Forex Scanner Review – Forex Academy

Price Breakout Pattern Scanner MT4 is located on the MQL5 marketplace under the indicators heading. It was created by Young Ho Seo and was first uploaded to the marketplace on the 27th of June 2014, it has had a large number of updates, the most recent update was on the 24th of May 2019 and it is currently on version 7.1.

Overview

Price Breakout Pattern Scanner MT4 is an indicator for the MetaTrader 4 trading platform, it is fully automated and will look for various patterns within the markets.

The indicator can display a large number of different patterns:

Head and Shoulder
Reverse Head and Shoulder
Double Top
Double Bottom
Triple Top
Triple Bottom
Triangle
Rising wedge
Falling wedge
52 Candlestick patterns including the Price Breakout Pattern Scanner can detect 52 different bearish and bullish candlestick patterns including hanging man, shooting star, engulfing, doji, Harami, etc.

There are also a number of parameters available that you can alter to change the way that the indicator works and for which sort of pattern it will be looking for. It also has options to show things like support and resistance levels, the max number of patterns to display, and more.

Service Cost

The indicator can be purchased with a one-off payment of $150, this will give you up to 5 activations and does not come with any additional limitations, there is also the option to rent it, this can be done on a monthly basis and will cost you $30 per month.

A free demo version is also advertised on the site, the details of the free version are not known, it will have some limitations but we are not sure what they are at this point in time.

Conclusion

At the time of writing, there are 13 reviews from users who have purchased or rented the indicator, giving it an overall rating of 3.4 out of 5.

“Spent 600 dollars to buy Young Ho Seo several indicators, before finding the problem, to find Young, Ho, Seo communication, he will send a lot of PPT to you, I seriously spent 1 months to read, and the problem is still unsolved! I think a lot of websites, $1-20, can do that. I think it’s a waste of money. The reason for the loss of confidence in the Young Ho Seo is the greater the signal he sees. The index would not have made such a bad EA signal if it were really helpful!” – A 1-star review.

“I bought your system and help me very much to improve my trading skills. Make an excellent work.” – A 1-star review.

“After using it for many months, I can say its nothing great. Use an auto trendline indicator ( available free on the net) which is 10 times better then this.” – A 1-star review.

There is a mix of opinions when it comes to the indicator, the majority are positive but there are some negatives in there too. There are over 200 comments, the creator has been very active in responding to them and has been offering a good quality of customer support which is great to see.

Profitable Pattern Scanner (now known as the X3 Chart Pattern Scanner) is an indicator of no paint and no delay that detects profitable graphics patterns including harmonic patterns, Elliott wave patterns, X3 patterns, and Japanese candle patterns. Historical patterns match signal patterns. Therefore, you can easily develop profitable strategies in your account with this indicator.

Overview

In addition to the features mentioned above, this superb pattern scanner can detect optimal patterns. The end-user can also enable and disable individual patterns according to their preferences. You can also choose to enable and disable the pattern category according to your preferences. For example, if you just want to exchange harmonic patterns, then turn off all Elliott Wave and X3 patterns.

Note that each pattern is fully customizable with RECF notation. The Japanese candlestick patterns are a kind of bonus package added to the indicator. Japanese candle patterns can be used as secondary confirmation for harmonic patterns, Elliott waves, and X3 patterns. You can also turn on and off Japanese candle patterns if you wish.

Characteristics of the product:

Harmonic pattern, Elliott wave pattern, and X3 pattern indicator.
Interval of pattern termination.
Area of a potential investment.
Possible area of continuation.
Function locking and unlocking patterns.
Stop interactive loss and get benefits according to your reward/ risk ratio,
Historical patterns.
Signal alert.
It can detect about 52 Japanese candle bearers and bullies patterns.
Multiple scans – Harmonic pattern, Elliott wave pattern, and X3 pattern.

Important notes for trading:

Profitable Pattern Scanner provides many good patterns for your trade. However, you can use the patterns you like best only. It is not mandatory to trade with all the employers offered by this indicator. Every pattern on the scanner can be turned on and off to your liking, and you can keep the patterns that best suit your trading style.

Calculating historical patterns can be a heavy task. Therefore, to improve the speed of the indicator, you can set the signal Barstoscan = low number as 50 or 30, if necessary. This will reduce the computation of historical patterns, but this will not affect your live trade. This indicator has been verified in the strategy tester up to 80% of its characteristics. It is recommended that you test it before buying it and running it.

Note: This indicator requires the use of the mouse in its operation.

Service Cost

The price of this indicator is 280 USD, although you can also rent it for 35 USD per month. A free demo is being offered at this time. This scanner can find it in the MQL market in the indicators section.

Conclusion

In summary, we speak of a relatively recent indicator, since it was created in September 2019, and in this short time has already accumulated very good reviews among its users. It has to be said that this indicator may not be suitable for a beginner trader because it is a bit complex, although studying it and testing it in the demo version offered, you can get to understand it well.