader 4 and MetaTrader 5.

https://www.mql5.com/en/market/product/4859

https://www.mql5.com/en/market/product/4858

https://algotrading-investment.com/portfolio-item/price-breakout-pattern-scanner/


When you do not know how to use the chart patterns like Triangle, Falling Wedge, Rising Wedge Patterns, the quickest way to learn how to use them is to think them as the diasognal support and resistance. We have a lot of trading education to teach you how to trade with Triangle, Falling Wedge Pattern and Rising Wedge Pattern, Head and shoulder pattern and so on in our website. Below is the link to the Free Trading Education for Forex and Stock trading.

https://algotrading-investment.com/2019/07/23/trading-education/

Beat Inflation Together Discounts for MetaTrader Indicator

Global Inflation, what now? We thought that we will enjoy some recovery from the COVID 19 crisis. However, soon there was a war. This affect the global economy increasing the uncertainity, inflation, and interest rate. This is not nice. Everything on the street are getting more and more expensive including energy, food, cloth, house and so on. We really deserve some good time after the two years of suffering from the Covid 19.

We know this global inflation affect the whole world. Hence, we provide 50 USD discounts on the six MetaTrader 4 and six MetaTrader 5 products. So we provide special discounts for 12 MetaTrader products all together.

Discounted price is shown in the screenshot for the following six products.

Ace Supply Demand Zone indicator
Advanced Price Pattern Scanner
Elliott Wave Trend
Price Breakout Pattern Scanner
Harmonic Pattern Scenario Planner
X3 Chart Pattern Scanner (=Profitable Pattern Scanner)

This discounted price is only available when you buy these products from mql5.com

The price will go back to the original price when the discounts ends. Please take the discounted price now while it last only.

https://www.mql5.com/en/users/financeengineer/seller#products

https://www.algotrading-investment.com/

On top of the special discounts for MetaTrader 4 and MetaTrader 5 products, we have another gift for you.

We are selling all our Books in special discount price. All our books are currently selling in just 3 dollar at the discount. The original price was 9.99 dollar for each book. Hence, you save 6 dollar per a book. We will keep this discounted price for these books until this campaign lasts. Get them now when they are cheap. Get the good self education towards the day trading and technical analysis to achieve financial freedom.


Below we provide the title of the books at the discounted price.

Science Of Support, Resistance, Fibonacci Analysis, Harmonic Pattern, Elliott Wave and X3 Chart Pattern (In Forex and Stock Market Trading)
Profitable Chart Patterns in Forex and Stock Market (Fibonacci Analysis, Harmonic Pattern, Elliott Wave, and X3 Chart Pattern)
Guide to Precision Harmonic Pattern Trading (Mastering Turning Point Strategy for Financial Trading)
Scientific Guide to Price Action and Pattern Trading (Wisdom of Trend, Cycle, and Fractal Wave)
Predicting Forex and Stock Market with Fractal Pattern: Science of Price and Time
Technical Analysis in Forex and Stock Market (Supply Demand Analysis and Support Resistance)

Below we provide the link of the Books at the discounted price.

https://algotrading-investment.com/portfolio-item/science-of-support-resistance-fibonacci-analysis-harmonic-pattern/
https://algotrading-investment.com/portfolio-item/profitable-chart-patterns-in-forex-and-stock-market/
https://algotrading-investment.com/portfolio-item/guide-precision-harmonic-pattern-trading/
https://algotrading-investment.com/portfolio-item/scientific-guide-to-price-action-and-pattern-trading/
https://algotrading-investment.com/portfolio-item/predicting-forex-and-stock-market-with-fractal-pattern/
https://algotrading-investment.com/portfolio-item/technical-analysis-in-forex-and-stock-market/

How Elliott Wave can Improve Your Trading Performance

In this article, we provide some guide to improve trading performance with Elliott Wave Analysis and Elliott Wave Counting. Elliott Wave is sophisticated. This sophistication makes it difficult to judge the trading performance of Elliott Wave in practice. Purely looking at the trading performance, Elliott Wave can introduce some subjectivity. It is true. However, many trader might agree that Elliott Wave can become a powerful tool when we can reduce or get rid of the subjectivity. The fact is that there are many seasoned traders using Elliott Wave successfully in practice. Some of them are high profile traders at the fund management level.

We have already suggested the way to reduce the subjectivity with Elliott Wave counting through the book and some other articles using the “template and pattern approach”.

Scientific Guide to Price Action and Pattern Trading (Wisdom of Trend, Cycle, and Fractal Wave)

Introduction on the Elliott Wave Trend with Wave Structural Score

The essence in the “Template and Pattern Approach” to count Elliott Wave is:

Building up wave counting using template (or patterns) first
Use the Wave score to get the scientific justification or when the wave score is not available, then you can check the correct location of each wave point to judge the valid trading point
These are the two main things about the “Template and Pattern Approach”. This is the only way to deal with the complex nature of Elliott Wave Trading. Now, in our Elliott Wave Trend, it shows all the available template (or pattern) to trader. This is good thing because you will not miss out any single possibility for your wave counting. At the same time, Elliott Wave Trend shows you both impulse wave structural score and corrective wave structural score.

Now here is important information for your trading. Elliott Wave can provide you trading entry at several different locations. These are not limited list but you can consider it at least. Some trader might prefer one entry over the other. You might create your own entry outside this list.

