Harmonic Pattern Finder Indicator
MT5 Pattern TradingFree DownloadThe Harmonic Pattern Finder Indicator for MT5 was created to scan through forex charts and detect various trading patterns with precision and engagment. For convenience, it quickly presents the findings directly on the chart. When it comes to these detections, it has pretty solid reliability. So let’s see why it’s worth your attention.
Why harmonic patterns?
Harmonic patterns have gained popularity because they proved to deliver advanced but profitable opportunities. They utilize the Fibonacci proportions but also base on geometric formations. Also, they define important areas of interest acting as pivot and continuation points. Putting all these elements together, we can safely say that traders may expect future price movements with higher probability.
Drawing formations manually vs automatically
We can assure you, drawing these formations manually is really dull task. Let’s take a look at the example chart below and imagine drawing all these shapes just by yourself and most importantly drawing it accurately.
It can get dizzy, right? Luckily, the indicator does the tough job for you. It needs to be done with high precision as Fibonacci ratios must be taken into account. Especially many of these pattern are quite similar to each other. As a software it is capable of detecting them qucikly and then it labels them for easy reference.
The following patterns are exactly what this tool is able to find:
- Gartley
- Bat
- Butterfly
- Crab
- ABCD
It’s worth to note that they provide entry points, potential profit points (exit levels) and even stop loss. As you can see, that’s a pretty holistic approach.
Bottom line
This indicator takes an advantage of trading with harmonic shapes. Normally, it takes a lot of time and effort to learn utilzing them properly, especially due to complexities regarding Fibonacci ratios. With the help of this tool, you will have a chance to enter a reversal trade in optimal moment. It offers very high risk to reward opportunties.
