Harmonic Patterns by DNG
While studying different trading strategies, you probably heard of the concept of "Harmonic patterns". Some traders believe it is the best tool for earning a profit. The patterns are present on any chart of any currency pair. High precision of entry signals significantly increases the ratio of potential profit to potential losses. Using harmonic patterns together with money management, as well as tight stop losses and take profits can be quite efficient.
We are pleased to present you a new indicator for finding harmonic patterns on the charts. This indicator looks for patterns simultaneously in all timeframes and displays information in the table allowing you to make right trading decisions and avoid wrong ones. Therefore, it is advisable to make trading decisions at the matching of signals on two or more adjacent timeframes.
The indicator is configured to recognize the most commonly used patterns Bat, Gartley, Crab, Butterfly, Cypher, and Shark. The indicator may identify a common pattern, as well as the one with small deviations. This aspect increases the number of signals, and the confirmation of senior timeframe reduces trading risks.
In addition, the indicator is able to inform a trader of the newly formed patterns, so you do not miss any deal.
Thus, the indicator can be used as an independent trading system, and in conjunction with other indicators.
Let us consider the indicator's settings in more details.
- Bars to calculate extremes - number of candles to find extremes.
- Breakout Period - number of candles on the search for a signal to deal.
- Max Bars to check history - number of candles in the history of the instrument to search for previous patterns.
- In the block "Patterns selector", you can enable and disable the recognition of patterns, and by setting "Show only perfect patterns" you can choose to display only the perfect patterns (in order to display patterns with minor deviations, set to false).
- In the block "Visualization settings", you can adjust the amount of details displayed on the chart, as well as chart object colors.
- In the block "Notification settings", you can select a notification of a new pattern.