Harmonic Pattern Plus (Version 5.1) and Price Breakout Pattern Scanner (Version 3.8) Update news.
In new version of Harmonic Pattern Plus and Price Breakout Pattern scanner, now user can select how many historical bars to scan to detect patterns.
Note that this feature is great so you can study How these patterns evolved through historcal data.
This is very powerful feature when you want to develop strong strategy.
For example, you can learn how breakout patterns worked in 2005 and compare them to Price Breakout Patterns on 2015.
You can apply this knowledge for your trading. Something like this can't be achieved by manual drawing of patterns, just too tedious.
However, scanning more bars requires a lot more computation time. So please be careful in using this feature. Also maxium number of patterns which indicators can search and store is 1000 patterns. So Know that there is some limitation too. Use this feature for strategy development and swtich off when you trade them on your live trading.
For average traders, 1500 bars (default setting) is more than fine.
Update is in processing stage and it may take several days. Then have a winning week until then.
Kind regards.
https://www.mql5.com/en/market/product/4488
https://www.mql5.com/en/market/product/4859
In new version of Harmonic Pattern Plus and Price Breakout Pattern scanner, now user can select how many historical bars to scan to detect patterns.
Note that this feature is great so you can study How these patterns evolved through historcal data.
This is very powerful feature when you want to develop strong strategy.
For example, you can learn how breakout patterns worked in 2005 and compare them to Price Breakout Patterns on 2015.
You can apply this knowledge for your trading. Something like this can't be achieved by manual drawing of patterns, just too tedious.
However, scanning more bars requires a lot more computation time. So please be careful in using this feature. Also maxium number of patterns which indicators can search and store is 1000 patterns. So Know that there is some limitation too. Use this feature for strategy development and swtich off when you trade them on your live trading.
For average traders, 1500 bars (default setting) is more than fine.
Update is in processing stage and it may take several days. Then have a winning week until then.
Kind regards.
https://www.mql5.com/en/market/product/4488
https://www.mql5.com/en/market/product/4859