The FxMath Harmonic Patterns Scanner has been developed to scan the forex market for Harmonic Patterns and automatically place trades when it finds them. It runs in the MetaTrader 4 and MetaTrader 5 desktop platforms, which you can download free of charge from the majority of forex brokers. In this FxMath Harmonic Patterns Scanner Review, we will take a look at exactly what it is and how it works, with a view to helping you decide if it something that you would find beneficial to implement within your day trading routine.
What are Harmonic Patterns?
Before we talk about the FxMath Harmonic Patterns Scanner itself, lets first clarify what harmonic patterns actually are. Harmonic patterns are specific formations used in technical analysis that can help traders understand price action and forecast where prices may go next. When analysing harmonic patterns in price charts, a trader can make predictions about where and to what extent an asset’s price might move.
Harmonic Patterns create geometric price patterns by using Fibonacci numbers to identify potential price changes or trend reversals. The Fibonacci sequence of numbers, starting with zero and one, is created by adding the previous two numbers: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc.
Traders can identify these patterns and use them to inform their next trading decision. There are multiple chart patterns to choose from, each of which can be used to spot a different kind of trend.
Some of the most popular Harmonic Patterns include:
- The ABCD pattern
- The BAT pattern
- The Gartley pattern
- The butterfly pattern
- The crab pattern
- The shark pattern
Harmonic trading is a precise and mathematical way to trade, but it requires patience, practice, and a lot of studies to master the patterns. The FxMath Harmonic Patterns Scanner aims to save users from years of studying and practice, by providing a complete harmonic pattern tool. Traders can take a bearish or a bullish approach and use the harmonic patterns scanner to help predict future potential market movements.
What is the FxMath Harmonic Patterns Scanner?
The FxMath Harmonic Patterns Scanner scans the market to find Harmonic Patterns and trade those. It is an automated trading tool that calculates Open Price, Stop Loss and 3 Take Profit Levels (optional – you can set your own). You can set the Harmonic Patterns Indicator to trade fully automated or to alert you to harmonic patterns for you to trade manually.
The harmonic scanner can open trades in just one click and includes a fully customisable money management function. This allows users to adjust it according to their own individual trading style and goals. It is one of the most complete harmonic pattern tools I have ever reviewed for the MetaTrader platform.
How to use the FxMath Harmonic Patterns Scanner?
As explained in the detailed step by step instructions provided by the developer, you simply attach the FxMath Harmonic Patterns Scanner to the charts that you wish to trade. From there, it will do all of the leg work in searching for harmonic patterns using the expert advisors (EAs) built in algorithm.
Personally, I would want to verify each harmonic pattern myself, due to the limitation of an artificial intelligence-based system which cannot spot things that the human eye can. That being said, it is ready to use out of the box as is, should you wish.
The Harmonic Patterns Scanner can search any market for harmonic patterns, including forex, stocks, options, indices, futures, commodities, cryptocurrencies or any other market that you wish to trade. It can conveniently display all searched patterns in one chart.
The EA currently supports numerous harmonic patterns, such as the Gartley, Bat, Shark, Crab, Butterfly, and Cypher. The developer states that they will continue to increase patterns in the future.
All lines and channels are drawn on the chart automatically. Optional Take Profits and Stop Loss levels, along with Open Price, and Leg ratios are calculated by the Harmonic Patterns Scanner.
All Trade information including the Harmonic Pattern Name is conveniently displayed on left side of the chart.
The FxMath Harmonic Patterns Scanner EA has Economical News Calendar Panel and shows News on a chart automatically. News Impact is optional and supports Low, Medium, and High. The panel has Alert/email/Push notifications include sound alerts.
The Number of Time Frames, Currency Pairs (Symbols), Pattern Accuracy, Number of Bars for scanning and Maximum/Minimum Patterns size are changeable from EA settings. Users are able to Enable/Disable Patterns Types from the Harmonic Patterns Scanner settings.
The Harmonic Patterns Scanner EA also includes a Money Management function with values that can be set from the chart easily. Users can open Pattern charts and Trade Signals from the main chart in just one click.
FxMath Harmonic Patterns Scanner Features
Hopefully by now, you should have an understanding of what harmonic patterns are and how the FxMath Harmonic Patterns Scanner EA can help you to easily identify them on your charts.
Let’s take a quick look at some of the key features:
- Compatible with all MetaTrader builds +600
- Easy Setup in just a few clicks
- No need for any special skills for running the Harmonic Pattern Indicator
- Can be used in a manual or automated mode
- Can run on any broker that supports MetaTrader 4 & MetaTrader 5
- User Manual included for a quick and easy setup
- Lifetime license and updates
Who are FxMath?
FxMath Financial Solution is a financial software team developing end-to-end algo trading systems for quantitative hedge funds and institutional trading groups. They develop trading systems based on complex mathematical models, for manual and automated trading.
FxMath Harmonic Patterns Scanner Conclusion
Putting it all together, I am very impressed with the Harmonic Patterns Scanner from FxMath. It is perhaps the most complete harmonic pattern indicator that I have seen from any developer. It is very easy to use, supporting both manual and automated trading with fully customisable settings.
Harmonic patterns can take years to learn and trade successfully. The FxMath Harmonic Patterns Scanner EA makes it quick and easy to spot the patterns on any instrument, chart and timeframe that you wish. I would use it as part of an overall trading strategy, rather than a standalone system.
This means that whilst the harmonic pattern signals can help identify possible market movements, I would want to further verify the current market with my own technical analysis, fundamental analysis, sentiment analysis and price action analysis.
If you would like to find out more about it, or get a copy to try on your demo trading account, please feel free to visit the official Harmonic Patterns Scanner Indicator website by using the link below.