Showing Historical Patterns in Profitable Pattern Scanner

In trading, you get your profits as good as your tools and knowledge. Profitable Pattern Scanner is the superb Harmonic Pattern and Elliott Wave Pattern Indicator using the next generation pattern detection algorithm (The first Non Repainting + Non Lagging Harmonic pattern indicator.). To understand and to test your strategy, simply increase bars to scan to some higher number like 5000 or 10,000. Initially bars to scan is set to 250 to save some computation but you can increase as many as you can to just check your strategy. Screenshot shows how to do it.

1. Optimize your Strategy per symbol and per timeframe

As you can see, Harmonic Pattern and Elliott Wave pattern will perform differently per symbol and per timeframe. Hence, check history signals per symbol and per timeframe to optimize your strategy per symbol and per timeframe. While you are studying these patterns with Profitable Pattern scanner, you will gain more and more knowledge and skills for your trading.

2. Secondary Confirmation to improve your profits

To improve success rate, make sure that you are studying various indicators and filters together with the historical signal patterns in the scanner as secondary confirmation. In my opinion, you will gain practical knowledge within few weeks whereas other harmonic pattern trader takes typically 1 to 3 years to grab knowledge of harmonic pattern trading (and 2 to 4 years for Elliott wave trading). This is great advantage with this non repainting indicator.

3. Set Bars to Scan input = default in live trading to save computation

Another important note is that make the “Bars to Scan” input to 250 after you have finished your studying with historical signal patterns. If  you leave Bars to Scan = 10,000, etc, this would be too heavy for your MetaTrader. For your live trading, set Bars to Scan = 250 or as small as possible. Since live trading results and historical signals are the same, you will not get lost anything even if you set Bars to Scan = 250 or other reasonably small number.

4. Simple and Easy to trade

Beside all this sophisticated technology running before your PC, trading with profitable pattern scanner is easy and simple to trade because of its non repainting features. Just study your charts and trade with what you see from your charts.

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

Harmonic Patterns, Elliott Wave Patterns and X3 Patterns

We have shown that all profitable patterns can be expressed in the structure = right swing  /left swing in RECF notation. You can check it in this article.

https://algotrading-investment.com/2019/07/09/defining-profitable-patterns/

Hence, Fibonacci price patterns (retrenchment and expansion patterns), Harmonic Patterns, Elliott Wave patterns and X3 patterns are family in this respect. As I have wrote in my book, geometric support and resistance is the relative of the family.

Profitable Pattern Pattern Scanner provides a approach to control all these profitable patterns except geometric support and resistance. Easiest way of explaining is that take all these patterns as each portfolio of your trading venture. You do not have to keep all these patterns in your portfolio. As Profitable Pattern scanner provides the way to switch on and off each pattern.

First way to manage your pattern portfolio is that to switch off patterns you do not like and keep the patterns you like only. As non repainting and non lagging indicator, you are able to test each pattern through historical patterns visually in your chart. No need to resource anything else.

Second way to manage your patterns portfolio is that to switch off patterns by their category. For example, if you are familiar and big fan of harmonic patterns, then just switch off Elliott Wave pattern category and X3 pattern category. Keep Harmonic Pattern Category in your pattern portfolio.

Third way to manage your patterns portfolio is that to modify and change patterns according to your preferences. In doing so, you need some knowledge of RECF notation. This is probably the most advanced level of managing your pattern portfolio.

https://algotrading-investment.com/2019/07/09/defining-profitable-patterns/

Also you read the book: Profitable Patterns in Forex and Stock Market for more complete explanation and complete management of your portfolio with profitable patterns.

These are the three options to manage your pattern portfolio. The profitable patterns are better when they are used together with support and resistance. This is another good point you should make a note in your trading.

