If you are having difficulties using this indicator please first read the common questions below and if this doesn't help read the user manual.
(Q) Why am I getting Telegram alerts for old patterns?
If you clear your scanning window of all results then when cTrader starts or you refresh the chart it will send alerts again for all the patterns found, it is best to follow the procedure below when you start using the tool.
- Add the indicators to the charts for each symbol.
- Make sure the alerts are turned off in the alerts panel.
- Make sure the last pattern setting is checked in the control panel.
- Refresh the charts if required to load the last bullish and bearish historical patterns.
- Turn on the required alerts in the alerts panel.
- Leave the indicator running and cTrader open to receive news alerts.
(Q) Why is the time not the same as when the pattern formed?
If the alert you are sent has a time that is different from the time on the chart when the pattern formed then this is because the alert is sent only when the pattern is completely formed at leg D. An example would be using a 1-hour chart and the pattern forms at 20:00 hrs, the but alert is sent at 21:00 hrs, the pattern is not fully formed until the close of the candle at 21:00 hrs.
(Q) Why am I not getting any patterns?
If you are not seeing any patterns, it will be because your settings are too tight, try decreasing the pattern accuracy and increasing the ratio tolerance, both of these settings can be found in the settings panel.
(Q) Why did a pattern form and then disappear when another one forms?
The system will create a new pattern and remove the old one if the new pattern is closer to the criteria to set for the scanner, you can turn this feature off with the Auto-Scan Pattern feature, set this to No and the scanner will not search for new patterns, but instead keep the one on the chart allowing the trader to plan trades without it being removed. Set this setting to Yes, if you are waiting for patterns to form or using it for alerts.
Auto-Scan Patterns will automatically replace old patterns when a better one forms, if you set this to No, then you need to refresh the chart to see the new pattern as the old one will stay on the chart.
(Q) Why does a pattern shown in the scanning window, but not visible on the chart
This can happen if the last pattern checkbox is ticked and the auto-scan checkbox is unticked, if the chart is refreshed then it can remove the pattern as it will no longer be valid with the new data.
(Q) Why do I have many patterns & alerts
See below.
(Q) Why do I have a bullish & bearish pattern at the same time?
If you are getting too many patterns formed and both bullish and bearish signals at the same time then the cause of this will be your settings, you will have the following:
- Low accuracy setting
- High tolerance setting
If you have selected a low accuracy or high tolerance then many patterns will form at the close of the candle and you will get many alerts, you may also see both a bullish and bearish pattern form at the same time. A better setting is 99% accuracy and a ratio tolerance of 0 - 1%, you will not see many patterns form, but when they do they will be more accurate.
(Q) Why am I getting patterns formed at 95% when the setting is 98%?
Each settings window is independent and on one symbol it is set to 98%, but on the others, it will be set at 95% or lower, it is worth remembering that each settings window is unique to the symbol that the indicator is attached to on the chart.
(Q) If I close the cTrader platform no alerts are sent, why?
For the scanner to work and send alerts you will need to have the cTrader platform open and running as well as all the charts open with the indicator attached that you wish to send alerts, if you close cTrader then you also close the harmonic indicator, this would be the same for any indicator that sends alerts or automated trading system. You will also need to be logged into your PC to send alert signals.
It is common that traders to use a Virtual Private Service (VPS) for a 24/7 service where you will not need your PC on all the time.
(Q) I have a harmonic scanner running on quite a few pairs, do I need to have all of them open on ctrader for the telegram to send the trade alert? If yes, would you close them all before you shut the ctrader or just leave them where they are, then don't have to reopen all of them again and again?
All the charts need to be open with the indicator attached and the alerts turned on for them to be sent, you can simply close cTrader and when you open it again, it should be as you left it ready to go.
(Q) What Timeframe Should I Use?
This indicator works best with 1-hour and above for a signal and if you use a lower signal you may experience patterns recalculating and the trend changes, many traders use this on a 4-hour timeframe as a solid confirmation with other indicators like our support & resistance tool.
(Q) Can I Use This Indicator On Its Own For Signals?
The answer is 'NO', the harmonic scanning tool is to be used with other indicators for a solid trade entry signal, this is the same with all technical indicators there is no golden indicator that will on its own show the perfect trade entry price.