Harmonic Pattern Plus MT4
Introduction to Harmonic Pattern Plus
Indicator Harmonic Pattern Plus, designed for use in MetaTrader 4, is looking for the harmonic pattern in the chart. Harmonic Pattern Plus program is designed to determine the points of reversal of the current trend – it is the harmonic model with high power forecasting. Harmonic patterns consist of a few lines, united by important Fibonacci ratios, such as the 0,618 and 0,382, which are often used by professional traders to measure the level of the price breakout.
These harmonic structures are continuously formed in the financial markets and often for such model should be big trend reversals. These models have proven to be effective in pinpointing turning points in use by professional traders for over 50 years. Furthermore, many statistical studies point to the strong possibility of prediction of harmonic patterns. These models work well in the forex market and show excellent value profit-risk. This program contains many useful features for traders working full-time and those who trade from time to time. This style of trading with a rigid risk control is also suitable for investors who work with serious money.
The main features of Harmonic Pattern Plus display
- The indicator may send you e-mail messages when it detects a harmonic model on any chart. Thus, even when you do not see the terminal, you will be notified about it.
- You can apply a Harmonic Pattern Indicator for a few graphs, as it scans the schedule pretty quickly. Recommended timeframes: M15, H1, H4 and D1.
- The indicator will determine the significance of the harmonic model based on the size of the found model. You can immediately decide whether or not to trade on this model.
- The indicator stores the historical patterns to the latest price data, and you can display historical patterns on the chart and build its own strategy, using these historical patterns. This can easily be done by changing the value of variable Max number of patterns to display in the Properties window.
- The automatic construction of the channel, which can be used in conjunction with harmonic models for more accurate decision-making.
- The program is ready to use without the need for complex setup and even with the default settings.
Please note that each harmonic model, channel and Fibonacci retracement levels are built independently in the indicator. Therefore, you can disable any component, if you do not want it to be reflected in the chart. A description of all the variables available in the display properties window. To use e-mail notification option you must enable notifications via email in MetaTrader 4. Set up e-mail addresses in the MetaTrader 5 is described in detail in the article https://www.mql5.com/ru/articles/80.
Useful information about Harmonic Pattern Plus
- Indicator Harmonic Pattern Plus automatically draws Fibonacci correction. Therefore, you can simply place a take-profit and stop-loss in accordance with this level. Note that the construction of the line drawing Fibonacci correction can also be disabled.
- You can choose the number of harmonic patterns to be displayed on the graph. Sometimes, too many models on the chart can be distracting, but a small number of models less informative. So you can adjust this setting to your liking in the Properties window (default = 3).
- All found the harmonic model can be displayed in the expert journal or write a text file. This option can be set in the input variables. When the recording of all harmonic patterns will create a file in your terminal MetaTrader folder.
- By default, all models will bear painted in dark pink, and all the bull will be painted blue. You can change this setting in the input variable.
How to use Harmonic Pattern Plus LED
There are many different ways to trade using harmonic models. Normally, when a model is generated, you can quickly earn profit and get out of the market. For input use second moving average, and the entry would be realized in the formation of a stronger trend. The third entry, place a few orders in accordance with the signals of the moving average, the trend when formed, and using the momentum strategy to catch the big moves of the trend. On recovering market you will be able to place their orders for the first, second and third input. This will give you an opportunity to buy at the bottom and sell near the top. LED “Harmonic Pattern Plus” is designed for use on multiple charts. Personally, I use it on 30 different hourly and 4-hour charts and wait for a good signal. I get a notification even when you do not find myself next to the terminal, as the indicator sends email-notification in the formation of a new harmonic model. On the day you will receive at least five trade opportunities. If you want to learn more about how to trade using the harmonic model, please send me a private message. This is a great trading strategy, and even a novice can use it.
Information for Beginners: What is harmonic pattern
Harmonic model was first used HM Hartley and Hartley model was presented in his book “Profits in the Stock Market” in 1935. Since then, professional traders have improved pattern and found other profitable model. Another useful source of harmonic model of trade – the book Scott M. Carney, Harmonic Trading (Profiting from the natural order of the financial markets). Each harmonic pattern consists of a plurality of lines connected to Fibonacci numbers. Therefore, the harmonic structures are seen as a natural representation of the reaction of traders and reflect trader psychology.
Given the statistical significance and profitability, proven by numerous professional traders pay attention to the harmonic pattern formed on the chart. Harmonic pattern shows a reversal point of the trend, providing the ability to enter the market faster than other traders. Therefore, your reward is often a lot more than your own risk. Indicator Harmonic Pattern Plus detects most known harmonic model. At the moment he is 9 different harmonic patterns. These 9 models are chosen by the author, as they tend to be superior to other models, and also have a longer history than the other models. Used models:
- Alternative bat
- AB = CD
- models 5-0
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