Introduction to the Harmonic Pattern Scanner
The Harmonic Pattern Scanner is a forex tool that detects and plots potential harmonic patterns directly on the charts.
In the top right corner of your screen, you will notice a dashboard providing useful information like Stop Loss, Take Profit levels etc. You can also add that spread indicator if you want.
This indicator fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Harmonic Pattern Scanner indicator in MT4?
Copy and paste the Harmonic-Pattern-Indicator.mq4 or Harmonic-Pattern-Indicator.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Click the link below:
The Harmonic Pattern Scanner indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.