Update News for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner on 22 Oct 2015:

As we mentioned, we have added new pwerful analytical feature to our Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. The updating is in process with MQL5.com and will be avaiable to you in next few days.

The new feature is Pattern Completion Interval and the concept of pattern Completion interval is similar to Prediction Interval in Regression Analysis (but only concept wise and not identical in some parts.)

Please check this link about prediction interval in regression analysis: https://www.otexts.org/fpp/2/7 and see what useful gain you can have from this analysis.

In brief, the pattern compeltion interval will help you to understand that there is some variation in pattern completion point D.

Therefore, now you could also specify the relative risk involved in turning point prediction with Harmonic Pattern in theorical sense.  (Obviously studying of past pattern helps you a lot in understand this new features.) However, in practical sense, it would help you a lot in terms of your risk managment with Harmonic pattern trading.

Please see the attached screenshot for better understanding of the Pattern Completion Interval.

Please read manuals here for your own goods.

Kind regards.

Improve your trading with more automation and avoid losing trade by monitoring economic news and data release.

Here is a special promotion for serious traders. Buy top trading system and get 50% discounts for Fundamental Trade Manager.

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Important News:

We were Just informed from our customers  that someone developed some expert advisor using our Harmonic Pattern Plus with exceptionally good performance.

Please visit this website for your viewing:

http://forextradefilters.com/harmonic-pattern-plus-strategy-performance/

We are just writing this news to inform all our customers that:

The website is not operated by ourselves and we have no contact with this people.

Neither the expert advisor is developed by ourselves.

After all, it seems that they are using our Harmonic Pattern Plus as the main trading engine though.

http://forextradefilters.com/harmonic-pattern-plus-trader/

Overall, we want to inform that we are neutral to any review or product performance about this website so far as they are totall indepent people from us.

We build our product based on theory and practice.

Merely good looking backtesing result is not the reflection of good trading strategy or neither good way of developing good trading system.

The orignianl version of Harmonic Pattern Plus and Harmonic Pattern Scenario Planner can be bought from your Meta Trader terminal throught MQL5.com and  our upcoming website only which will be released quite soon.

Harmonic pattern Plus

https://www.mql5.com/en/market/product/4475
https://www.mql5.com/en/market/product/4488

Harmonic Pattern Scenario Planner

https://www.mql5.com/en/market/product/6240
https://www.mql5.com/en/market/product/6101

Harmonic Pattern Plus can be used for both automated trading and manual trading for excellent performance.

Stay tuned for further announcement on our update news.

Thanks and great appreciation for all your supports and interests on our products.

We are willing to extend our 20% discounts period until 20 Jan because of your grand interests and supports.

So please do not miss this grand opportunity.

Kind regards.

Please read some articles here before your trading.  

http://algotrading-investment.com/manuals/

We will have more and more articles in the future.

Finally we have released our Real Time Renko Product through our website.

Note that our Real Time Renko is not available from mql5.com.

It will be only available from our website:

 http://algotrading-investment.com/portfolio-item/real-time-renko/

This tools is very useful for Price Action and Pattern Trading.

Especially works very well with our Harmonic Pattern Plus, Scenario Planner and Price Breakout Pattern Scanner.

Plus really easy to set up (Immediate loading with default setting).

Updated Feature for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner for version 9.2
Multiple Timeframe Control Feature in Single Chart
This description applied to both Harmonic Pattern Plus and Harmonic Pattern Scenario Planner since both of them are identical 95% of their functionality. Most important feature in this new version is that you can add multiple of Harmonic Pattern Plus controlling different timeframes in one chart. If you wish, you can add 4 harmonic Pattern Plus in one chart controlling M15, H1, H4, D1 timeframe or even more. One limitation when you add multiple Harmonic Pattern Plus is that you can only use the Calculation Timeframe (timeframe to detect patterns) greater than current chart timeframe. For example, if your chart timeframe is H1, then you can only use Calculation timeframe H1, H4, D1, etc. You can not use M15 calculation timeframe for H1 chart timeframe since you can not draw the M15 pattern to H1 timeframe chart.

