Trading Indicator is an effort of developer to create trading tools comply with particular theory or trading strategy or trading ideas. There is always gap between theory (i.e. ideas or strategy) and practice.
Not all the harmonic pattern indicators are the same. In the past the main variations of Harmonic pattern indicators can be categorized as following four types.
Type 1: Non lagging (fast signal) but repainting – option to enter from turning point. Indicator does not show the failed pattern in chart and last pattern can repaint.
Type 2: Lagging (slow signal) but non repainting – no option to enter at turning point (i.e. early signal). Indicator does not show the failed pattern but last pattern does not repaint.
Type 3: Detecting pattern at point C but repainting – option to enter at turning point. Indicator detect pattern too early and you have to wait quite bit of time until price move near the point D. In fact, price may not move near point D. You might just waste your time waiting for the pattern. Indicator does not show the failed pattern and last pattern can repaint.
Type 4: Non lagging (fast signal) and non repainting – option to enter from turning point. At the same time, the pattern is not repainting. This is hybrid of all above three system and can be considered as the most powerful harmonic pattern indicator.
Here is the list of Harmonic Pattern Indicators for MetaTrader 4 and MetaTrader 5.
1. Harmonic Pattern Plus (Type 1 = good)
Harmonic pattern plus is extremely good product for the price. With dozens of powerful features including Pattern Completion Interval, Potential Reversal Zone, Potential Continuation Zone, Automatic Stop loss and take profit sizing.
Below are the Links to Harmonic Pattern Plus
2. Harmonic Pattern Scenario Planner (Type 1 + Predictive feature = good)
With additional features of predicting future harmonic patterns, this is very tactical harmonic pattern indicator with advanced simulation capability on top of the powerful features of harmonic pattern plus.
Below are the Links to Harmonic Pattern Scenario Planner
3. X3 Chart Pattern Scanner (Type 4 = best)
This is our next generation Chart Pattern Scanner. This is non-repainting and non-lagging Harmonic Pattern Indicator. On top of that, this tool can detect Elliott Wave Pattern and X3 Patterns. As a bonus, this scanner can detect around 52 Japanese candlestick patterns for your trading. This is the most advanced Harmonic and Elliott wave pattern detector in the market. You must try.