Harmonic Scanner: The 3 best ways to automatically recognize them

What are harmonic patterns?

Harmonic patterns are specific patterns or formations that form naturally on financial charts. A harmonic pattern forms on the basis of geometric price action and Fibonacci retracements/ extension levels. 

Harmonic patterns, if correctly identified, help traders understand price action and predict the direction of the price. Furthermore, these patterns are trend reversal patterns. They enable traders to initiate a position in a high probability reversal zone. 

Types of harmonic patterns 

There are several types of harmonic patterns. However, only a few types have stood the test of time because they frequently form on the charts.

1. The Butterfly Pattern – Bryce Gilmore introduced this pattern. It has five points A, B, C, D, and X. You can only find this pattern at the end of a trend move.
2. The Gartley Pattern – Harold McKinley Gartley introduced this pattern. It forms right after a significant high or low. Bearish Gartley Pattern appears in the shape of M while bullish Gartley Pattern’s shape resembles W.
3. The Bat Pattern – Scott Carney discovered this pattern. A temporary reversal of trend, before continuing on its original direction, precedes the Bat Pattern formation. 
4. The Crab Pattern – Scott Carney also discovered the Crab Pattern. It is a reversal pattern that consists of four legs – A-B, B-C, C-D, and X-A. The Crab Pattern is one of the most effective harmonic patterns. 
5. The Cypher Pattern – This pattern with a steeper visual appearance consists of five points connected by four legs. Each point represents a reversal level whereas each line represents price action.
6. The Shark Pattern – This pattern is famous for having a shape that resembles a dorsal fin. Its steeper outer lines and shallow dip of middle lines make it look like a dorsal fin on charts. 

What makes a good harmonic scanner? 

Harmonic scanners are tools that help in detecting harmonic patterns used for entering trades. A good harmonic scanner gives an accurate trade signal to traders as soon as a harmonic pattern appears. A good harmonic pattern scanner is also easy to read and understand. Traders also use them to detect chart and candlestick patterns. Therefore, a good harmonic scanner is one that can detect all types of patterns. Moreover, real-time and clear notifications plus a dashboard to make a watchlist with your favorite patterns are other valuable characteristics of a good harmonic scanner. Thus, accuracy, all-in-one detection capabilities, timely notifications, and a simple but intuitive dashboard make a harmonic patterns scanner good.

3 best harmonic patterns scanners

1. HarmonicPattern.com

Overview & Features

HarmonicPattern.com is among the most powerful harmonic scanner with the following key features. 

• It is an all-in-one scanner that allows you access to all required tools in one place. 
• HarmonicPattern.com is powered by machine learning and its pattern recognition algorithm helps you detect patterns for equity, futures, forex, and cryptocurrencies. 
• You can detect eight harmonic patterns, nine chart patterns, and levels of support/resistance with this scanner. 
• You can also gain access to a huge fundamental data library, recommendations by analysts, and CEO compensation of thousands of companies across the globe. Thus, you can quickly compare and pick the best stocks for trading or investing.
• HarmonicPattern.com also gives you access to 10,000 global economic indicators from 200 countries across the world. 

Pricing

HarmonicPattern.com offers three pricing plans. 

• Silver Plan – $14.99 per month
• Gold Plan – $24.99 per month
• Diamond Plan – $42.99 per month 

2. XABCDTrading.com

Overview & Features

XABCDTrading.com is another good option for traders looking for the best harmonic pattern screeners. Its offers the following key features. 

• It detects patterns by using key aspects like time, price, and frequency waves. Thus, you can make your technical analysis capabilities better.
• XABCDTrading.com scans more than 1500 patterns per day and also ranks them for your ease. 
• You can scan any market or instrument of your choice and get real-time notifications. 
• XABCDTrading.com automatically draws patterns like XABCD harmonic patterns and also comes with manual drawing tools.
• It is a unique harmonic screener that allows you to customize your scanning by picking your preferred market and timeframes.
• You can also filter out smaller patterns and only see your preferred patterns. 

Pricing

You can gain access to XABCDTrading’s scanner by subscribing to the monthly membership plan. You can also get a lifetime license in 6 and 12 months’ programs. 

3. Indicators for TradingView

The following are the best harmonic patterns for TradingView. 

1. Harmonic Drawing Tool– analyzes more than the previous five consecutive points and fifty high/low points. It also labels information on point D such as which type of harmonic pattern it is and also clarifies the buy or sell signal. 
2. Autodrawing Harmonic Pattern – is more advanced than the standard TradingView Harmonic Scanner. It can detect almost all types of harmonic patterns and an unlimited number of high/low points. Harmonic Scanner Pro also allows you to detect multiple patterns at once and even look for harmonic patterns in the past. Moreover, if you want customizable parameters, Harmonic Scanner Pro for TradingView should be your obvious choice. 
3. ZigZag Harmonic Pattern Recognition – want to predict a harmonic pattern now before it appears? A harmonic Predictor is the harmonic pattern screener that allows you to predict the pattern and make significant profits.