Note that to layout the buttons nicely in your charts for more than 2 Harmonic Pattern Plus in single chart, Set Button Coordinate Y sensibly. This input is under your Display option.

Button Configuration
Description over the buttons are like below. We have reconfigured the button shape but in general, their functionality are the same from the previous version.

• Lock Button:  Lock the pattern you want to trade. This action will keep your chosen pattern in your chart for long time for your future reference. This is useful feature if you are worrying about repainting the patterns.
• << Button:  Show previous pattern. So you can test your trading ideas and strategy over historical patterns.
• >> Button:  Show next pattern.
• H1 Button:  Recalculate harmonic pattern plus again. If you found the chart is stuck due to some MT4/MT5 terminal activities, then press this button. MT4/MT5 does get slow when its loading the data.
• G Button:  Call Guided Trading Instruction.
• M Button:  Call Multiple Timeframe Pattern Detection Feature. Multiple Timeframe pattern Detection Feature already existed from the previous version. This feature is depending on the data loading time of your Meta Trader terminal. So occasionally click M button again to prompt the data loading of your Meta Trader terminal.
• B Button:  Remove or shows buttons from your charts. This feature helps you to increase some visible space in your chart. Click B button again to show the buttons again.
• TF Button:  You can call previous or next calculation timeframe for Harmonic Pattern Plus. Although we have provided this feature, initially testing shows that this might confuse traders. The idea is simply that when this TF button are clicked, << button and >> button will call previous and next timeframe. If you are not confused by this concept, then you can probably use. Personally prefer to apply multiple Harmonic Pattern Plus into one chart.

Custom Take Profit and Stop Loss
In version 9.2, Custom Take Profit and Stop Loss are defined using Pattern Completion Interval (PCI) for more claver setup. 3 Take Profit is equivalent to the 3 x the PCI box range. 1 Stop Loss is equivalent to the 1 x the PCI box range. The ellipses (stretched circle) shows you the potential entry. When your order is placed inside this circle,
your Reward/Risk can range from 1 to 10 or even more in strictly mechancal trading. Why this happen? Do some basic math maybe looking at your chart. Note that this is the potential entry level shown only for your convenience but not limited to creating your own claver trading setup. The ellipses is like the ruller to gauge your potential entry in your preferred Rewards/Risk ratio and it is not an indicator showing direction or etc.
In addition, this PCI based Custom Take Profit and Stop Loss will influence your Guided Trading Instruction. Guided Trading Instruction will only calculate your profit assuming you are using median open price, which is the top of the PCI box (for bullish pattern, the other way around for bearish pattern). Having said about all this new feature on our Custom Take Profit and Stop Loss, there are many of our customers already profitable using their own way. So this new feature on our Custom Take Proift and Stop Loss are rather optional for your trading.

Overall Trading Operation
From our continuous research and more advanced feature added to our Harmonic Pattern Plus (and for Harmonic Pattern Scenario Planner), we recommend using intra-candle bar trading setup. So we do not recommend to use traditional way of waiting one confirmation candle any more. You can still use the traditional way of trading if you have already favourite set up. For example, after the pattern is detected, you can wait for one confirmation candle in the direction before your entry. This traditional way of trading can influence quite poorly on your Reward/Risk ratio. So We recommend to detect patterns at intra candle bar. For example, set Pattern Update Frequency (Period) = M5 or M1 or less. You have to set this from your input setting.

Note that if you detect pattern more frequently, of course, this will increase your computational burden for Harmonic Pattern Plus. So use the sensible frequency only. In our experience, M1 or M5 might be good choice. If you try to detect patterns at every single tick arrival, this might cause serious computation overload in your computer.

