New Harmonic Patterns Indicator FROME FX ACCURATE
About NEW Harmonic Patterns Indicator
Harmonic Pattern Indicato
The Harmonic Pattern Indicator is arguably the absolute harmonic value formation auto-detection indicator you’ll find for the MetaTrader platform. It detects 19 different patterns, takes the Fibonacci estimates seriously as you are doing, displays the possible reversal zone (PRZ), and finds the appropriate stop-loss and take-profit levels. .
It detects 19 different harmonic value structures
It plots the primary, derived and complementary Fibonacci hypotheses.
It evaluates the previous price action and displays each previous pattern.
The indicator analyzes its quality and performance
It includes multi-symbol and multi-timeframe scanners
It displays appropriate stop-loss and take-profit levels
It uses breakouts to indicate appropriate trades.
It plots all the pattern ratios on the chart.
It implements email / voice / visual alerts
Mr. Scott M. Inspired by Carney’s book – Harmonic Trading Vol. 1-, this indicator is designed to meet the needs of the purest and most external traders. However, it does implement a turn around to make trading easier: it waits for a Denchian breakout within the right direction before signaling the trade, making its signals very reliable.
Fibonacci hypotheses are vector-independent
It implements email / voice / push alerts
It plots the ABCD projection.
How to Harmonic Patterns Indicator
The amplitude parameter controls the size of the pattern in the bars
Load the scanner indicator once to monitor multiple symbols and timeframes
The pattern may expand but signal breakouts mostly do not: wait for the signal
Avoid trading if higher deadlines display a strong trend against your trade
Use the appropriate SL and TP levels displayed by the indicator
Indicator only evaluates at bar closing
The pattern is displayed as soon as the XD and CD ratios are valid.
Patterns with different names, can spread again and become other patterns
Breakouts are mostly non-recurring and are sufficient to reverse the market move.
Set a high breakout period to reduce the odds of a repeating indicator
The level of stop-loss and take-profit is calculated using the fibio ratio
The scanner empties the load, it never scans the pattern past
The scanner opens the chart using your default chart template The harmonics methodology uses the popularity of specific price patterns and therefore the alignment of tangible Fibonacci ratios to resolve highly probable reversal points within financial markets. This method holds that trading patterns or cycles, like many patterns and cycles in life, repeat themselves. To spot these patterns, and to exit or enter a ledge based on a high-degree probability, that would be equal to the historical price. Although these patterns are not 100% accurate, these conditions are historically proven. If these set-ups are correctly identified, it is indeed possible to obtain significant opportunities with limited risk.
Harmonic Patterns Indicator & Trading Rules
The indicator calculates all the significant retire ratios for the XA and BC vectors of the pattern, and plots them by point D if applicable. RatiosDirectly indirectly from Frimonnaci Number Sequence.
– 0.618 = Primary Ratio
– 1.618 = Primary projection
Primary Derivative Ratio – Square root of 0.786 = 0.618
– 0.886 = fourth ceiling of 0.618 or square root of 0.786
– Fourth root of 1.130 = 1.618 or square root of 1.27
– 1.270 = square root of 1.618
Complement Derivative Ratio – 0.382 = (1 – 0.618) or 0.618e2
– 0.500 = 0.770e2
– 0.707 = Square root 0.50
– 1.410 = square root of 2.0
– 2.000 = 1 + 1
– 2.40 = Square root of 5
– 2.618 = 1.618e2
– 3.141 = Pie
– 3.618 = 1 + 2.618
Harmonic Patterns Indicator System In Action
This parameter controls the size of the pattern found in the chart. There is no optimal value for this parameter, but it is needed to avoid clutter of overlapping patterns in the chart. Set a value that displays acceptable size patterns relative to your screen size.
Max History Bars
History amount to evaluate when the indicator is loaded.
Display price point labels (labeled X, A, B, C, D).
Display Pattern Ratio.
Display Potential Reversal Area (PRZ)
Enable or disable proportions and choose your own ratio color.
Display or hide Fibonacci projections on the chart.
Enable display / email / push / voice alerts for breakouts, patterns, or both.
Harmonic Patterns Indicatorl high-risk trades
Harmonic Patterns indicator pairs can also indicate the level of risk of trading strategy. For example, if we have been going long on EUR / USD and GBPUSD, and both are positively correlated pairs, it indicates a possible double risk from the same position if one of the currencies is strong.
It may also be that one of the pairs indicates a strong movement, while the other is a bus, which signals traders to avoid entering the trade with the correlated pairs in the opposite direction. For example, if a decline in EUR / USD is observed, and is greater than GBP / USD, a trader should avoid going for a long time to GBP / USD, which carries high downside risks due to potential USD strength.
NEW FX EAGLE SYSTEM indicators in the MQL4 indicators folder of the MetaTrader 4 trading platform.
You can access this folder from the top menu as follows:
MetaTrader> Data Folder – Open the file of MQL4. Paste the pointer here. You can see the example in the pitcher.