Forex chart patterns recognition software

The Harmonics detects harmonic patterns automatically. Inspired by Scott Carney, it detects crab, bat, gartley, butterfly, shark, alternate bat and cypher patterns, and displays fibonacci ratios on forex chart patterns recognition software chart.

CHRISTMAS” in the order page. This indicator will be most effective in the hands of traders who are well versed about harmonic patterns, because patterns can expand and repaint frequently in the forex market. Indicator is probably the most complete harmonic patterns auto-recognition indicator you can find for the Metatrader Platform. It detects 19 different harmonic patterns and takes fibonacci projections as seriously as you do. Carney’s book, this indicator has been designed to fulfill the needs of the most purist and exigent traders.

But it implements a twist for the rest of us: it waits for a donchian breakout in the right direction before signaling the trade, making these trades very reliable. Enhance your trading activity with the best Harmonic Patterns auto-detection indicator, just like our customers have already done. The harmonic methodology utilizes the recognition of specific price patterns and the alignment of exact Fibonacci ratios to determine highly probable reversal points in the financial markets. This methodology assumes that trading patterns or cycles, like many patterns and cycles in life, repeat themselves. The key is to identify these patterns, and to enter or to exit a position based upon a high degree of probability that the same historic price action will occur.

If these set-ups are identified correctly, it is possible to identify significant opportunities with a very limited risk. History has proven that a convergence of Fibonacci numbers and price patterns provides a highly probable area for a reversal. This area of convergence is called the potential reversal zone. When three, four, or even five numbers come together within a specific area, you must respect the high probability for some type of reversal. These harmonic zones attempt to identify the price levels where imbalanced overbought and oversold situations are reversing back to their respective equilibrium level. The predominant trend usually reverses from this initial test of the entire PRZ and continues in the reversal direction shortly thereafter. The farthest price level of the PRZ or the Point X of the pattern are suitable stop-loss levels.

The indicator calculates all the important fibonacci ratios for the XA and BC vectors of the pattern, and plots them by the Point D if applicable. Directly derived from the Fibonnaci Number Sequence. 618 or Square root of 0. 618 or Square root of 1. Once a pattern is detected, the following steps have to be taken, which can lead to take or discard the trade.

Bear in mind that a pattern is not valid by itself and it can expand as long as it likes. Your job has an trader is to assess the validity of the pattern and the potential reversal zone before entering the market. This indicator auto-detects and alerts harmonic patterns. Evaluate the fibonacci projections plotted on the chart by the indicator and look for strength signs. Can you find at least three converging projections? Do you see primary ratios?

PRZ without testing all the fibonacci projections. In any case, the market has to move before you take the trade. You are a follower, not a predictor. Trade the breakout or the rejection of the PRZ and set the proper stop-loss.