Harmonic Pattern Category

*  Optimal AB=CD
*  Optimal Butterfly Pattern
*  Optimal Gartley Pattern
*  Optimal Bat Pattern
*  Optimal Alternate Bat Pattern
*  Optimal Shark Pattern
*  Optimal Crab Pattern
*  Optimal Deep Crab Pattern
*  Optimal Cypher Pattern
*  Optimal 5-0 Pattern
*  Optimal 3 Drives Pattern

Elliott Wave Pattern Category

*  Elliott Wave .1234 Pattern
*  Elliott Wave .12345 Pattern
*  Elliott Wave .12345AB Pattern
*  Elliot Wave .12345ABC Pattern

X3 Pattern Category

*  Star River Pattern
*  Trident Pattern
*  Horse Pattern
*  Eagle Pattern
*  Phoenix pattern

Profitable Pattern Scanner is the most powerful pattern recognition software in the market. Here is the link to Profitable Pattern Scanner.

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

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

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

Harmonic Pattern with Volume Zone Oscillator

Volume Zone Oscillator is one of the very few oscillator utilizing volumes. Like RSI or CCI, the Volume Zone Oscillator is a great tool to identify overbought and oversold timing for your trading. Here is free download link for volume zone oscillator.

https://algotrading-investment.com/portfolio-item/volume-zone-oscillator/

You can also use volume zone oscillator together for the secondary confirmation tool for your harmonic pattern trading. You can use this free volume zone oscillator with our harmonic pattern indicators listed here. If you are using any of our harmonic pattern indicators, then do not miss to add this free Volume zone oscillator in your technical indicator library.

1. Harmonic Pattern Plus (2014)

Harmonic pattern plus 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.

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/

2. Harmonic Pattern Scenario Planner (2014)

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. This is type 1 and type 3 harmonic pattern indicator.

Below are the Links to Harmonic Pattern Scenario Planner

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/

3. Profitable Pattern Scanner (2019)

This is our next generation profitable Pattern Detector. This is non-repainting and non-lagging Harmonic Pattern Scanner. On top of that, this tool can detect Elliott Wave Pattern and X3 Patterns. As a bonus, this scanner can detect around 52 Japanese candlestick patterns for your trading. This is the most advanced Harmonic and Elliott wave pattern detector in the market.

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

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

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

New version of Profitable Pattern Scanner is updated (i.e. version 8.61).

In version 8.61, we have added Advanced Channel indicator to aid your trading decision with profitable patterns.

In default, it is enabled. However, using Channel indicator is not complusory. You can always switch off it by setting

Use Channel = false under Channel Parameter.

At the same time, you can use both regression channels and standard deviation channels according to your preferences.

If you set the width of channel = 0, then it will not draw the channel in your chart.

Enjoy this powerful channel indicator together with our profitable pattern scanner.

Enable Automatic Channel in Harmonic Pattern Indicator

We provided powerful automatic channel features in the Harmonic Pattern Indicator. To enable the automatic Channel Function, just set Use Channel = true under Channel Parameter inputs.

Together with Harmonic Pattern and Elliott Wave patterns, the provided automatic channel can be the great help for your trading. Enjoy this powerful features. This feature applies to Harmonic Pattern Plus, Harmonic Pattern Scenario Planner and Profitable Pattern Scanner.

Important Note to read

For your information, the provided channel are dynamic. As new bars are arrived in your chart, it will update the size of Standard deviation and 95% intervals in real time. Please bear this in your mind when you are using the provided channel.

Profitable Pattern Detection on Multiple Timeframe

Profitable Pattern Scanner comes with the ability of detecting pattern across different timeframe. This feature is handy because you can scan potential buy and sell signal from one chart only. Here we show how to do it in your chart. Simply go to input setting. Then set “Use Multiple Timeframe Pattern Detection” = true. Check the screenshot for the procedure.

Of course, the pattern detection at multiple timeframe will force 6 to 9 times heavier computation on your MetaTrader. Before using this feature, please do understand the heavy computation requirement. If your computer has strong CPU and bigger RAM, then this would be no problem.

