20Harmonic Pattern Scenario Planner MT4 can be found within the indicators section of the MQL5 marketplace. It was created by Young Ho Seo and was first uploaded on the 1st of October 2014. It has had a large number of updates, the most recent update was on the 4th of February 2020 and this brought the indicator up to version 11.2.
Overview
Harmonic Pattern Scenario Planner MT4 is an indicator for the MetaTrader 4 trading platform, it was designed as a tool to help you plan your trades and is claiming to be the first predictive Harmonic Pattern Tool available.
Some of the main features of the indicator:
- Predicting future patterns for scenario analysis
- 11 Harmonic Pattern Detection
- Automatic stop loss and take profit recognition for excellent risk management
- Pattern Completion Interval (PCI) for precision trading
- Potential Continuation Zone (PCZ) detection for future price movement prediction
- Potential Reversal Zone (PRZ) detection for Point D detection
- Automatic Channel Detection to go with Harmonic Pattern (Optional)
- Multiple timeframe Pattern Analysis
- Multiple timeframe Pattern Detection
- Guided Trading Instruction for professional traders
- Pattern Locking and Unlocking feature in your chart
While using the indicator, there are also a number of different parameters that can be altered, some of these include the timeframes to use, the maximum number of patterns to display, whether to enable sound alerts, the Fibonacci retracement length and color, the number of bars to scan, the pattern update frequency, and more.
Service Cost
The indicator can be purchased outright with a one-time payment of $150, this will get you up to 5 activations of the software and it will have no further limitations. If you prefer, there is also the option to rent the indicator on a monthly basis, this will cost you $35 per month to do so.
A free demo version is available, however, there are no details of it on the site, this often means that it can only be used with the strategy tester but we do not know this for sure.
Conclusion
The Harmonic Pattern Scenario Planner MT4 indicator currently has four user reviews giving it an overall rating of 4 out of 5.
“I much prefer this one instead of Harmonic Pattern Plus by the same author. You can place pending orders in the entry zones for future patterns. You get much better risk-reward ratios this way because your entry will be right on target for the pattern.” – A 5-star review.
“Repaints a lot!!” – A 1-star review.
“Scenario mode is amazing, I recommend” – A 5-Star review.
So a mix of opinions but the majority are positive. There are also plenty of comments, the majority are from the developer themselves, however, when a user does post a comment they are often quick to respond which shows that they are still updating it, and as it has a recent version update, it is clearly still ign supported by the developer which is good to see.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/6240