There are many patterns on the market. But harmonic patterns are popular because they provide very accurate and profitable patterns. Essentially, harmonic patterns use the Fibonacci proportions of a geometric formation to identify areas of interest—simply pivot and continuation points that offer good buy and sell signals. This means that you can use the Harmonic Pattern Finder for MT5 indicator to predict price action.
However, identifying this pattern with the naked eye is a difficult task. Besides, drawing patterns is hard work. You must be precise when drawing the Fibonacci level. The pattern may seem similar, but it is formed by different Fibonacci levels. This is where the Harmonic Pattern Finder indicator comes in. It scans the chart and identifies patterns. Then he depicts the name on the right side.
Unlike other indicators, the Harmonic Pattern Finder predicts stop loss and captures profit points. You can use the indicator to trade both long-term and short-term positions.
However, identifying this pattern with the naked eye is a difficult task. Besides, drawing patterns is hard work. You must be precise when drawing the Fibonacci level. The pattern may seem similar, but it is formed by different Fibonacci levels. This is where the Harmonic Pattern Finder indicator comes in. It scans the chart and identifies patterns. Then he depicts the name on the right side.
Unlike other indicators, the Harmonic Pattern Finder predicts stop loss and captures profit points. You can use the indicator to trade both long-term and short-term positions.
