Harmonic Master Scanner Pro is a trading indicator that was created by author Mahmoud Ragab and launched on the mql5 website in July of 2018. It has never been updated from its original version (1.0).
Overview
Harmonic Master Scanner Pro simultaneously scans timeframes from 5M to 1W searching for 17 harmonic patterns, including AB+CD, Gartley, Bat, Butterfly, Crab, Shark, Alternate Bat, Deep Crab, Cypher, Nen Star, and the anti-versions of each. Once a pattern is detected, the indicator would then alert the trader through email. The product is based on the original MT4 zigzag indicator and standard harmonic pattern elements, but it works best in combination with other strategies such as price action or divergence, because fake alerts are possible with pattern failure and redrawing of the “D” (entry point) may occur. Traders can change a few parameters that affect the scanner, with the possibility to stop the scan for certain timeframes or patterns, manage Fibonacci time zones, Zigzag inputs, and so on.
Service Cost
There are two options for acquiring the Harmonic Master Scanner Pro indicator:
- Rent for $50 USD per month
- Purchase for $250 USD
To be honest, the price is a little on the higher side, as some automatic trading robots are available for this price. The scanner doesn’t perform correctly during testing, so traders would need to use the product on a live account, according to the author. However, it is possible to build your own strategy using the backtest.
Conclusion
Harmonic Master Scanner Pro is a trading indicator that scans multiple timeframes for 17 different harmonic patterns. While the indicator covers a lot of ground (multiple patterns, timeframes, settings), we have a couple of concerns about the higher price and the weaker alerts, as the indicator only alerts traders through email. At $50 a month or $250 full price, we would also hope that the product would work effectively by itself, but traders will need to use other strategies/indicators to avoid repainting and false alerts.
Typically, we would check ratings, reviews, and comments to be more aware of whether the price is fitting, but this tool hasn’t received any feedback from users. Overall, this does seem to be a good scanner that does what it was designed for. Traders would simply need to be extra aware of email alerts and to be sure to use strategies like price action, divergence, etc. with it for the best results.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/29237
