Introduction
If you're in the pursuit of a trading robot that could potentially elevate your trading game, then you might have stumbled upon the Harmonic Patterns Scanner MT5. Harmonic patterns are an advanced form of price pattern used to identify potential reversals in the market and with it, the Scanner MT5 – it's a tool designed for that precise purpose. However, to exploit the full potential of this software it needs fine installation, optimal settings and a certain level of skepticism
Installation and Setup
Step 1: After purchasing Harmonic Patterns Scanner MT5 from the https://www.mql5.com/en/market/product/6036 MQL5 website, you have to install it on your computer. But remember, trading robots like these are notorious for causing Windows to crash, so be prepared for a bit of troubleshooting.
Step 2: Once it is installed, open your MetaTrader 5 platform and ensure the 'Navigator' tab on the left is visible. Locate 'Harmonic Patterns Scanner' under 'Indicators', and drag it onto your desired chart.
Step 3: After setting it up on your chart, a 'settings' window will appear. Here, you can adjust the parameters according to your trading strategy and your level of risk tolerance. Tweak until you find your “sweet spot”. Or until you become entirely skeptical of its efficiency.
Experience of Using
As an automated instrument, the Harmonic Patterns Scanner MT5 is lauded for prompting really good quality signals and tangible profit levels, according to the feedback from some users.
However, not everyone shares this rave. Like Lucas, who claims that the indicator repaints the signals - a cardinal sin in the world of forex trading. This alleged inconsistency is a grave reminder that not everything that glitters in the virtual shelves of MQL5 is gold.
As a veteran trader, you should approach this tool with caution, understanding that it's not a magic portal to untold riches, but a tool that needs skill and experience to utilize correctly.
Tips for Improvement
First and obvious one is - Harmonic Patterns Scanner could surely benefit from incorporating ABCD Patterns Scanner. Secondly, and quite relevantly, eliminating the issue of repainting signals is paramount.
Additionally, and this is just my veteran trader cynicism talking, it's advisable to implement a feature that gauges the impact of news events on the predicated patterns. We all know how much of a spoiler unexpected news can be to a seemingly perfect setup.
The Source Code of Harmonic Patterns Scanner MT5
Alright, here's the deal: We don't know the actual source code of the original robot, which is sold on MQL5. However, what we can do is to create a code based on the description provided on the MQL5 site.
Feel free to ask your questions regarding this workaround. Just note that this is simply an example code from easytradingforum.com based on the description of Harmonic Patterns Scanner MT5.
Code:
You don't have permission to view the code content. Log in or register now.Download the Harmonic Patterns Scanner MT5
Looking to experiment with Harmonic Patterns Scanner MT5? Simply visit MQL5 site and download it. Proceed with caution, though, and remember the insightful words of Mustafa: FX trading needs a lot of experiences on charts and news.
Keep in mind that the EASY Trading Team doesn't sell the Harmonic Patterns Scanner MT5. We've just created a code for a trading robot based on its specifications.
Now, off you go. See if this tool can make your trading any easier than it already is. Or, validate our skepticism.