HPC Pro is available in 3-month and 12-month auto-renewing subscriptions, as a 12-month one-time license (no auto-renewal), and as a one-time Lifetime license. For more information on license pricing, please review the Subscriptions topic, or visit the Harmonic Pattern Collection product page.
The majority of this User Guide focuses on the Harmonic Patterns Indicator and the Harmonic Patterns Scanner since they are the most complex components with the most options. All of the other indicators are covered under the Harmonic Indicators topic. If you have questions, please check the FAQ section first as we are posting common questions and answers to that section as they come in.
Please note that we currently support MetaTrader 4 as well as MetaTrader 5. While the pattern-detection logic between the two versions is identical, there are some cosmetic and alert-related variations between the two versions due to differences in the programming API for MetaTrader 4 vs MetaTrader 5. While many people assume that MetaTrader 5 is just an update to MetaTrader 4, that is not the case, in many ways it is a completely different program. All of our documentation is based on the MetaTrader 4 version as that is, by far, the most widely used. |
Harmonic Patterns Indicator / Scanner
The Harmonic Patterns Indicator/Scanner will track a total of 10 harmonic patterns simultaneously (7 standard pattern types and 3 variations) and it will operate under any security and bar interval available in MetaTrader 4. The Harmonic Patterns Indicator will operate in your charts, while the Harmonic Patterns Scanner will operate in independent scanner windows. You can load as many scanners as you need, and they can be positioned anywhere on your desktop. MetaTrader 4 does not provide any built-in scanning features so our Harmonic Patterns Scanner provides additional functionality that would otherwise be unavailable. With the scanner you can monitor one or more baskets of securities in multiple timeframes for pattern activity and, since these scanner windows can be placed anywhere on your desktop, they will not interfere with your charting interface.
Individual patterns can be toggled on or off via the parameters dialog, and settings are provided that will allow you to adjust the pattern requirements, apply filtering, and adjust the cosmetic properties. Alerts are generated when the indicator is running in either a chart or a scanner, and the alerts can be filtered. See the Settings section for detailed information on all of the parameter options.
The patterns that comprise the indicator are:
•ABCD® Pattern
•Bat® Pattern and Alternate Bat® Pattern
•Gartley® Pattern and Gartley886® Pattern
•Butterfly® Pattern
•Crab® Pattern and Deep Crab® Pattern
•Shark® Pattern
•5-0® Pattern
When loaded into a chart, the Harmonic Patterns Indicator will perform the following tasks:
Confirmed Patterns
•Identify and draw all completed patterns that may have formed in the historical data. We refer to these as Confirmed patterns. Now, in general, unless the pattern was confirmed within the last few bars or so it is probably not actionable from a trading standpoint. However, reviewing historical Confirmed patterns can be extremely useful in terms of building a list of securities (and bar intervals) where specific patterns are more prevalent and profitable. By default, the Confirmed patterns are drawn in green (bullish) and red (bearish) but the colors can be adjusted via Settings.
 Bullish Confirmed Pattern (Gartley) |
 Bearish Confirmed Pattern (Bat) |
Pending Patterns
•Identify and draw all patterns that are occurring right now, in realtime (i.e., all rule and ratio requirements for the particular harmonic pattern are met as of the current, developing bar). Depending upon price action in the current bar, as well as the next bar, the pattern may or may not become a Confirmed pattern. We refer to these as Pending patterns. Being aware of Pending patterns is critical since it gives you the option of taking a position before the pattern is confirmed. By default, all Pending patterns are drawn in blue but the color can be adjusted via Settings.
 Pending pattern (ABCD) |
 Pending pattern (Deep Crab) |
Potential Patterns
•Identify and draw patterns that have completed all but their final leg. These patterns may or may not reach the Pending or Confirmed pattern stage but we can plot the portion of the pattern that has completed and make projections in both price and time as to where price would have to travel in order to complete the pattern. We refer to these as Potential patterns. Depending upon the specific harmonic pattern, as well as the settings being used, several Potential patterns may be available at any given time so the pattern nearest (in price and time) to potential completion will be displayed. The completion zone, which consists of a time component and a price component, is displayed for each Potential pattern.
•This Potential pattern feature gives you an important heads-up on patterns that are likely to develop in the near future and can help you plan your trading day. Note that Potential patterns will not be displayed if a Pending pattern has currently formed. By default all Potential patterns are drawn in grey but the color can be adjusted via Settings.
 Bullish Potential Pattern (Bat) |
 Bearish Potential Pattern (Crab) |
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Note: There are a number of factors that can lead to different patterns being displayed for the same currency pair and timeframe over different platforms, or even different brokers on the same platform. •The biggest issue is the fact that Forex is a decentralized market. It is comprised of several 'contributors', such as Gain, FXCM, Oanda, CNB, HSBC, etc. So depending upon your charting platform and/or your broker, your data for a particular pair may come from a specific contributor OR may be based on a composite of several contributors. •There can be very small to very significant OHLC price differences when comparing data from one contributor to another (or when comparing a composite to a specific contributor). Harmonic Patterns are based on very precise measurements and ratios. So we measure the component legs of each pattern (i.e., from a bar high to a bar low further down the line) and calculate ratios to express the relationship between the various legs. •Even small differences in price can lead to significant differences in the ratios which might kick a pattern out of the acceptable range. So we end up with the situation where we see a particular pattern with data from one broker, but we do not see that pattern when using data from a different broker. •Now, while we are constantly working on ways to provide some elasticity to the measurements (while not compromising the integrity of the patterns) it is unlikely that we will ever be able to provide a 100% match from broker to broker due to the data issue described above. |
Operation
As mentioned above, the Harmonic Patterns Scanner allows you to monitor baskets of securities in multiple timeframes for pattern activity and these scanners will not take up space in your MT4 workspace. This means that you can maintain a small number of open charts in MT4 while still keeping track of all of your securities in all of the timeframes that you care about.
The Harmonic Patterns Scanner indicator allows you to monitor baskets of securities in multiple timeframes without requiring a large number of charts to be open.
In the example above we have 4 charts open in the 5-min timeframe and we are also monitoring a basket of pairs in the 5-min, 240-min, and Daily timeframes.
Since the scanner windows can be placed anywhere on your desktop, if you have multiple monitors you can keep all of your scanners running in a different monitor.
In this example we are monitoring a basket of pairs in multiple timeframes and the scanners all reside on a different monitor. If you have a multi-monitor trading setup this allows you to maximize your workspace.
To get started, go to the Quick Start section, follow the instructions, and you will be up and running in no time.
See Also:
