The Algorithm Patterns indicator is arguably the most complete harmonic price formation auto-recognition indicator for the MetaTrader Platform. It detects 19 different patterns, takes Fibonacci projections as seriously as you do, displays the Reversal Zones (RZ), and finds suitable stop-loss and take-profit levels.

• It detects 19 different harmonic price formations
• It plots primary, derived, and complementary Fibonacci projections
• It evaluates past price action and displays every past pattern
• The indicator analyzes its own quality and performance
• It includes a multi-symbol and multi-timeframe scanner
• It displays suitable stop-loss and take-profit levels
• It uses breakouts to signal the right trades
• It plots all the pattern ratios on the chart
• It implements email/sound/visual alerts

Inspired by Mr. Scott M. Carney’s book -Harmonic Trading Vol. 1-, this indicator has been designed to fulfill the needs of the most purist and exigent traders. However, it implements a twist to make it easier to trade: it waits for a breakout in the right direction before signaling the trade, making its signals very reliable.

• Fibonacci projections are vector-independent
• It implements email/sound/push alerts
• It plots the ABCD projection

Usage Tips

• The amplitude parameter controls the pattern size in bars
• Load the scanner indicator once to monitor many symbols and timeframes
• Patterns can expand but signal breakouts mostly do not: wait for signals
• Avoid trading if higher timeframes display a strong trend against your trade
• Use the suitable SL and TP levels shown by the indicator

Technical Information

• The indicator evaluates at bar closing only
• Patterns can expand, repaint and become other patterns, with different names
• Breakouts are mostly enough to reverse the market movement
• Set a higher breakout period to decrease the odds of the indicator repainting
• Stop-loss and take-profit levels are calculated using Fibonacci ratios
• The scanner loads blank, it never scans patterns to the past
• The scanner opens charts using your default chart template