Entry Option 1) Impulse Wave .123 (= two triangles)

Entry Option 2) Impulse Wave .1234 (= three triangles)

Entry Option 3) Impulse Wave .12345 (= four triangles)

Entry Option 4) Corrective Wave .ABC (= two triangles)

Entry Option 5) Elliott Wave version of Triangle for breakout

You need to set the right template in the Elliott Wave Trend. Note that 1 Equilibrium Fractal Wave = 1 triangle. So if you wish to play with entry option 2, impulse wave .1234, then you will need to set for EFW number = 3. Then Elliott Wave Trend will bring the right template for impulse Wave .1234 (= three triangles).


You can read full article here. This article explains everything about to improve trading performance with Elliott Wave Analysis and Elliott Wave counting.

https://algotrading-investment.com/2018/10/25/how-elliott-wave-can-improve-your-trading-performance/


Elliott Wave Trend is a Elliott Wave indicator desinged to help Elliott Wave counting and Elliott Wave pattern detection. With Elliott Wave Trend, you have some additional tools to reduce the subjectivity with your wave counting and pattern detection. For example, Elliott Wave Trend provides the wave score and some template to start your wave counting. You can check the Elliott Wave Trend from the link below.

https://algotrading-investment.com/portfolio-item/elliott-wave-trend/

https://www.mql5.com/en/market/product/16479

https://www.mql5.com/en/market/product/16472

Pattern Completion Zone VS Potential Reversal Zone


In previous chapter, we have described the Pattern Completion Zone, also known as Pattern Completion Interval, in details. Now many harmonic pattern trader can be curious how the Pattern Completion Zone (PCZ) is different from the Potential Reversal Zone (PRZ). In first place, as the PCZ and PRZ are derived from different process, they are different tool to trader. Having said that, the deriving process for PCZ and PRZ might be too complicated causing some traders to confuse the concept of each other. For this reason, we will clarify the difference by directly comparing PCZ and PRZ look. Let us look at the Potential Reversal Zone. So what is Potential Reversal Zone? Simply speaking potential Reversal zone is the area where three or four Fibonacci levels are converging together. Potential Reversal Zone can be used to detect the final Point D of the Harmonic Pattern by projecting several Fibonacci retracements respectively from the point X, A, B and C. The area of the Potential Reversal Zone can be defined by the top and the bottom projected levels in the all projected levels as shown in Figure 5-1.

The main difference between PCZ and PRZ is that Pattern Completion Zone forms the strict Symmetrical Trading Zone around the ideal Point D (Figure 5-3 and Figure 5-4). The Potential Reversal Zone (PRZ) does not form the symmetrical zone. However, the PRZ area formation is dependent on the location of each Fibonacci level projections as shown in Figure 5-1 and Figure 5-2. Sometime PRZ area can form the symmetrical trading zone but it is only by chance. Most of time, Potential Reversal Zone will not form the symmetrical trading zone. On the other hands, Pattern Completion Zone will strictly form symmetrical trading zone for every harmonic pattern. Due to this symmetrical property of the Pattern Completion Zone (= Pattern Completion Interval), trader can use many different trading strategies around the symmetrical trading zone beyond the classic harmonic pattern trading setup. With Pattern completion Zone, you can expand your classic trend reversal entry to hedging and breakout trading by setting identical but opposite trading. For example, for bullish Harmonic Pattern formation, you are able to setup the buy and sell hedging positions or straddle breakout setup around the Pattern Completion Zone. This is possible because the Pattern Completion Zone provides the median open price, which can be mirrored around the Ideal Point D.

In addition, Pattern Completion Zone provides you the direct numerical description corresponding to the size of the Harmonic Pattern. Therefore, the size of symmetrical trading zone around the Pattern Completion Zone is a sensible measurement for your stop loss and take profit for each Harmonic Pattern. Especially, once you have mastered the Pattern Completion Zone for your trading, you can gauge your Reward/Risk Ratio with real time market data without the need of any other additional tools. You can expand this with limit and stop order for better managing your order and risk. Overall, Pattern Completion Zone can provide you precise and fast decision-making process for your Harmonic Pattern Trading. In next chapter, we will continue to show you how the symmetrical trading zone works to manage your order and risk in details.

If you want to access automated Harmonic Pattern Detector, then you can also buy the Harmonic Pattern Plus or X3 Chart Pattern Scanner available in MetaTrader 4 and MetaTrader 5. In Harmonic Pattern Plus, you can access many additional features on top of the harmonic pattern trading signals. For example, you can also access Advanced Channel and around 52 Japanese candlestick pattern. It will also draw the Pattern Completion Interval automatically in your chart helping you to set your stop loss and take profit targets. It is a repainting indicator but it comes at the affordable price.

Below are the Links to Harmonic Pattern Plus

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

If you need more advanced one than Harmonic Pattern Plus, then you can use our X3 Chart Pattern Scanner. X3 Chart Pattern Scanner is the non repainting and non lagging Harmonic Pattern and Elliott Wave Pattern Scanner with multiple of advanced features. You can even customize the patterns you want to detect by changing their pattern structure. At the same time, you can use both repainting and non repainting Harmonic Pattern Indicator together. This means that you can combine to use Harmonic Pattern Plus with X3 Chart Pattern Scanner if you wish.

