The world of trading is constantly evolving, with new indicators and strategies being developed to help traders make informed decisions. One such tool is the MonsterDash Harmonic Indicator, a harmonic pattern dashboard that recognizes all major patterns. With its ability to display all detected patterns for all symbols and timeframes in a sortable and scrollable format, traders can easily spot potential trading opportunities. In this article, we will take an in-depth look at the MonsterDash Harmonic Indicator, exploring its features, benefits, and drawbacks to help you determine if it is the right tool for your trading needs.
What is the MonsterDash Harmonic Indicator?
The MonsterDash Harmonic Indicator is a trading tool for traders who are looking to recognize harmonic patterns in the market. This indicator recognizes all major patterns, including Gartley, Bat, Crab, Butterfly, Cypher, White Swan, Black Swan, Shark, AB=CD, Alt Bat, 3 Drives, Deep Crab and 5-0 patterns. It also displays projected patterns that are not yet completed, making it a comprehensive tool for traders to use.
One of the key features of the MonsterDash Harmonic Indicator is its dashboard, which displays all detected patterns for all symbols and (almost) all timeframes in sortable and scrollable format. Users can add their own user-defined patterns to the dashboard, giving them even more control over the patterns they want to track.
In addition to the dashboard, the MonsterDash Harmonic Indicator displays bullish or bearish text on the symbols depending on the ones set, it displays accuracy percent of the signal and shows that too. The settings for the indicator can be fine-tuned to meet the needs of individual traders.
MonsterDash Harmonic Indicator Strategy
The MonsterDash Harmonic Indicator can help traders to identify potential buy and sell signals. The best way to use this indicator is to wait for the pattern to fully form before entering a trade. Once the pattern has matured and is fully formed, you can jump into the trade. The indicator’s dashboard will display whether the pattern is bullish or bearish, based on the symbols that you have set. It also shows the accuracy percentage of the signal, which can help you to determine the strength of the signal. By waiting for the pattern to fully form and using the dashboard to monitor the accuracy of the signal, you can make informed trade decisions with the MonsterDash Harmonic Indicator.
Buy Signal
- Wait for the MonsterDash Harmonic Indicator to detect a bullish harmonic pattern on the symbol of your choice.
- Check the accuracy percentage of the detected pattern and ensure it meets your minimum accuracy requirements.
- Once the pattern is fully formed, enter a long position.
- Set a stop loss a few pips below the entry candle or according to your money management strategy.
- Monitor the trade and consider closing it if the MonsterDash Harmonic Indicator detects a bearish pattern or if the market conditions change.
Sell Signal
- Wait for the MonsterDash Harmonic Indicator to detect a bearish harmonic pattern on the symbol of your choice.
- Check the accuracy percentage of the detected pattern and ensure it meets your minimum accuracy requirements.
- Once the pattern is fully formed, enter a short position.
- Set a stop loss a few pips above the entry candle or according to your money management strategy.
- Monitor the trade and consider closing it if the MonsterDash Harmonic Indicator detects a bullish pattern or if the market conditions change.
MonsterDash Harmonic Indicator Pros & Cons
Pros
- MonsterDash Harmonic Indicator recognizes all major harmonic patterns including projected patterns.
- Users can add their own patterns to MonsterDash Harmonic Indicator.
- MonsterDash Harmonic Indicator covers almost all timeframes.
- MonsterDash Harmonic Indicator has a minimum accuracy percentage setting for pattern recognition.
- MonsterDash Harmonic Indicator displays all detected patterns in a sortable and scrollable dashboard format.
Cons
- Like any other technical analysis tool, MonsterDash Harmonic Indicator doesn’t guarantee successful trades.
- It requires skill and knowledge. Traders should have a good understanding of harmonic patterns and technical analysis to use MonsterDash Harmonic Indicator.
- Traders may become overly reliant on MonsterDash Harmonic Indicator and neglect their own analysis and decision-making.
- MonsterDash Harmonic Indicator may come at a cost, depending on the source and version.
Conclusion
In conclusion, the MonsterDash Harmonic Indicator is a trading tool for identifying harmonic patterns in the markets. Its ability to recognize a wide variety of patterns and display them in a dashboard format makes it easy to use and saves traders time by eliminating the need to manually scan for patterns. The ability to customize settings and add user-defined patterns is also a plus. However, like any trading tool, it is not perfect and has some drawbacks, such as its tendency to lag behind the market and the fact that it only gives trading signals once the pattern is fully formed. Additionally, it may not be suitable for all traders, as it requires a certain level of knowledge and experience in harmonic pattern trading. Overall, the MonsterDash Harmonic Indicator can be a valuable addition to a trader’s toolkit, but it should be used in conjunction with other technical analysis tools and trading strategies.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
