Shepherd Harmonic Pattern can be found within the indicators section of the MQL5 marketplace. Abdullah Alrai first uploaded the indicator to the MQL5 marketplace on the 26th of April 2016, it has had a number of updates, it was last updated on the 18th of August 2018 and is now at version 9.2 of the indicator.
Shepherd Harmonic Pattern is an indicator for the MetaTrader 4 trading platform, it was created to detect harmonic patterns which will then be drawn onto the charts via either a manual or automated method.
Some of the main features:
The indicator has a control panel with presets and it will save every (chart & time frame) setting.
The indicator is simply an interpretation of harmonic trading theory for detecting harmonic patterns on the chart. If you want to learn it you can search for Scott Carney’s book named “Harmonic Trading vol 1 & 2”
The indicator has price and time alert lines.
The indicator will draw Fibonacci fans on your detected patterns.
The indicator will draw Pivots/Camarilla/Patterns Ray.
You can load manually drawn objects from higher time frames into lower time frames.
Reset buttons will clear all saved settings (All/Current) timeframe.
The indicator has an alert/notification system that will provide you with targets/stop/entry points as a signal.
The indicator will detect divergence (yellow and orange arrows) and they serve as good confirmations.
The indicator will calculate the best lot size for every pattern as it is good for your balance with risk value as you insert in settings.
Indicator will also detect price action patterns (Pin Bar, InsideBar, OutSideBar).
A selection of parameters is also available for the indicator, these will alter some of the functions of the indicator. Some of the settings include the indicator theme, candle timers, color of bullish or bearish patterns, font colors, types of alerts, inside and outside bar sensors, historic bars, and more.
The indicator can be purchased for $100 this will give you full access with no limitations, many indicators on the MQL5 marketplace offer you the opportunity to rent them, but the Shepherd Harmonic Pattern indicator is not giving that option. There is a free demo version available, unfortunately, the details of the free version are not known, it is still worth downloading to check it out though.
There are over 40 different user reviews available and it has been given an overall rating of 4.5 out of 5.
“Great Indicator, especially when you are patient and wait for the best entry on H1 or H4 seems to get better results. Developer Abdullah helped me out by connecting remotely and resolving my issue. Excellent service, Big thanks.” – A 5-star review.
“unresponsive seller” – A 1-star review.
“Good indi so far…we know where the candle wants to go..buy or sell..start profit but need to backtest n follow all the sop if u can for the best result..don’t put all your bullets after pattern showed..coz the pattern may be redrawn..put your bullets layer by layer n make sure manage your MM carefully..just my 2cent…” – A 5-star review.
The majority of the reviews are all very positive, there are a few negative ones in there too, both about the developer and the actual indicator. One of the reviews above mentions an unresponsive seller, but when we look at the comment section, we can see the developer replying to the majority of messages so the reviewer may have been an anomaly. We would suggest that you try out the free version, you should also send any queries to the developer to see if they respond and so you can be sure that the indicator will do what you need before you make a purchase.