Below are the Links to X3 Chart Pattern Scanner.

https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

You can read Guide to Precision Harmonic Pattern Trading to understand more about the Harmonic Pattern Strategy.

https://algotrading-investment.com/portfolio-item/guide-precision-harmonic-pattern-trading/

Elliott Wave

This article discusses about Elliott Wave including Elliott Wave Theory, Elliott Wave Trading, Elliott Wave counting, Elliott Wave pattern and Elliott Wave education. Ralph Nelson Elliott was one of very first person who believed that he could predict the stock market by studying the repeating patterns in the price series. To prove this idea, he created the Wave Principle. Many years later, the Wave Principle was reintroduced in the Prechter’s Elliott Wave books to investors. The Wave Principle states that the wave patterns are repeating and superimposing on each other forming complex wave patterns. The advantage of Elliott Wave theory is that it is comprehensive as the theory can provide multiple trading entries on different market conditions. Elliott Wave theory can be used for both momentum trading and mean reversion trading. The disadvantage of Elliott Wave theory is that it is more complex comparing to other trading techniques. In addition, there are still some loose ends in detecting Elliott wave patterns. For this reason, many traders heavily criticize the lack of scientific methods of counting Elliott Waves.

The Wave Principle states that the crowd or social behaviour follows a certain wave patterns repeating themselves. The Wave Principle identifies two wave patterns. They are impulse and corrective wave. Often, the term impulse wave is interchangeably used with the motive wave. Two terms are identical. Both motive and impulse wave progress during the main trend phase whereas the corrective wave progress during the corrective phase against the main trend. In general, the Impulse Wave has a five-wave structure, while the Corrective Wave has a three-wave structure (Figure 8-1). It is important to understand that these wave structures can override on smaller wave structure to form greater wave cycle (Figure 8-2). Elliott Wave theory is useful in identifying both trend market and correction market.

You can read full article here. This article explains everything about Elliott Wave and Elliott Wave Indicator.

https://algotrading-investment.com/2022/06/22/elliott-wave/


Elliott Wave Trading


Once you have some knowledge about Elliott Wave, there are two ways you can trade with Elliott Wave. First approach is to trade with Elliott Wave counting and second approach is to trade with Elliott Wave pattern. Both methods have pros and cons.

Elliott Wave Counting
Elliott Wave Pattern
If we have to say the point in short, trading with Elliott Wave counting is harder than trading with Elliott Wave pattern. One of the reason behind this is that Elliott wave counting has more chance to add some subjectivity in your trading. Subjectivity is bad because you can not measure the trading performance for your technique. Hence, if you want to tune or to improve your technique, then it is very hard to do so. Elliott wave theory is only general rule with potential to expand to too many possibility. For example, the wave counting done by one trader often does not agree with the wave counting done by other trader for the same chart and for the same subject. Before starting wave counting, you need to understand this. If you want to become successful with wave counting, reducing the subjectivity is the most important task. Hence, we created wave score to tell the integrity of the wave counting as well as to reduce some human error.

For example, before starting with wave counting, you can read these points.

Point 1: Always start your analysis with impulse wave (before corrective wave).

Point 2: Use Fibonacci anlaysis to check the correct position of impulse wave.

Point 3: Use wave score if possible to avoid any human error.

Point 4: Avoid complex wave counting and stick with simple and tradable one.

Point 5: When market does not fit with Elliott Wave theory, then do not trade.

Point 5 is particularly important as some people try too hard to fit Elliott Wave to all market situation. This can introduce overfitting for your wave counting. Overfitted wave counting is useless as they do not have any prediction power but they looks good on chart only. If you are trader, then making money is priority over fitting the wave to the chart. You need to know when to stop and when to start with your wave counting. This can be difficult if you are less experienced with Elliott Wave.

To stick with these important points, we have created Elliott Wave Trend. Elliott Wave Trend is the Elliott Wave indicator. With Elliott Wave Trend, you have some additional tools to reduce the subjectivity with your wave counting. For example, Elliott Wave Trend provides the wave score and some template to start your wave counting. You can check the Elliott Wave Trend from the link below.


https://www.mql5.com/en/market/product/16479

https://www.mql5.com/en/market/product/16472

https://algotrading-investment.com/portfolio-item/elliott-wave-trend/

Now let us talk about the second approach, Elliott Wave pattern. Using Fibonacci relationship from Elliott Wave theory, we can create a set of tradable Elliott Wave pattern. Trading Elliott Wave pattern involves to use one of these Elliott Wave pattern to determine buy and sell entry for your trading. Hence, trading with Elliott Wave pattern is more mechanical approach than trading with wave counting. Mostly, the Elliott Wave pattern is constructed using the ratio guide from Elliott Wave theory. The good thing about this approach is that you can tune and improve your trading performance in objective way. For example, you can compare the performance of one Elliott Wave pattern to another Elliott Wave pattern in historical data. It is even possible to compare the Elliott Wave pattern to Harmonic Pattern. Using this approach, we can select the best performing Elliott Wave pattern to trade. This approach is purely driven by the performance. Hence, we can continuosuly improve Elliott Wave pattern for our trading.

