MT4 Harmonic Scanner (2024)

The MT4 Harmonic Scanner is a powerful tool used in MetaTrader 4 (MT4) for detecting harmonic patterns on price charts in Forex and Stock trading. Let’s cover MT4 Harmonic Scanner into the details:

1. Purpose and Functionality:

The Harmonic Scanner is an indicator that automatically identifies harmonic patterns using calculations based on Fibonacci ratios.
It is designed to improve the accuracy of price movement predictions and trade entries by correctly identifying these patterns.
The scanner works across multiple currencies and time frames, displaying detected harmonic patterns simultaneously on a single chart.

2. Key Features:

Multi-Time Frame: The Harmonic Scanner covers a wide range of symbols and time intervals, from one minute (M1) to one month (MN).
Informative Dashboard: The scanner provides an informative dashboard that displays the results of technical analysis for all trading instruments available in your MT4 terminal.
Pattern Identification: It identifies popular harmonic patterns such as the Butterfly pattern (both bullish and bearish).
Entry Point Calculation: The scanner indicates the entry price at which the pattern is considered formed and a trade should be executed.
Notifications: You can set up notifications via email, mobile phone, or MT4 alerts upon trading signal occurrence.

3. Advantages:

Efficiency: The dashboard eliminates the need for cluttering your trading terminal with multiple charts.
Accuracy: The algorithm ensures high accuracy in pattern identification and quick response to market conditions.
Focus: By presenting essential information, the scanner allows traders to focus on decision-making.

4. Use Cases:

Traders can use the Harmonic Scanner to identify potential trade opportunities based on harmonic patterns.
It’s particularly useful for those who follow technical analysis and want to enhance their trading strategies.
Remember that while the Harmonic Scanner provides valuable insights, it’s essential to combine it with other analysis techniques and risk management practices for successful trading.

5. Optional Features:

There are some optional features too depending on the purpose of the Harmonic Pattern Scanner and the core algorithm, if they use repainting or non repainting algorithm. Some optional features of an MT4 Harmonic Pattern Scanner may include:

Customizable parameters: Traders can often customize the settings of the scanner to adjust the sensitivity of the pattern detection or to filter out certain types of patterns. (For example, X3 Chart Pattern Scanner)
Pattern history: The scanner may also have the ability to display historical harmonic patterns on the chart, allowing traders to analyze past patterns and their outcomes. (For example, X3 Chart Pattern Scanner)

Overall, the MT4 Harmonic Scanner is a valuable tool for traders who employ harmonic trading strategies, as MT4 Harmonic Scanner can help them identify potential trading opportunities based on these specific price patterns. However, it’s important for traders to combine the use of such tools with their own analysis and risk management techniques for effective trading decision-making. In next part we will cover the pattern structure of the Harmonic Pattern.

Harmonic Pattern Overview

MT4 Harmonic Scanner is a powerful Forex indicator that scan Harmonic Pattern automatically to identify the potential profit opportunity. To understand MT4 Harmonic Scanner, we need to learn the basics of Harmonic Patterns. The tradable Harmonic Patterns include Butterfly, Gartley, Bat, Alternate Bat, AB=CD, Shark, Crab, Deep Crab, Cypher, 5-0 Patterns, 3 Drives Pattern and so on. Harmonic patterns are another fractal wave patterns that frequently used by many financial traders. Harmonic patterns are typically made up from two or three triangles (i.e. three price swings or four price swings). The structures of the harmonic pattern are based on the Fibonacci ratios. Hence, some people consider Harmonic pattern as an advanced Fibonacci price patterns. You can read some details about Harmonic Pattern, Harmonic Pattern Trading, Harmonic Pattern Testing, Harmonic Pattern Book, Harmonic Pattern Detection Process from the link below:

https://algotrading-investment.com/2022/06/22/harmonic-pattern/

Assuming that you have read some basics about Harmonic Pattern from the link above, here we list the fibonacci structure of some popular Harmonic Patterns.

Butterfly Pattern has the three-triangle structure. The three triangles are enclosed by one bigger triangle with one closing retracement ratio. Pattern definition of Butterfly Pattern can be described as below:

C0: 1.270 to T0: 3,
R0: 1.618 or 2.240, R1: 0.382 or 0.886, R2: 0.786

Gartley Pattern has the three-triangle structure. The three triangles are enclosed by one bigger triangle with one closing retracement ratio. Pattern definition of Gartley Pattern can be described as below:

C0: 0.786 to T0: 3,
R0: 1.130 or 1.618, R1: 0.382 or 0.886, R2: 0.618

MT4 Harmonic Scanner List

MetaTrader 4 is one of the most popular trading platform since 2010. It is accessible for free of charge for any trader from all over the world. We provide a range of powerful harmonic pattern scanner particularly for MetaTrader 4 platform. Below is the list:

1. MT4 Harmonic Pattern Plus

One of the first automated Harmonic Scanner released in 2014. It can detect 11 most popular harmonic patterns with well-defined trading entries and stops. Pattern Completion Interval, Potential Reversal Zone and Potential Continuation Zone are supported. In addition, other dozens of powerful features are added like Japanese candlestick detection, etc. Although this is the repainting indicator, it comes at the affordable price with lots of powerful features.

https://www.mql5.com/en/market/product/4488

https://algotrading-investment.com/portfolio-item/harmonic-pattern-plus/

2. MT4 Harmonic Pattern Scenario planner

It is an advanced Harmonic Scanner. On top of the features of Harmonic Pattern Plus, you can also predict future harmonic patterns through simulation. This is the tactical harmonic pattern scanner designed for Professional harmonic pattern trader. Although this is the repainting indicator, it comes at the affordable price with lots of powerful features.

https://www.mql5.com/en/market/product/6240

https://algotrading-investment.com/portfolio-item/harmonic-pattern-scenario-planner/

3. MT4 X3 Chart Pattern Scanner

This is our next generation Harmonic Scanner. This is non-repainting and non-lagging Harmonic scanner. On top of that, this tool can detect Elliott Wave Pattern and X3 Chart Patterns. It can detect over 20 chart patterns. As a bonus, this tool can detect around 52 bearish and bullish Japanese candlestick patterns. This is the most advanced Harmonic and Elliott Wave scanner in the market. You must try.

https://www.mql5.com/en/market/product/41992

https://algotrading-investment.com/portfolio-item/profitable-pattern-scanner/

Do not forget to download free Volume Spread Zone analysis to use together with MT4 harmonic scanner.

https://algotrading-investment.com/2019/09/06/harmonic-pattern-with-volume-zone-oscillator/

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