Harmonic Pattern Finder
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Harmonic Pattern Finder
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
More than 50 new patterns.
More appealing visualization and styling.
A better matching algorithm allowing to find emerging patterns analytically.
Display of potential reversal zone (P.R.Z.), pattern names, as well as point labeling.
Several possibilities for ZigZag selection in the inputs.
Installation:
The Harmonic Pattern Finder uses a zigzag indicator in order to extract peaks and troughs, and cannot run without at least one zigzag indicator properly installed in the "Indicators/Downloads" directory. The used ZigZags are:
(which requires the alexstal_outsidebar.mqh to be placed in the "Include" directory)
If you have already downloaded these zigzag indicators previously there should be no need to reinstall them, otherwise they are also included with this download.
Fig. 1: End of the P.R.Z. shown as lines. This allows to assess the risk before trading.
Fig. 2: Patterns can be filled, and emerging patterns shown. This allows to anticipate a trade opportunity in advance.
This indicator is a joint work between and