For this purpose, we created X3 Chart Pattern Scanner. With X3 Chart Pattern Scanner, you can plug in any Elliott Wave pattern structure to test their trading performance in historical data. After that, you can use better Elliott Wave pattern to trade live. X3 Chart Pattern Scanner is a specialized tool in detecting chart patterns including Harmonic Pattern and Elliott Wave Patterns. Plus it can also detect Japanese Candlestick pattern and advanced channel.


https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Quick Guide for Harmonic Pattern

This article provides a guide for Harmonic Pattern and Harmonic Pattern Indicator used in Forex and Stock market. Harmonic Pattern Plus detects the reversal (turning point) patterns in your chart automatically. The software will recommend you to the potential entry and exit for your trading at turning point. With some discretionary thinking together, using Harmonic Pattern Plus is the profitable and convenient way for your trading. With a lot of automation, you have very little work to do for your trading. Harmonic Pattern Plus was evolved for many years to meet the needs for the professional traders. As a result, Harmonic Pattern Plus contains many different features and functionalities in one software. Because of this comprehensive feature, starters can get little frustrated at the beginning. However, it is important to remember that everyone evolve to different stage and different mind-set in his or her trading career. It is better not assume anything too quick. As your skills improve with your trading, you will be glad that Harmonic Pattern Plus offers those features and functionalities for your trading. Obviously, there are clear reasons that those feature and functionality are there. You may not see the benefit now but you can see the benefits in the future. Just avoid making too quick assumption or judgement on the software just after few days of using them. It is important to remember that you do not have to use all of features and functionalities at the same time. You will likely to use some features and functionalities depending on your experience and preferences. Please switch off rest of feature and functionality and only leave the features best suit for your needs. In this article, we provide brief description of features in Harmonic Pattern Plus.

Important Note: This document is applicable to Harmonic Pattern Scenario Planner too. So you can read it if you are Harmonic Pattern Scenario Planner User.

1. Automatic Reversal (turning point) Pattern Detection

It is the primary function of Harmonic Pattern Plus. Once the reversal (turning point) pattern is detected, you can anticipate the turning point in the market. It is not bulletproof strategy but many professional trader uses these patterns successfully in the financial market. Since each pattern show the direction of trading, it is not difficult to follow each pattern for your trading.

You can read full article here. This article explains everything about Harmonic Pattern and Harmonic Pattern Indicator.

https://algotrading-investment.com/2018/10/21/quick-guide-for-harmonic-pattern-plus/


Harmonic Pattern Plus is a repainting but powerful pattern scanner with tons of professional features. It also provides the pattern completion zone to manage your trading risk.

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

https://www.mql5.com/en/market/product/4475

https://www.mql5.com/en/market/product/4488

Harmonic Pattern Scenario Planner is a repainting but predictive pattern scanner. It is the most advanced Harmonic Pattern Scanner available in the market. Of course, it comes with tons of professional features too. It also provides the pattern completion zone to manage your trading risk.

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

https://www.mql5.com/en/market/product/6101

https://www.mql5.com/en/market/product/6240

X3 Chart Pattern Scanner is the non repainting and non lagging Harmonic Pattern and Elliott Wave pattern. This pattern scanner provide you a lot of advantage for your trading from its non repainting and non lagging pattern detection algorithm. This is our next generation chart pattern scanner. At the same time, you can customize each pattern structure to find the most optimal trading entry and exit. It also provides the pattern completion zone to manage your trading risk.

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

https://www.mql5.com/en/market/product/41992

https://www.mql5.com/en/market/product/41993

Fractal Wave Channel

In previous chapter, we have introduced the Fractal Wave Channel. Probably it was not hard in term of how to construct Fractal Wave channels. Now the same idea can be extended using the superimposed patterns. Construction of Superimposed Channel can be done in two steps as before. Firstly, we will draw the base line by connecting point 1 and point 3. Secondly, by projecting the base line in parallel to point 2, we can create the channel over the superimposed pattern. It is typically good idea to aim to draw the channel on the 3 points of larger Equilibrium Fractal Wave. The channel on superimposed pattern has stronger prediction power comparing to the channel created from single EFW. If you are not convinced with this idea, then imagine simple two waves interfering. Two waves can interact together either constructive or destructive. To have the constructive interference, two waves must have the peak or trough overlapping in the same position. When the final points of two equilibrium fractal waves end up in the same position, two equilibrium fractal waves will have the constructive relationship. For example, traders recognized EFW 1 as the trading opportunity will join the force together with traders recognized EFW 2 as the trading opportunity. Hence, the superimposed patterns with two or three EFWs will bring much stronger reaction to the market. In general, more EFWs are superimposed together, its prediction power will grow too. Therefore, superimposed patterns are naturally the best location to place your channel.


You can read full article here. This article explains everything about Wave Channel.

https://algotrading-investment.com/2018/10/21/fractal-wave-channel/


EFW Analytics provide the graphic rich and fully visual trading styles. In default trading strategy, you will be looking at the combined signal from Superimposed pattern + EFW Channel or Superimposed pattern + Superimposed Channel. In addition, you can perform many more trading strategies in a reversal and breakout mode. You can also run two different timeframes in one chart to enforce your trading decision. Sound alert, email and push notification are built inside the indicator.

Below is the link to the EFW Analytics:

https://algotrading-investment.com/portfolio-item/equilibrium-fractal-wave-analytics/

https://www.mql5.com/en/market/product/27703

https://www.mql5.com/en/market/product/27702

Harmonic Pattern

Harmonic Pattern is a chart patterns used in Forex and Stock market including Butterfly, Gartley, Bat, Alternate Bat, AB=CD, Shark, Crab, Deep Crab, Cypher, 5-0 Patterns, 3 Drives Pattern and so on. Harmonic patterns are another fractal wave patterns that frequently used by many financial traders. Harmonic patterns are typically made up from two or three triangles (i.e. three price swings or four price swings). The structures of the harmonic pattern are based on the Fibonacci ratios. Hence, some people consider Harmonic pattern as an advanced Fibonacci price patterns.

