That’s where the need for a harmonic scanner comes in, as it helps you see and follow market changes. You get up to 90% accuracy, and they explore charts faster than it would take to go through them manually. Also, they help a beginner with suggestions like stop-loss positions.
What Is A Harmonic Scanner?
It’s a tool that detects various harmonic patterns. Some can also identify candlestick patterns. This tool notifies you in real-time, which helps you take advantage of such moments to enter a trade. Since there are different types of harmonic patterns, a scanner with a watchlist feature lets you list the ones you want the most.
A harmonic pattern scanner mt4 can have custom functions like risk management and stop loss to customize the dashboard to your trading needs.
Benefits Of Using Harmonic Scanners
A harmonic pattern scanner gives accurate trade signals that can help you differentiate various harmonic patterns. You get these details as they happen, so you can adjust your trade decisions to avoid losses or to take advantage of opportunities.
Harmonic scanner forex charts use Fibonacci ratios to differentiate the forms. Therefore, you’ll not risk confusing patterns that have the same shape. For example, bat and Gartley are similar. However, their measurements differ. Point B in a Gartley has a retracement of 0.618 of XA. On the other hand, point B in a bat pattern retraces XA between 0.382 and 0.5.
Best Harmonic Scanners
There are many options. Compare the three below to understand what to expect from a harmonic scanner.
It’s an option if you’re looking for a powerful scanner with features to make pattern detection fast and accurate. On that note, its algorithm detects patterns in crypto, futures, and forex, among other markets. Since it depends on machine learning, it can pick up to eight harmonic patterns. It comes in three monthly packages.
xBrat Auto Harmonic Patterns Software
The Auto Harmonic Pattern recognition software is designed to take the heavy lifting out of a traders Harmonic trading strategy. The Software automatically Identifies and Projects Harmonic Pattern Completion Zones for the 6 most trade-able Harmonic Patterns. If the Pattern Completes in the projected zone, then there is a high probability of the resulting trade being successful. Available for TradingView, NinjaTrader, MT4, TradeStation and ThinkorSwim trading platforms.
One of the benefits of this scanner is its technical analysis features. For instance, it identifies patterns based on their time, frequency wave, and Fibonacci price points. It can scan over 1,000 harmonic patterns in a day.
Plus, it doesn’t matter what market or financial instrument you want. Further, there are manual drawing tools, and you can select the market or timeframe.
CoinObservatory XABCD scanner
There are several harmonics indicators on TradingView. If you want one that shows you the most popular harmonic patterns, you can use the CoinObservatory XABCD scanner. Start with a seven-day trial if unsure about your trading needs. It’s easy to use.
Once the pattern completes, you enter a long or short position. The suggested stop-loss position will minimize your risk.
Are Harmonic Scanners Profitable?
Yes, because they’re precise. Thus, you know when to enter or exit a position. Additionally, a scanner’s purpose is to detect harmonic patterns, so it has the features necessary for the task. Thus, it reduces your workload, so you can focus on other things that can’t be automated, such as analyzing company news and reports.
A harmonic scanner MT4 is easy to use, and you can access it on a browser or trading platform.
Do Harmonic Patterns Actually Work?
Yes, they do when you identify them correctly. As such, you can use them to analyze price movement and predict possible price direction. They also show you where the trend is likely to reverse, so you can take a position in a favorable zone.
There are different patterns, each with its form and Fibonacci retracements. You see them at specific points on a chart. For example, you can find a butterfly pattern at the end of a trend.