Basic Harmonic Pattern
- Indicators
- Mehran Sepah Mansoor
- Version: 6.1
- Updated: 23 July 2024
This indicator identifies the most popular Harmonic Patterns which predict market reversal points. These harmonic patterns are price formations that are constantly repeating in the forex market and suggest possible future price movements / Free MT5 Version
Dashboard Scanner for this indicator: (Basic Harmonic Patterns Dashboard)
Comparison of "Basic Harmonic Pattern" vs. "Basic Harmonic Patterns Dashboard" Indicators
| Feature | Basic Harmonic Pattern | Basic Harmonic Patterns Dashboard |
|---|---|---|
| Functionality | Detects and displays harmonic patterns on a single chart | Searches multiple symbols and timeframes for harmonic patterns, displays results on a dashboard |
| Supported Symbols | Single symbol at a time | Multiple symbols simultaneously |
| Supported Timeframes | Single timeframe at a time | Multiple timeframes simultaneously |
| User Interface | Basic chart display with pattern markings | Advanced, interactive dashboard with summary and details of patterns across symbols and timeframes |
| Notification System | Alerts for detected patterns on the current chart | Alerts for detected patterns across all monitored symbols and timeframes |
| Customization Options | Basic customization (e.g., pattern types, sensitivity) | Extensive customization (e.g., symbols, timeframes, pattern types, alert settings) |
| Performance Impact | Light impact on terminal due to single symbol/timeframe analysis | Higher impact on terminal due to multi-symbol, multi-timeframe analysis |
| Ease of Use | Simple to use for traders focused on one symbol/timeframe | Requires configuration but provides a broader market overview |
| Application | Suitable for traders focusing on specific symbols or timeframes | Ideal for traders who need to monitor multiple markets simultaneously for trading opportunities |
In addition, this indicator has a built-in market entry signal as well as various take profits and stop losses. It should be noted that although the harmonic pattern indicator can provide buy/sell signals on its own, it is advisable to confirm these signals using other technical indicators. For example, you may consider using oscillators such as the RSI or MACD to confirm the direction of the trend and the strength of momentum before making a buy/sell.
Harmonic Patterns Included
- Gartley
- Butterfly
- Bat
- Crab
- Shark
- Cypher
- ABCD
Main Inputs
- Max allowed deviation (%): this parameter refers to the tolerance allowed for the formation of a harmonic pattern. This parameter determines how much the structure of the harmonic pattern can vary without the indicator discarding it as a valid formation. Thus, setting a higher percentage would allow more flexibility in pattern identification, while a lower value would be more restrictive. For example: if you set a value of 30% then the indicator will consider as valid formations that fit the proportions of the pattern within a range of ±30% of the current price.
- Depth: this parameter determines the minimum number of bars that must be present in each wave of the harmonic pattern for it to be considered as such. That is, how many bars must be present in the upward or downward movement for the indicator to recognize it as a wave. Higher values imply longer patterns and vice versa.
- Deviation: deviation refers to the maximum amount of deviation allowed in price between the two oscillations (peaks or troughs) of a wave to still be considered valid. Therefore, a higher deviation will allow a greater margin of difference between the prices of the peaks or valleys.
- Backstep: This parameter specifies how many bars backwards the indicator will look for to determine whether a point is a valid high or low. In other words, it indicates how many backward bars to consider when plotting the zigzag line.
- Pop-up alert: alert to the MT4 terminal
- Email alert: email alert
- Push notification alert: alert to phone
The buy and sell signals are defined as a buffer for people who want to use it in an Expert Advisor.
Buy Signal Buffer = 6
Sell Signal Buffer = 7
Warning: Using the second input you can choose whether the indicator will repaint or have a delay. If you set it to delay, then the indicator will not adjust its signal after the pattern is formed. This option may be preferable for traders who are looking to avoid false signals and want greater consistency in their trades. However, it should be noted that a delayed indicator may lose sensitivity and the ability to adapt to rapid changes in the market.
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