The history of the harmonic pattern goes back to the Gartley’s book “Profits in the Stock Market” in 1935. At that time, Gartley described the trend reversal pattern on page 222 of his book. The pattern become popular in the late 1990s (Pesavento and Shapiro, 1997). Since then, many traders developed the common interest in looking for the repeating patterns in the financial markets. The harmonic patterns were refined many times in several decades. Harmonic trader emphasizes that the patterns are not only repeating in history but they also follow natural orders. Although few different references exist about the meaning of the natural orders, the natural orders mostly means the periods of the neighbouring waves in the Fibonacci relationship (Pesavento and Shapiro, 1997). Fibonacci ratio derived from Fibonacci numbers are the core relationship used in harmonic pattern identification.

Two main elements of Harmonic pattern trading are the pattern recognition and the market timing. Between those two elements, the pattern recognition is the prior task before the market timing. Mostly harmonic patterns consist of five points except few patterns. The five points are denoted as XABCD conventionally (Figure 1-2). Harmonic Pattern trading is the typical mean reversion trading strategy. It assumes that the market will change direction, for example, from buy to sell or from sell to buy. In fact, the harmonic pattern detection is equivalent to detecting the turning point. Although the accuracy of the turning point prediction is subject to the probabilistic nature, harmonic pattern trading is popular among traders.

You can read full article here. This article explains everything about Harmonic Pattern.

https://algotrading-investment.com/2022/06/22/harmonic-pattern/


Harmonic Pattern Detection
Manual detection of Harmonic Pattern is a tedious task. Most of traders use Harmonic Pattern Indicator or Harmonic Pattern Scanner, which uses automated algorithm to detect Harmonic Patterns. Each Harmonic Pattern Indicator and Harmonic Pattern Scanner have differnt attributes. The important point about Harmonic Pattern detection is that there is a trade off between fast signal and repainting. Here we list four types of Harmonic Pattern Detection for your information.

Type 1: Non lagging (fast signal) but repainting

option to enter from turning point. Indicator does not show the failed pattern in chart and last pattern can repaint. This is almost considered as standard Harmonic Pattern Indicator. Even if they are repainting, harmonic pattern trader just accept it as it is. 99% of time, this is the harmonic pattern product you will get from the market whether they are free or paid one. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy.

Harmonic pattern plus is type 1 Harmonic Pattern Indicator. It is extremely good product for the price. With dozens of powerful features including Pattern Completion Interval, Potential Reversal Zone, Potential Continuation Zone, Automatic Stop loss and take profit sizing. This is type 1 harmonic pattern indicator.

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

Type 2: Lagging (slow signal) but non repainting

no option to enter at turning point (i.e. early signal). This type of indicator turns harmonic pattern indicator as slow as moving average cross over. It might be not overly attractive option for your trading. Indicator does not show the failed pattern. Hence, you can not use historical patterns to tune your strategy but last pattern does not repaint. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy. Probably about 1% of harmonic pattern indicator is this type.

Type 3: Detecting pattern at point C but repainting

option to enter at turning point. Indicator detect pattern too early and you have to wait quite bit of time until price move near the point D. In fact, price may not move near point D. You might just waste your time waiting for the pattern. Indicator does not show the failed pattern and last pattern can repaint. You can trade live with this indicators but historical patterns can not be used to fine tune your strategy. Probably about 1% of harmonic pattern indicator is this type.

Harmonic Pattern Scenario Planner can be used like type 1 or type 3 Harmonic Pattern Detector. With additional features of predicting future harmonic patterns, this is very tactical harmonic pattern indicator with advanced simulation capability on top of the powerful features of harmonic pattern plus.

https://www.mql5.com/en/market/product/6101

https://www.mql5.com/en/market/product/6240

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

Type 4: Non lagging (fast signal) and non repainting

option to enter from turning point. At the same time, the pattern is not repainting. This is hybrid of all above three system and can be considered as the most powerful harmonic pattern indicator. You can trade live with this indicators and you can also use historical patterns to fine tune your strategy. With this indicator, you are complying perfectly with the statement “Trade What you See”.

X3 Chart Pattern Scanner is type 4 Harmonic Pattern Indicator, which can be considered as the hybrid of type 1, type 2 and type 3. With non repainting and non lagging algorithm, this tool can detect with Harmonic Pattern, Elliott Wave Pattern, X3 Pattern structure for your trading. As a bonus, it provides your Japanese candlestick patterns too. X3 Chart Pattern Scanner is type 4 harmonic pattern indicator, which means that you can fine tune your strategy using historical patterns while you are trading the same patterns on live trading.

https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Pattern Completion Zone VS Potential Reversal Zone

In previous chapter, we have described the Pattern Completion Zone, also known as Pattern Completion Interval, in details. Now many harmonic pattern trader can be curious how the Pattern Completion Zone (PCZ) is different from the Potential Reversal Zone (PRZ). In first place, as the PCZ and PRZ are derived from different process, they are different tool to trader. Having said that, the deriving process for PCZ and PRZ might be too complicated causing some traders to confuse the concept of each other. For this reason, we will clarify the difference by directly comparing PCZ and PRZ look. Let us look at the Potential Reversal Zone. So what is Potential Reversal Zone? Simply speaking potential Reversal zone is the area where three or four Fibonacci levels are converging together. Potential Reversal Zone can be used to detect the final Point D of the Harmonic Pattern by projecting several Fibonacci retracements respectively from the point X, A, B and C. The area of the Potential Reversal Zone can be defined by the top and the bottom projected levels in the all projected levels as shown in Figure 5-1.

