EFW Pattern Trader is a powerful pattern scanner for your trading. The main pattern detection methods in this product follow the principles of the Equilibrium Fractal Wave (EFW designation using the shape coefficient and propagation coefficient; an original concept created by Young Ho, Seo). Thus, EFW Pattern Trader provides an efficient pattern detection algorithm. Any patterns found with the EFW Pattern Trader can be tested in the visual mode of the strategy tester. Visual testing with patterns will show you the most likely development of events in real trading. This way, you can create a complete rational foundation and confidence before your trade. Each pattern shows different performance in different markets. Therefore, run each pattern in the strategy tester and select the patterns to trade on certain pairs. You can also use multiple patterns for a single currency pair. You can use audio alerts, push notifications, and email messages (push notifications are preferred for remote signal reception). After testing, use EFW Pattern Trader only for real trading to synchronize the test results with real accounts.
Each pattern found shows the direction for trading. This makes trading easier. Using this indicator requires some understanding of risk and profit management in financial trading. Before buying, check the effectiveness of each pattern yourself in the MetaTrader strategy tester. As a rule, when trading on patterns, an additional confirmation is applied. As an additional confirmation, fundamental analysis and other technical indicators can be used.
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Patterns in EFW Pattern Trader:
- don’t redraw
- does not apply
- they provide stop loss and take profit levels for trading.
All the patterns presented are well suited for trading, but you may like some of them more than others. Don’t forget to test each pattern before you start trading. Testing on the history will be faster on lower timeframes if the “All Ticks” mode is used. Use the “At Opening Prices” mode at your own risk.
A. Golden Ratio 0.618 (1 EFW) pattern)
B. Half Ratio 0.500 (1 EFW) pattern)
C. Two Equal Waves Pattern (2 EFW: 1.618-0.618)
D. Two Equal Waves Pattern (2 EFW: 1.272-0.786)
E. Gartley Pattern (3 EFW)
F. The pattern of the Star River (5 EFW presented by Young Ho Seo)
G. Trident pattern (4 EFW, presented by Young Ho, Seo)
H. Horse pattern (4 EFW, presented by Young Ho, Seo)
I. Butterfly Pattern (3 EFWs)
Input Parameters 1-EFW settings
- EFW Iteration: the number of EFW iterations, only from 3 to 100 (selecting a higher number will increase the number of patterns found, but testing will take longer)
- EFW Line Color: The color of the wave lines
- EFW Line Color for overlapping wave: The color of overlapping wave lines
- EFW Line Width: The thickness of the wave lines
- EFW Text Color: the text color of the coefficients
- EFW Text Size: Text size
- EFW Ratio Text Format: The size factor of the displayed text
- EFW Arrow Up Color: the color of the arrow to buy
- EFW Arrow Down color: the color of the arrows on sale
- EFW Arrow Width: the size of the buy and sell arrows
Input parameters 2-General settings
- Bars To Scan: Number of bars to calculate, higher values require more processing power
- Use White Background Chart: use white background Chart, true/false
- Enable sound alert: enable sound alerts, true/false
- Send email Alert – send messages to email
- Send notification alert – send notifications to mobile devices
Input Parameters 3-Notification settings
- Delete Previous Patterns on new alert: delete previous patterns when forming a new pattern
- Min Pattern in Bar Size: the minimum size of the pattern in bars
- Search Pattern A: Set true to use pattern A
- Search Pattern B: Set true to use pattern B
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