When using "Harmonic Patterns", always look at the bigger picture, please do not depend solely on the "Pattern". Use other indicators,... to confirm what you think is going on!
That said, it is quite useful!
Beside my "The Gartley", now, OPEN SOURCE, we have "Harmonic Patterns" in 2 parts (otherwise many lines are gone because the script is too large)
- ABCD - Gartley - Cypher - 5.0
A "Pattern" is created by checking 5 consecutive ( pivot ) points, starting with X, A, B, C, and ending with point D. At point D all 5 points are compared, calculated and verified.
When confirmed, a "Label" will be plotted at point D, together with the "Entry", "Take Profit" and "Stop Loss" price. The "Entry", "Take Profit" and "Stop Loss" lines will be plotted as well at point D.
Lastly, a "Drawing" automatically will be displayed which makes the "Pattern" visible. Please do mind, the "Drawing" is calculated differently, the "Drawing" sometimes can be displayed incorrectly when prices are too close to each other (for example low Satoshi price changes). THE "ENTRY", "TAKE PROFIT", "STOP LOSS" PRICES AND LINES ARE NOT AFFECTED AT ALL BY THIS, THEY WILL SHOW CORRECTLY!
- 1 "TP point" can be changed ("TP Level 0.618") - "Labels", "Lines", "Drawings" can be disabled/enabled - "Labels" can be made smaller or bigger ("Size Label") - "Labels" can be placed further or closer to the bar ("Distance TP Label" > higher = closer, lower = further) - "Lines" can be made thicker or thinner ("TP Linewidth") - "Drawings" can be made thicker or thinner ("Drawings Linewidth") - "Drawings" are created by comparing with 100 bars back in history (default), should it be (very rarely) a triangle is displayed flat on the left side, possibly the first point(s) is/are further than 100 bars ago, in this case increase "Period Drawings" above 100.
- When several "Patterns" appear on the chart, the oldest ones won't be displayed anymore, first the "Drawings", then the "Lines" The last (present) ones will always be displayed in total without a problem! - If you want to see "Patterns" with less correct measurement, change "Error Marge" 0.9 - 1" and "Error Marge" 1 - 1.1"), this gives max. about 10% extra margin
- Added more settings regarding "Drawing Lines"
Thank you very much!
릴리즈 노트
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Hi, the recent error were caused by server-side changes related to performance improvements (sec. Tradingview) I have added the argument "max_bars_back=300) to fix it.
릴리즈 노트
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"Error Marge" is changed into "Ratio Tolerance" with a percentage, for easier understanding.
Harmonic patterns are calculated trough ratio's between high's and low's. Normally there are rather strict ratio's before a pattern becomes valid.
The "Ratio Tolerance" can give a bit more slack, the ratio's are pushed a bit more (max 10%) so it is a bit easier to get "valid" patterns, very importantly, closer to 0% you'll get more strict and valid patterns (but less), further from 0% -> 10% you'll get more patterns, but they are less strict, less valid, less correct,
Thank you!
릴리즈 노트
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Added color options for bullish/bearish lines of the patterns, and for TP lines
Hi, none of the harmonic indicators are showing up once added to my chart, please help. Thanks
fikira
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@dhruvin1290, Then there are none... patience, looking at other timeframes will help, also changing the settings can help
dhruvin1290
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@fikira, it comes up with NA and I've checked all different timeframes on a few other pairs, can you please suggest settings and a fix please as I really want to use this indicator
fikira
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@dhruvin1290, Yes, if there are none, it shows na (non available) but it works, this is a 3H chart, last event: 22 mai, you just have to wait until a pattern returns valid:
crackgen974
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@fikira, Hi Fikira,
I'm trying to use your Harmonic pattern but nothing.
Thank you for your wizarding script writing skills.. incredible! I can’t help but chuckle when people comment that they can’t ‘see’ the patterns…now I understand why so few become successful traders…can’t help those that don’t want to help themselves. Thank you again!
Hello, it is a very good indicator, do you have an indicator that we can scan all the stocks and automatically scan the stocks that form formations or an indicator that will scan a group of stocks we have chosen, thank you