Well, I found the following problems when backtesting:

1. In Daily TF, most majors pairs give none or only 1-2 pattern signal in 6 months.

2. In H4 there are some more signals, +- 50% win.

3. Below H4 TF, most signals are false (loss).

4. Maybe H12-H8 work better but there is not push alert between H1 and D.

In these conditions it is not useful for trading.

Any suggestions?.

Any harmonic pattern, X3 patterns and Elliott Wave patterns are meant to be used together with what we called secondary confirmation. Some oscillators and band are the basic secondary confirmtion. But there are more advanced one too.

That is pretty starndard approach among all the users of harmonic pattern, X3 patterns and Elliott Wave patterns.

In addition, we made the indicator non repainting, hence, it should be clear on what to use as secondary confirmation.

You can find alike traders using the similar approach all over internet.

Both harmonic pattern and Elliott Wave patterns are well estabilished technqiues, you should not have the problem of finding good guide line through google about secondary confirmtion.

That is very good point about using well established strategies like harmonic patterns and elliott wave pattern.

Plus considering your reward/risk ratio > 3, you can hit 50% success with consistency, you would sit on the chair made from money pretty soon.

Kind regards.

I find your indis very interesting and have rented Profitable Pattern Scanner MT5 and Harmonic Pattern Scenario Planner MT5.

For checking, I have both in PC (plattform usually closed) and VPS (24h/7 days) with the same set-parameters.

Well, I have 2 difficulties:

1. I get different patterns (see images included), it seems PC update to last pattern but VPS continues showing the previous. VPS is strong, can move both indis easily. Any suggestion?.

2. Also, push notifications from VPS only work when I enter in the VPS from my PC, even when it is working continuously in the cloud.

Kind regrds

do you have different brokers betweeen Pc and vps ?

By the way, the provided channel is also good secondary confirmation technqiue too.

Like pattern 9 you see in the pic get really strong reaction.

Yes, brokers were different. Both indis are now in the same broker but vps-pattern is different yet, just in H1. Will wait a few days .

I have read your kindle-book and see the videos but have some doubts yet. Will ask you later some other question if you don't mind.

Hi Young Ho Seo,

Hi. yes, if you want to receive notification, you have to enable them both by setting to true.

Kind regards.

If you want to recieve them to your smart phone, also check this article.

Push notification is recommended. You need to set the push notification in your smart phone first to receive any notification.  Otherwise, you can not receive anything.

https://algotrading-investment.com/2016/05/11/setting-up-push-notification-with-smart-phone-from-your-metatrader/

As I wrote before, it is the same problem due to Bugs of MetaTrader terimal itself.

Please tell us which version of MetaTrader 5 terminal you are using ?

Version in image added.

I have enter in the vps, the graph with this indi is selected in H1. A new pattern has rised in M1-M5-M15-M30-H1, but only notification about H1 has been sent.

It seems to notify only  when the vps is opened from the PC, and only about the graph and Timeframe active.

Thanks

I am trying to investicate the notificaiton problem.

However, there are some bugs from MetaTrader 5 desktop platform side as well as MetaTrader 5 Mobile App.

You can read this forum. Many of us have the same problem with push notificaiton.

https://www.mql5.com/en/forum/23236

Please wait we here something from MetaQuote or mql5.com

One thing you have to understand is that I am not mql5.com staff. Our Pattern Scanner and MetaTrader terminal itself are two seperate work.

Hence, if there is problem on MetaTrader terminal, then we have to wait until MetaTrader fix the problem.

So we all have to wait until we know more about the problem.

Kind regards.

New Version of Profitable Pattern Scanner Coming Soon -5 Feb 2020

Feb 2020, we have released new updates for several of our products. So far, these products include Harmonic Pattern Scenario Planner, Fractal Pattern Indicator and Peak Trough Analysis. 

Please make sure to download the latest version of these products for the maximum trading performance. 

We are also planning to make new update for our Profitable Pattern Scanner for MetaTrader 4 and MetaTrader 5. 

Please stay tuned for further news.