Monster Harmonic Indicator can be found in the indicators section of the MQL5 marketplace. The indicator was first uploaded by Paul Geirnaerdt on the 20th of August 2014, it had a number of updates and is now at version 3.3.
Overview
The Monster Harmonic Indicator was designed to be used with MetaTrader 4, the indicator recognizes Gartley, Bat, Crab, Butterfly, Cypher, White Swan, Black Swan, Shark, and a number of other patterns, it will also show potential reversal zones.
A large group of parameters are available to alter, some of them include showing only the current pattern, showing invalidated patterns, the minimum accuracy percent, show labels, show alerts, email alerts, sounds, colors, zigzag parameters, and more.
Service Cost
The indicator will currently cost you $99 to buy it outright with no added limitations. You are also able to rent the indicator, you can do this for a three-month period which will cost you $39, you can also rent it for a six-month period which will cost you $69.
There is also a free version available, this version can only be used with the product tester and not on live charts so it won’t give you the opportunity to see it in action, it can be used to see how it would have worked in the past though.
Conclusion
At the time of writing this review, there are 29 different user reviews, they are giving the indicator an overall rating of 5 out of 5.
“Best pattern indicator. and it will be the greatest if only we can see a percentage ratio board of validated pattern/failed pattern on the chart to let the user choose the best setting and the best time frame… maybe on weekly chart pattern are 100% validated but we cannot know because there is no past history for failed pattern… so it will be a great help if!!. And also add the “completion max price” level of each pattern on the chart. It will help for “the stop loss set up” 🙂 thanks for your patience sir, Paul 🙂 I hope we will see these two revolutions on the next update!!! you the man! 5 stars here!” – A 5-star review.
“After all the updates removing the clutter, I can finally say that this is an excellent product. But beginners don’t get your hopes too high, you’ll still need to learn to trade these formations manually to make full use of this indicator. But learning these things manually and where to find them is an amazing skill that you’ll never regret.” – A 5-star review.
Along with the positive reviews, there are over 500 different comments, the creator of the indicator is replying to each one showing that he is actively supporting the indicator which is a good thing to see.