Updated Feature for Harmonic Pattern Plus and Harmonic Pattern Scenario Planner for version 9.2
Multiple Timeframe Control Feature in Single Chart
This description applied to both Harmonic Pattern Plus and Harmonic Pattern Scenario Planner since both of them are identical 95% of their functionality. Most important feature in this new version is that you can add multiple of Harmonic Pattern Plus controlling different timeframes in one chart. If you wish, you can add 4 harmonic Pattern Plus in one chart controlling M15, H1, H4, D1 timeframe or even more. One limitation when you add multiple Harmonic Pattern Plus is that you can only use the Calculation Timeframe (timeframe to detect patterns) greater than current chart timeframe. For example, if your chart timeframe is H1, then you can only use Calculation timeframe H1, H4, D1, etc. You can not use M15 calculation timeframe for H1 chart timeframe since you can not draw the M15 pattern to H1 timeframe chart.

Note that to layout the buttons nicely in your charts for more than 2 Harmonic Pattern Plus in single chart, Set Button Coordinate Y sensibly. This input is under your Display option.

Button Configuration
Description over the buttons are like below. We have reconfigured the button shape but in general, their functionality are the same from the previous version.

• Lock Button:  Lock the pattern you want to trade. This action will keep your chosen pattern in your chart for long time for your future reference. This is useful feature if you are worrying about repainting the patterns.
• << Button:  Show previous pattern. So you can test your trading ideas and strategy over historical patterns.
• >> Button:  Show next pattern.
• H1 Button:  Recalculate harmonic pattern plus again. If you found the chart is stuck due to some MT4/MT5 terminal activities, then press this button. MT4/MT5 does get slow when its loading the data.
• G Button:  Call Guided Trading Instruction.
• M Button:  Call Multiple Timeframe Pattern Detection Feature. Multiple Timeframe pattern Detection Feature already existed from the previous version. This feature is depending on the data loading time of your Meta Trader terminal. So occasionally click M button again to prompt the data loading of your Meta Trader terminal.
• B Button:  Remove or shows buttons from your charts. This feature helps you to increase some visible space in your chart. Click B button again to show the buttons again.
• TF Button:  You can call previous or next calculation timeframe for Harmonic Pattern Plus. Although we have provided this feature, initially testing shows that this might confuse traders. The idea is simply that when this TF button are clicked, << button and >> button will call previous and next timeframe. If you are not confused by this concept, then you can probably use. Personally prefer to apply multiple Harmonic Pattern Plus into one chart.

Custom Take Profit and Stop Loss
In version 9.2, Custom Take Profit and Stop Loss are defined using Pattern Completion Interval (PCI) for more claver setup. 3 Take Profit is equivalent to the 3 x the PCI box range. 1 Stop Loss is equivalent to the 1 x the PCI box range. The ellipses (stretched circle) shows you the potential entry. When your order is placed inside this circle,
your Reward/Risk can range from 1 to 10 or even more in strictly mechancal trading. Why this happen? Do some basic math maybe looking at your chart. Note that this is the potential entry level shown only for your convenience but not limited to creating your own claver trading setup. The ellipses is like the ruller to gauge your potential entry in your preferred Rewards/Risk ratio and it is not an indicator showing direction or etc.
In addition, this PCI based Custom Take Profit and Stop Loss will influence your Guided Trading Instruction. Guided Trading Instruction will only calculate your profit assuming you are using median open price, which is the top of the PCI box (for bullish pattern, the other way around for bearish pattern). Having said about all this new feature on our Custom Take Profit and Stop Loss, there are many of our customers already profitable using their own way. So this new feature on our Custom Take Proift and Stop Loss are rather optional for your trading.

Overall Trading Operation
From our continuous research and more advanced feature added to our Harmonic Pattern Plus (and for Harmonic Pattern Scenario Planner), we recommend using intra-candle bar trading setup. So we do not recommend to use traditional way of waiting one confirmation candle any more. You can still use the traditional way of trading if you have already favourite set up. For example, after the pattern is detected, you can wait for one confirmation candle in the direction before your entry. This traditional way of trading can influence quite poorly on your Reward/Risk ratio. So We recommend to detect patterns at intra candle bar. For example, set Pattern Update Frequency (Period) = M5 or M1 or less. You have to set this from your input setting.

Note that if you detect pattern more frequently, of course, this will increase your computational burden for Harmonic Pattern Plus. So use the sensible frequency only. In our experience, M1 or M5 might be good choice. If you try to detect patterns at every single tick arrival, this might cause serious computation overload in your computer.

Also for your practical trading here is some picture explaining the concept of Pattern Completion Interval in Brief.

New screenshots for Harmonic Pattern Plus.

Alert For Harmonic Pattern Plus


So we have asked from few traders that the too frequent alert on the harmonic Pattern detection on our Harmonic Pattern Plus. Ok please read this to balance your trading decision.


There was time that we only allow pattern detection at each new bar only for our Harmonic Pattern Plus in our old version. However this is lagging to detect pattern at only after one new bar. So we made the pattern to be detected intra candle bar. For example, if you attach it to H1 chart, then Harmonic Pattern Plus can detect patterns at every 5 minutes or every 15 minutes, etc, you can do this by simply setting up the Update Frequency input from your current timeframe.


The idea behind the intra candle bar pattern detection is for the traders not to miss the crucial moment where the rewards risk is in favorof your trading. However, we do not allow to do it to detect pattern at every tick because this is too heavy for the computation.







If you do not like the idea of patttern detection at intra candle bar. Then you can just switch off by setting your pattern update frequency to the same time frame as your chart.




So you will notified once only per new candle bar. Therefore, you will also alerted once per new candle bar too.





Howerver i think it is better to know the pattern during intra candle time to enter your trading where your rewards favour your risk.




If M5 is too much then you can probably do M15.




M15 can be fine. Also it save computation a lot.




http://algotrading-investment.com/




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

Harmonic Pattern Plus MT5 is for Meta Trader 5 and Harmonic Pattern Plus MT4 is for Meta Trader 4.

They are exactly the same functionality but they works with different platform.

Note Meta Trader 4 (4th generation platform) and Meta Trader 5 (5th generation platform) are totally different platform.  

You can send me private message. I will answer you right now.

I am in front of my computer.

Kind regards.

Cluster of PRZ lines for Harmonic Pattern Plus

You can find what are the cluster of PRZ lines in this article:


http://algotrading-investment.com/price-action-and-pattern-trading-articles/

The cluster of PRZ lines are most logical way of sorting possible Fibonacci levels in the visually available space in your chart.

Remember that many traders are trading with one fibonacci levels with some supplimentary confirmation, the cluster of PRZ lines are stacks of Fibonacci levels. Of course, traders can put high emphasis on this level as an important support and resistance levels.

After you have learnt the concept, it is entirely up to you to use the Cluster of PRZ line or not. In our own opinion, it is better to use either Custom Take Profit or Cluster of PRZ lines. Because when you use both of them, they might confuse you.


So here we provide simple screenshots of how to switch on and off the cluster of PRZ lines. It is not so difficult to do so. Just go to Input setting. Set Use Potential Reversal Zone = false.


See the screenshot attached.


http://algotrading-investment.com/price-action-and-pattern-trading-articles/

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

There are step by step manual here for it.

http://algotrading-investment.com/2016/11/04/multiple-timeframe-pattern-analysis/

http://algotrading-investment.com/price-action-and-pattern-trading-articles/

I hope this is helpful.

Kind regards.

Visit articles and instruction for our Products and Meta Trader here:

http://algotrading-investment.com/price-action-and-pattern-trading-articles/

https://algotradinginvestment.wordpress.com/category/simple-instruction/

Concept of Potential Reversal Zone

I have been recently asked what is the concept of Pontential Reversal Zone (PRZ) in our Harmonic Pattern Plus and Harmonic Pattern Scenario Planner.

The best way of decribing them is the combined fibonacci retracement from all 4 legs.

Quite often PRZ line can serve you as the very accurate support and resistance.

The screenshot below the the concept of PRZ exactly.

Hope this is helpful for all the traders.

To visit our website, follow the links below:

http://algotrading-investment.com

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