Introduction
The Harmonic Pattern Scanner is a trading robot that aims to identify harmonic patterns in the market, assisting traders in making informed decisions. With a user rating of 4.72, it has garnered positive feedback from users, particularly praising its efficacy in recognizing harmonic patterns. However, some concerns regarding win rates and repainting issues have also been noted. In this review, we will compare the Harmonic Pattern Scanner with one of the robots from the EASY series to provide a clearer perspective on its performance and reliability.Comparison with EASY Robot
When compared to EASY Trendopedia, a robot known for its robust trend-following capabilities, the Harmonic Pattern Scanner shows certain limitations. While users like TomTom225 and Suvashish Halder express satisfaction with the harmonic tool, others like mikebills raise issues regarding its efficacy. EASY Trendopedia, on the other hand, provides a more comprehensive approach to trend analysis, often resulting in higher win rates due to its well-defined trading strategies and market condition assessments.In terms of profitability and reliability:
- **EASY Trendopedia:** Higher win rates, more reliable trend-following, and less risk of repainting.
- **Harmonic Pattern Scanner:** Lower win rates reported (below 30% by some users), subject to repainting, which can mislead traders.
Pros and Cons
**Harmonic Pattern Scanner:**Pros:
- Identifies harmonic patterns effectively for traders who understand them.
- Positive user feedback highlighting its potential.
Cons:
- Some users report low win rates and repainting issues.
- Requires a solid understanding of harmonic patterns to be effective.
**EASY Trendopedia:**
Pros:
- Consistently high win rates and profitability.
- Robust strategy that adapts to changing market conditions.
- Less risk of repainting, providing more reliable signals.
Cons:
- Requires market awareness and may not suit all trading styles.
Optimal Conditions for Use
The Harmonic Pattern Scanner works best in stable market conditions where distinct harmonic patterns can form. Traders familiar with harmonic analysis will find it particularly useful during trending markets, where patterns are more likely to develop. However, it may struggle in volatile or choppy market conditions, where false signals may be prevalent.Harmonic Pattern Scanner Source Code
It is important to note that the original source code for the Harmonic Pattern Scanner is not publicly available, as it is sold on MQL5. However, our team can create a code based on the description provided on the MQL5 website. This means that while we cannot offer the exact original code, we can provide a similar algorithm developed from the available information.
Code:
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