Nordman Patterns Scanner – The Ultimate Trading Tool
Nordman Patterns Scanner is a powerful trading tool that can automatically identify various chart patterns to help traders make better trading decisions. This comprehensive review covers everything you need to know about this useful scanner.
Download Free Nordman Patterns Scanner
Overview of Nordman Patterns Scanner
The Nordman Patterns Scanner is developed by Nordman Algorithms, a professional trading software programming company. It is available as an indicator for the popular MetaTrader 4 and MetaTrader 5 trading platforms.
The scanner uses advanced pattern recognition algorithms to detect high probability chart patterns in real-time. It currently supports identifying harmonic patterns like Gartley, Bat, Crab, Butterfly, Cypher, and Shark. It can also detect classic candlestick patterns as well as trend lines and support/resistance levels.
Key features:
- Real-time pattern recognition
- Identify harmonic patterns, candlesticks, trends
- Customizable notifications and alerts
- Multi-currency and multi-timeframe scanning
- Easy to install and use
Why Use a Pattern Scanner
Technical analysis relies heavily on being able to identify chart patterns quickly and accurately. However, given the vast number of currency pairs and time frames traders monitor, it is extremely difficult to manually scan so many charts effectively. This is where a pattern scanner like Nordman Patterns Scanner can make a huge difference.
The key benefits of using this scanner include:
Saves time
The scanner will continuously monitor charts across various symbols and timeframes in the background and identify trade opportunities. This frees up trader’s time to focus on executing trades instead of manually scanning charts.
Improves accuracy
Humans are prone to errors and biases when doing repetitive visual tasks like scanning charts. The algorithmic scanner provides consistent and unbiased pattern detection.
Customizable alerts
Get notified instantly when high probability setups are detected so you never miss good trading opportunities. Alerts can be sent via MT4, email, mobile push notifications etc.
Scans multiple markets
Scan an unlimited number of symbols across forex, commodities, indices, stocks, and cryptocurrencies all from one indicator.
How the Nordman Patterns Scanner Works
The Nordman Patterns Scanner uses an advanced pattern recognition engine to analyze price charts in real-time. Here is a quick overview of how it detects the various patterns:
Harmonic patterns
The algorithm measures important Fibonacci ratios like AB=CD and AB=0.618 of BC to detect valid harmonic patterns. It looks for ideal pattern structure and confirms the likelihood of a potential reversal.
Candlestick patterns
It recognizes popular candlestick patterns like Doji, Engulfing, Hammer etc. and their bullish/bearish variants using a rule-based pattern matching system.
Dynamic support and resistance levels are identified by detecting previous swing points and trend lines. Breakouts and bounces off these levels indicate high probability trades.
Trend Analysis
Using exponential moving averages and analyzing swing structure, the scanner can determine the current trend as up, down or ranging. This helps trade in the direction of the trend.
The scanner has been optimized through rigorous backtesting on historical price data to fine tune the parameters for detecting reliable patterns with a high rate of accuracy.
Check our advanced Forex Master Levels Indicator
Main Features and Tools
Here are some of the main features provided by the Nordman Patterns Scanner:
Real-time pattern recognition
The scanner runs continuously in the background, analyzing price action across charts simultaneously. As soon as a high probability pattern is identified, it sends a notification so you can take timely trading action.
Pattern validity rating
Along with identifying a pattern, the scanner also provides a rating from 1 to 10 indicating pattern quality. This helps you focus on the best trade setups only.
Flexible notifications and alerts
Get notified instantly whenever trading opportunities are found. Receive mobile, email or MT4 alerts when potential reversals or breakouts are detected by the scanner.
Candlestick pattern detection
Identifies over 20 reliable candlestick patterns like Doji, Hammer, Engulfing etc. Useful for confirmation and improving risk-reward ratio.
Support and resistance detection
Automatically identifies dynamic support and resistance levels across multiple timeframes. Combining with patterns provides a robust trading strategy.
Pattern statistics dashboard
See handy stats about total patterns detected, success rate, average profit etc. Use the data to fine tune your trading plan.
Multiple instruments scanning
Scan an unlimited number of symbols across forex, stocks, crypto etc. for patterns all from one chart. Use built-in symbol lists or add your own.
Timeframe scanning
Get a top-down multi-timeframe view by running simultaneous scans across 1 minute, 5 minutes, 1 hour and daily timeframes all at once.
Trade panel integration
Trade directly from the chart by enabling the integrated trading panel. Open, close or modify positions quickly within the pattern indicator.
Benefits for Traders
The Nordman Patterns Scanner provides plenty of practical benefits for traders. Here are some of the main advantages you get by using this scanner:
Finds more trading opportunities
The scanner is continuously running across many symbols and timeframes monitoring price action, so you will catch far more trades compared to manual chart scanning.
Confirmation for regular patterns
If the scanner detects patterns that align with your own analysis, it provides confirmation that greatly improves conviction.
Alerts save time
No need to have eyes glued on the screen. Get notified instantly when trading opportunities arise so you can focus attention only when needed.
Improves risk management
Setting pattern quality thresholds ensures you take only high probability setups. This leads to better risk management.
Backtest pattern strategies
The pattern statistics dashboard provides backtest data to help optimize your trading strategies.
Codes the expertise
Let the sophisticated pattern detection algorithms do the tedious chart scanning work for you. The coded indicators replicate expert analyst skills.
Eliminates emotional errors
Algorithmic scanning ensures unbiased and emotionless pattern detection every time unlike manual scanning.
Supported Patterns and Features
Here are some of the notable patterns, indicators and features supported by the scanner:
Harmonic Patterns
- Gartley
- Bat
- Butterfly
- Crab
- Shark
- Cypher
Candlestick Patterns
- Doji
- Hammer
- Hanging Man
- Bullish/Bearish Engulfing
- Morning/Evening Stars
Other Features
- Dynamic support and resistance
- Trend detection
- Pattern statistics dashboard
- Alert configuration
- Multi-timeframe analysis
- Integrated trading panel
And many more useful features…
Using the Scanner Effectively
To use the Nordman Patterns Scanner effectively, here are some tips:
Combine with other analysis – Use the scanner to confirm your own technical or fundamental analysis. Multiple confluent factors improve accuracy.
Focus on quality setups – Trade patterns only if the quality score meets your threshold to ensure high probability trades.
Wait for confirmation – Let price confirm the pattern by breaking support/resistance before entering trades.
Use prudently – No scanner is foolproof so employ prudent risk management on every trade.
Customize settings – Enable only the tools you need and tweak parameters to best fit your trading style.
Update regularly – Install updates promptly to get access to the latest features and pattern detection improvements.
Nordman Patterns Scanner Pros and Cons
Pros
- Saves time with automated scanning
- Provides reliable and unbiased signals
- Customizable notifications and alerts
- Scans multiple symbols and timeframes
- Simplifies the pattern identification process
- Includes backtesting statistics
- Available for MT4 and MT5 platforms
Cons
- Requires paying monthly subscription fees
- Needs fast computer for multi-pair scanning
- Not suited for fundamental analysis traders
- Requires basic training to setup properly
Nordman Patterns Scanner Conclusion
The Nordman Patterns Scanner is an invaluable tool that can take your trading to the next level. If you employ sensible risk management, the high probability scanner signals will definitely improve your trading performance. For the reasonable subscription fees, the time savings and convenience provided are well worth it. The state-of-the-art pattern identification technology makes trading much more efficient.
Overall, the Nordman Patterns Scanner receives our strong recommendation! It is an essential addition to every technical trader’s toolbox.