The Harmonic Patterns Forex indicator for Metatrader 4 scans any currency pair for the best Harmonic trading patterns and displays them on the chart.
Harmonic Patterns are purely based on price action and do not lag the price.
All trading patterns appear in the main chart window of the trading platform.
Key Points
- Harmonic trading patterns scanner.
- Does not lag the price.
The indicator has a lot of options that can be easily modified by editing the inputs.
Free Download
Download the “HarmonicShow_bySB_14CL.ex4.ex4” MT4 indicator
Indicator Chart (EUR/USD H1)
The picture below shows the Harmonic Patterns indicator in action on the EUR/USD H1 trading chart.
Trading Tips:
Harmonic patterns can be used as a standalone buy/sell technical indicator.
Harmonic patterns can be combined with an existing trading strategy or system of your preference.
Harmonic Patterns + Simple Arrow Scalper Forex Strategy for M1/M5
This scalping strategy combines the Harmonic Patterns Forex Indicator MT4 and the Simple Arrow Scalper MT4 Indicator.
The Harmonic Patterns indicator displays green bullish patterns and red bearish patterns on the chart, highlighting potential high-probability reversal zones.
The Simple Arrow Scalper provides clear entry signals with blue arrows for buy trades and magenta arrows for sell trades.
Combining these two indicators helps traders identify precise entries for quick scalping moves on M1 and M5 charts.
This strategy works best on major currency pairs such as EUR/USD, GBP/USD, and USD/JPY during high liquidity periods.
It is suited for traders who prefer fast trades and structured setups while managing risk effectively.
Buy Entry Rules
- Wait for the Harmonic Patterns indicator to display a green (bullish) pattern.
- Confirm that the price reacts near the pattern’s completion or potential reversal zone.
- Wait for the Simple Arrow Scalper to display a blue arrow, confirming the buy signal.
- Enter a buy trade immediately after the blue arrow appears.
- Place the stop-loss a few pips below the recent swing low or the low of the pattern zone.
- Set take-profit for a small pip target (5–10 pips on M1, 10–15 pips on M5) or exit when a magenta arrow appears or price breaks below the pattern zone.
Sell Entry Rules
- Wait for the Harmonic Patterns indicator to display a red (bearish) pattern.
- Confirm that the price reacts near the pattern’s completion or potential reversal zone.
- Wait for the Simple Arrow Scalper to display a magenta arrow, confirming the sell signal.
- Enter a sell trade immediately after the magenta arrow appears.
- Place the stop-loss a few pips above the recent swing high or high of the pattern zone.
- Set take-profit for a small pip target (5–10 pips on M1, 10–15 pips on M5) or exit when a blue arrow appears or price breaks above the pattern zone.
Advantages
- Combines structural analysis from harmonic patterns with clear entry signals.
- Designed for quick scalping moves on M1 and M5 charts.
- Helps filter false entries by confirming pattern and arrow alignment.
- Works well on major pairs during active sessions.
Drawbacks
- High noise on M1 charts can generate false signals.
- Requires fast execution and constant monitoring.
- Profit per trade is small; consistent wins are needed for meaningful gains.
- Spread and slippage may impact small pip targets.
Example Case Studies
Case Study 1 – EUR/USD M1
At 14:23 GMT, the Harmonic Patterns indicator displayed a green pattern near 1.1205.
Price reacted to the pattern zone, and the Simple Arrow Scalper showed a blue arrow at 1.1207.
A buy trade was entered at 1.1208. Stop-loss was placed at 1.1202 (6 pips risk).
Take-profit was set at 1.1214 (6 pips gain).
Price reached the target within 8 minutes with no reversal arrow appearing.
Case Study 2 – GBP/USD M5
During the London/New York overlap, a red harmonic pattern appeared at 1.2550.
Price approached the pattern zone, and the Simple Arrow Scalper showed a magenta arrow at 1.2547.
A sell trade was entered at 1.2546. Stop-loss was set at 1.2560 (14 pips risk).
Take-profit was set at 1.2534 (12 pips gain).
The trade reached the target within 15 minutes while the arrow signal remained bearish.
Strategy Tips
- Only enter trades when both the harmonic pattern and arrow signal align.
- Use recent swing highs/lows or pattern structure for precise stop-loss placement.
- Consider trailing stops on strong M5 moves to lock in profits.
- Avoid trading during major news events that may disrupt pattern zones.
Download Now
Download the “HarmonicShow_bySB_14CL.ex4” MT4 indicator
Adjustable Parameters & Settings
The different settings and parameters can be accessed by editing the indicator’s inputs tab.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Recommended Currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trading patterns
