Harmonic Pattern Finder
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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
Harmonic patterns are a class of chart patterns based on 5 price extrema and constraints on the relations and proportions between these. As these constraints and ratios are difficult to verify by visual estimation, computerized measuring tools are essential for trading harmonic patterns. This indicator helps the trader by automatically detecting and displaying any existent and emerging harmonic patterns. The 14 patterns detected by this indicator are:
AB=CD
Gartley
Bat
Alternate Bat
Butterfly
Crab
Deep Crab
Three Drives
Cypher
Shark
5-0
Nen Star
Black Swan
White Swan
Each pattern may be individually enabled or disabled in the inputs. Additional display settings include the ability to set a limit on the number of shared points per pattern of a type, the colors used for display, as well as the number of bars a pattern can maximally have. The last setting also concerns CPU usage where a "max history" number (default 1000 bars) sets how far back in time to start scanning for and displaying patterns. Patterns do not need to be exactly fitting to their constraints as it is possible to give a slack on unary and/or range constraints. Because the by is used for extracting tops/bottoms, the minimum swing-size in point-value must be specified. Emerging patterns are detected by repeated projections and may be disabled for CPU conservation; it is possible to specify both the precision and the distance in which one wish to see emerging patterns.