The main difference between PCZ and PRZ is that Pattern Completion Zone forms the strict Symmetrical Trading Zone around the ideal Point D (Figure 5-3 and Figure 5-4). The Potential Reversal Zone (PRZ) does not form the symmetrical zone. However, the PRZ area formation is dependent on the location of each Fibonacci level projections as shown in Figure 5-1 and Figure 5-2. Sometime PRZ area can form the symmetrical trading zone but it is only by chance. Most of time, Potential Reversal Zone will not form the symmetrical trading zone. On the other hands, Pattern Completion Zone will strictly form symmetrical trading zone for every harmonic pattern. Due to this symmetrical property of the Pattern Completion Zone (= Pattern Completion Interval), trader can use many different trading strategies around the symmetrical trading zone beyond the classic harmonic pattern trading setup. With Pattern completion Zone, you can expand your classic trend reversal entry to hedging and breakout trading by setting identical but opposite trading. For example, for bullish Harmonic Pattern formation, you are able to setup the buy and sell hedging positions or straddle breakout setup around the Pattern Completion Zone. This is possible because the Pattern Completion Zone provides the median open price, which can be mirrored around the Ideal Point D.

In addition, Pattern Completion Zone provides you the direct numerical description corresponding to the size of the Harmonic Pattern. Therefore, the size of symmetrical trading zone around the Pattern Completion Zone is a sensible measurement for your stop loss and take profit for each Harmonic Pattern. Especially, once you have mastered the Pattern Completion Zone for your trading, you can gauge your Reward/Risk Ratio with real time market data without the need of any other additional tools. You can expand this with limit and stop order for better managing your order and risk. Overall, Pattern Completion Zone can provide you precise and fast decision-making process for your Harmonic Pattern Trading. In next chapter, we will continue to show you how the symmetrical trading zone works to manage your order and risk in details.

If you want to access automated Harmonic Pattern Detector, then you can also buy the Harmonic Pattern Plus or X3 Chart Pattern Scanner available in MetaTrader 4 and MetaTrader 5. In Harmonic Pattern Plus, you can access many additional features on top of the harmonic pattern trading signals. For example, you can also access Advanced Channel and around 52 Japanese candlestick pattern. It will also draw the Pattern Completion Interval automatically in your chart helping you to set your stop loss and take profit targets. It is a repainting indicator but it comes at the affordable price.

Below are the Links to Harmonic Pattern Plus

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

If you need more advanced one than Harmonic Pattern Plus, then you can use our X3 Chart Pattern Scanner. X3 Chart Pattern Scanner is the non repainting and non lagging Harmonic Pattern and Elliott Wave Pattern Scanner with multiple of advanced features. You can even customize the patterns you want to detect by changing their pattern structure. At the same time, you can use both repainting and non repainting Harmonic Pattern Indicator together. This means that you can combine to use Harmonic Pattern Plus with X3 Chart Pattern Scanner if you wish.

Below are the Links to X3 Chart Pattern Scanner.

https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

You can read Guide to Precision Harmonic Pattern Trading to understand more about the Harmonic Pattern Strategy.

https://algotrading-investment.com/portfolio-item/guide-precision-harmonic-pattern-trading/

Non Repainting Supply Demand Indicator

Ace Supply Demand Zone is the non-repainting Supply Demand indicator. This supply demand indicator is very useful to trade with the market turning point. Its trading strategy is based on the price pattern detection like Drop-Base-Rally, Rally-Base-Drop and so on. Since you have an access to fresh supply and demand zone as well as the historical supply demand zone, you can achieve much better profiling on price movement in Forex market. In addition, the trading zone idea provides you an excellent way of managing your trading risk. This is really useful if you have at least learnt how to use the support and resistance trading, which is the most popular technical analysis in Forex and Stock market.

With the Ability to trade the original supply demand zone trading, you can also perform highly accurate Angled Supply Demand zone trading as a bonus. With a lot of sophisticated gadgets built inside, Ace Supply Demand Zone indicator will provide you unmatched performance against other Supply Demand zone indicator out there.

Here is the link to Ace Supply Demand Zone Indicator.

https://www.mql5.com/en/market/product/40076

https://www.mql5.com/en/market/product/40075

https://algotrading-investment.com/portfolio-item/ace-supply-demand-zone/

In addition, we provide the YouTube video for Ace Supply Demand Zone Indicator. In terms of indicator operation, both mean reversion supply demand and ace supply demand zone indicator are similar. Hence, you can watch this YouTube Video to accomplish the supply demand zone indicator.

YouTube “Supply Demand Zone Indicator”: https://youtu.be/lr0dthrU9jo

Advanced Harmonic Pattern Detection

Harmonic Pattern Scenario Planner is an advanced Harmonic Pattern Detection Indicator. This is probably the most sophisticated harmonic pattern detection indicator in the market. It can detect many harmonic patterns at the price revesal like Gartley Pattern, Butterfly Pattern, Bat pattern and so on. At the same time, you can forsee future harmonic patterns in the price range by just one button click. You can make precision buy and sell entry with the detected harmonic patterns. You can find this indicator for both MetaTrader 4 and MetaTrader 5, which is the most popular trading platform for Forex and Futures.

If you want to avoid any complex feature, then Harmonic Pattern Scenario planner can be used like Harmonic Pattern Plus. Hence, it is easy and friendly to use. At the same time, if you do not mind more advanced features, then it combines powerful Monte Carlos Simulation to provide you advanced harmonic pattern search capability. This feature is the most unique feature provided from Harmonic Pattern Scenario Planner. Monte Carlo Simulation can help you to find future reversal points in advance.

