Trading indicators are a developer’s effort to create trading tools that adhere to a particular theory or trading strategy or trading idea. There is always a gap between theory (that is, ideas and strategies) and practice.
Not all harmonic pattern indicators are the same. So far, the main variations of harmonic pattern indicators can be divided into four types:
Type 1: No delay (fast signal), but repaint – option to enter from turning point. The indicator does not show the failed pattern on the chart and the last pattern can be redrawn.
Type 2: No lag (slow signal) repainted – no option to enter turning point (ie fast signal). The indicator does not show the failed pattern, but the last pattern is not redrawn.
Type 3: Detect pattern at point C, but redraw – option to enter at turning point. The indicator detects the pattern too quickly and has to wait a considerable amount of time for the price to move closer to point D. In fact, the price may not move near point D. You may just waste time waiting for the pattern. The indicator does not show the failed pattern and the last pattern can be redrawn.
Type 4: No delay (fast signal) and no repainting – option to enter from the turning point. At the same time, the pattern has not been redrawn. It is a hybrid of all three systems above and can be considered the most powerful harmonic pattern indicator.
Below is a list of the harmonic pattern indicators for MetaTrader 4 and MetaTrader 5.
1. Harmonic Pattern Plus (Type 1 = Good)
Harmonic Pattern Plus is a very good product in terms of price. It has dozens of powerful features such as pattern completion interval, potential reversal zone, potential continuation zone, automatic stop loss and profit sizing.
Below is a link to Harmonic Pattern Plus
2. Harmonic pattern scenario planner (type 1 + prediction function = good)
With the additional ability to predict future harmonic patterns, this is a highly tactical harmonic pattern indicator with advanced simulation capabilities in addition to the powerful features of Harmonic Pattern Plus.
Below is a link to the Harmonic Pattern Scenario Planner
3. X3 Chart Pattern Scanner (Type 4 = Best)
This is our next generation chart pattern scanner. This is a harmonic pattern indicator with no repainting or delay. What’s more, this tool can detect Elliott wave patterns and X3 patterns. As a bonus, this scanner can detect about 52 Japanese candlestick patterns for your trade. This is the most advanced harmonic and Elliott wave pattern detector on the market. You should try it.
Harmonic Pattern Indicator Description-Trading System-January 8, 2021
https://www.mql5.com/en/blogs/post/742288?utm_campaign=RSS&utm_medium=display&utm_source=MQL5+EN+Blog Harmonic Pattern Indicator Description-Trading System-January 8, 2021