This is "Harmonic Patterns", part 2 Open Source (in 2 parts, otherwise many lines are gone because the script is too large):
- Crab - Bat (+ Alt) - Butterfly - Shark
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.
- Animal symbols can be enabled/disabled
- 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!
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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.
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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,