For your information, we provide two YouTube videos with title and links below. Although these two videos are not created using the Harmonic Pattern Scenario Planner, you can watch the YouTube Video to feel what is the automated harmonic pattern indicator like.

YouTube “Harmonic Pattern Indicator”: https://youtu.be/CzYUwk5qeCk

YouTube “Non Repainting Non Lagging Harmonic Pattern Indicator”: https://youtu.be/uMlmMquefGQ

Here is the product link to Harmonic Pattern Scenario Planner. You can find more about the features of this advanced Harmonic Pattern Detection Indicator from the landing page below.

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

https://www.mql5.com/en/market/product/6101

https://www.mql5.com/en/market/product/6240

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Harmonic Pattern Indicator Video

Here is some videos on Harmonic Pattern Indicator on Youtube that shows the some features of Harmonic Pattern Automatic Scanner.

The video explains stop loss, take profit and Potential Continuation zone (PCZ), Potential Reversal Zone (PRZ), Pattern Completion Zone (PCZ), etc for Harmonic Pattern Plus (also applicable to Harmonic Pattern Scenario Planner)

YouTube: https://www.youtube.com/watch?v=CzYUwk5qeCk

Here is a video tutorial on X3 Chart Pattern Scanner on YouTube. This video will provide a brief guide on X3 Chart Pattern Scanner.

YouTube: https://www.youtube.com/watch?v=uMlmMquefGQ

For your information, above videos are bit old now. This means that both harmonic pattern plus and X3 chart pattern scanner has a lot more features added after the creation of the video. However, the video is still good to show you some basic features of both Harmonic Pattern Indicator. Simpley visit our website for both of them.

Below are the Links to Harmonic Pattern Plus

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

Below are the Links to X3 Chart Pattern Scanner.

https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Scan Supply Demand Zone Across All Timeframe

In Ace Supply Demand Zone indicator, you can scan the supply and demand zone across all timeframe for your Forex trading. This is a powerful feature included in Ace Supply Demand Zone indicator. Controlling the Multiple Timeframe scanning is similar to our other MetaTrader products like Harmonic Pattern Plus or X3 Chart Pattern Scanner. You can control them from the inputs under the Multiple Timeframe Scanning. With the inputs, you can enable or disable multiple timeframe scanning. You can also choose to switch on or off specific timeframe from your dashboard. In addition, you can also control how frequently the indicator should scan. The default value for update frequency is M5 timeframe. However, you can use M1 for update frequency if you need to scan them more frequently.

If you enabled email or push notification in the inputs under General Setting, then you can also receive the alert for the detected supply and demand zone as well as the touched supply and demand zone. The thing you need to understand about multiple timeframe scanning is that it requires multiple computation too per each timeframe. The computation can be heavier up to 7 times or more when you enabled M1 to D1 timeframes. Hence, due to data loading issues, the calculation might be stuck sometimes. In that case, just click Show button to refresh all the calculation. Of course, it is possible to switch off the multiple timeframe scanning if you only want to trade one timeframe.

Ace Supply Demand Zone in MetaTrader 4 and MetaTrader 5

In addition, we provide the YouTube video for Ace Supply Demand Zone Indicator. Hence, you can watch this YouTube Video to learn the basic operation with the supply demand zone indicator.

YouTube “Supply Demand Zone Indicator”: https://youtu.be/lr0dthrU9jo

Landing page for Ace Supply Demand Zone.

https://www.mql5.com/en/market/product/40076

https://www.mql5.com/en/market/product/40075

https://algotrading-investment.com/portfolio-item/ace-supply-demand-zone/

Harmonic Pattern – Predict Turning Point

Before using Harmonic Patterns, it is necessary to ask the rational behind the harmonic pattern. In fact, you will do the same for any trading strategy. You should never blindly trade because some one recommend you any particular strategy or you read some articles on website. You need to take sufficient time to understand the rational behind the trading strategy and then you will move on to the operation with the trading strategy. This article “Patterns are the Good Predictor of Market Turning Point” is such an article helping you to understand the rational behind the harmonic patterns and its trading strategy. If you are harmonic pattern trader, then you must read this article.

https://algotrading-investment.com/2019/07/07/patterns-are-the-good-predictor-of-market-turning-point/

In addition, you can watch the YouTube Video titled feel what is the automated harmonic pattern indicator like. For your information, we provides two YouTube videos with title and links below.

YouTube “Harmonic Pattern Indicator”: https://youtu.be/CzYUwk5qeCk

YouTube “Non Repainting Non Lagging Harmonic Pattern Indicator”: https://youtu.be/uMlmMquefGQ

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Here are some list of the harmonic pattern indicators available in MetaTrader 4 and MetaTrader 5 platform. We also include some description for each harmonic pattern indicator.

Harmonic Pattern Plus

One of the first automated Harmonic Pattern detection tool released in 2014. It can detect 11 most popular harmonic patterns with well-defined trading entries and stops. Pattern Completion Interval, Potential Reversal Zone and Potential Continuation Zone are supported. In addition, other dozens of powerful features are added like Japanese candlestick detection, etc. Because of affordable price, this harmonic pattern detection indicator is loved by many traders. Please note that this is repainting and non lagging harmonic pattern trading system.

https://www.mql5.com/en/market/product/4488

https://www.mql5.com/en/market/product/4475

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

Harmonic Pattern Scenario planner

It is an advanced Harmonic Pattern indicator. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic patterns through simulation. This is the tactical harmonic pattern tool designed for Professional harmonic pattern trader. Because of affordable price, this harmonic pattern detection indicator is loved by many traders. Please note that this is repainting and non lagging harmonic pattern trading system.

https://www.mql5.com/en/market/product/6240

https://www.mql5.com/en/market/product/6101

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

Both Harmonic pattern plus and Harmonic Pattern Scenario planner are the excellent trading system at affordable cost. However, if you do not like repainting Harmonic pattern indicator, then we also provide the non repainting and non lagging harmonic pattern trading. Indeed, the X3 Chart Pattern Scanner is the most advanced Harmonic Pattern and Elliott Wave pattern scanner. Just check the X3 Chart Pattern Scanner below.

Link to X3 Chart Pattern Scanner

https://www.mql5.com/en/market/product/41993

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Elliott Wave Indicator YouTube Video

Elliott Wave could be complex trading solution in its original form. For example, identifying motive wave and corrective wave in chart can be hard in general. However, it can be simplified with Pattern and Template approach typically used in Artificial intelligence and data mining approach. Based on this idea, we have created a powerful Elliott Wave indicator.

This YouTube video can help you to understand how Elliott Wave indicator can help you with your trading with the implemented Pattern and Template Approach. Check out the video link below.

YouTube Video: https://www.youtube.com/watch?v=Oftml-JKyKM

Here is an article you can read in addition to the YouTube video.

https://algotrading-investment.com/2018/10/25/how-elliott-wave-can-improve-your-trading-performance/

Our Elliott Wave Trend is available in both MetaTrader 4 and MetaTrader 5 version.

https://algotrading-investment.com/portfolio-item/elliott-wave-trend/

https://www.mql5.com/en/market/product/16472

https://www.mql5.com/en/market/product/16479

Advanced Harmonic Pattern Detection Indicator

Harmonic Pattern Scenario Planner is an advanced Harmonic Pattern Detection Indicator. This is probably the most sophisticated harmonic pattern detection indicator in the market. It can detect many harmonic patterns at the price revesal like Gartley Pattern, Butterfly Pattern, Bat pattern and so on. At the same time, you can forsee future harmonic patterns in the price range by just one button click. You can make precision buy and sell entry with the detected harmonic patterns. You can find this indicator for both MetaTrader 4 and MetaTrader 5, which is the most popular trading platform for Forex and Futures.

If you want to avoid any complex feature, then Harmonic Pattern Scenario planner can be used like Harmonic Pattern Plus. Hence, it is easy and friendly to use. At the same time, if you do not mind more advanced features, then it combines powerful Monte Carlos Simulation to provide you advanced harmonic pattern search capability. This feature is the most unique feature provided from Harmonic Pattern Scenario Planner. Monte Carlo Simulation can help you to find future reversal points in advance.

For your information, we provide two YouTube videos with title and links below. Although these two videos are not created using the Harmonic Pattern Scenario Planner, you can watch the YouTube Video to feel what is the automated harmonic pattern indicator like.

YouTube “Harmonic Pattern Indicator”: https://youtu.be/CzYUwk5qeCk

YouTube “Non Repainting Non Lagging Harmonic Pattern Indicator”: https://youtu.be/uMlmMquefGQ

Here is the product link to Harmonic Pattern Scenario Planner. You can find more about the features of this advanced Harmonic Pattern Detection Indicator from the landing page below.

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

https://www.mql5.com/en/market/product/6101

https://www.mql5.com/en/market/product/6240

Great Technical Indicators for Price Action

Here is the list of great technical indicators for Price Action Trading. Both MetaTrader 4 and MetaTrader 5 versions are available.

1. Chart Pattern MT

Detecting price patterns like Triangle, Falling Wedge, Rising Wedge, Double Top, Double Bottom, Head and Shoulder, Reverse of Head and Shoulder, Cup and Handle or Cup with Handle, Reverse of Cup and Handle or Cup with Handle. What is even better, this is non repainting indicator, which means great for your trading. Plus this indicator can detect 52 Japanese candlestick patterns.

https://www.mql5.com/en/market/product/24679

https://www.mql5.com/en/market/product/84568

https://algotrading-investment.com/portfolio-item/chart-pattern/

2. Ace Supply Demand Zone indicator

Ace Supply Demand Zone indicator is a great indicator to extend support and resistance concept into supply and demand zone. This is powerful and great as it uses non repainting and non lagging algorithm.

https://www.mql5.com/en/market/product/40076

https://www.mql5.com/en/market/product/40075

https://algotrading-investment.com/portfolio-item/mean-reversion-supply-demand/

3. Mean Reversion Supply Demand

Mean Reversion Supply Demand is another affordable supply and demand zone trading system but with a lot of rich features. For your information, both ace supply demand zone and mean reversion supply demand use a complete different algorithm.

https://www.mql5.com/en/market/product/16823

https://www.mql5.com/en/market/product/16851

https://algotrading-investment.com/portfolio-item/mean-reversion-supply-demand/

4. Price Breakout Pattern Scanner

Price Breakout Pattern Scanner can also detect price patterns like riangle, Falling Wedge, Rising Wedge, Double Top, Double Bottom, Head and Shoulder, Reverse of Head and Shoulder. In addition, you can use the power of smart renko together.

https://www.mql5.com/en/market/product/4859

https://www.mql5.com/en/market/product/4858

https://algotrading-investment.com/portfolio-item/price-breakout-pattern-scanner/