We have included by default 3 known Patterns. The Bat, the Butterfly and the Gartley. But have you ever wondered how effective other, not yet known models could be? Don't ask yourself the question anymore, it's time to find out for yourself! You have the option to customize your own Patterns with the Backtesting tool and set Retracement Ratios and Targets for your own Patterns. In addition to this, in order to determine the Trend at a glance and make Pattern detection more efficient, we have linked the calculation of Patterns to Bands of several types to choose from (Bollinger, Keltner, Donchian) that you can select from a drop-down menu in the settings and play with the Multiplier and the Adaptive Length of the Patterns to see how it affects the success rate in the Backtesting table.
█HOW DOES IT WORK?
-Harmonic Patterns
-Pattern Names, Colors, Style etc… Everything is customizable. -Dynamic Adaptative Length with Min/Max Length.
-XAB/ABC Ratio
-Min/Max XAB/ABC Configurable Ratio for each Pattern to create your own Patterns. (This is really the particular option of this Indicator, because it allows you to be able to Backtest in real time after having played at configuring your own Ratios)
-Bands
-Contrary to the original logic of the HeWhoMustNotBeNamed script, here when the price breaks out of the upper Bands (example, Bollinger band, Keltner Channel or Donchian Channel), with a predetermined Minimum and Maximum Length and Multiplier, we can consider the Trend to be Bearish (and not Bullish) and similarly when the price breaks down in the lower band, we can consider the Trend to be Bullish (not Bearish). We have also added the middle line of the Channels (which can be useful for 'Scalper' type Traders. -The Length of the Bands Filter is directly related to the Dynamic Length of the Patterns. -You can use a drop-down menu to select from the following Bands Filters : SMA, EMA, HMA, RMA, WMA, VWMA, HIGH/LOW, LINREG, MEDIAN. -Sticky and Adaptive Bands options has been included.
-Projections
-BD/CD Projection Ratio configurable for each Pattern. (Projections are visible as Dotted Lines which we can choose to Extend or not)
-Targets
-Target, PRZ and Stop Levels are set to optimal values based on individual Patterns. (The PRZ Level corresponds to point D of the detected Pattern so its value should always be 0) but you can change the Targets value (defined in %) as you wish. Again here, you have the option to fully configure the Style and Extend the Lines or not.
-Backtesting Table
-As said previously, with the possibility of testing the Success Rate of each of the 3 Customizable Patterns, this option is part of the logic of this Indicator.
-Alerts
-We originally believe that this Indicator does not even need Alerts. But we still decided to include at least one Alert that you can set for when a new Pattern is detected.
█NOTES
Thanks to HeWhoMustNotBeNamed for his permission to reuse some part of his zigzag scripts.
Remember to only make a decision once you are sure of your analysis. Good trading sessions to everyone and don't forget, risk management remains the most important!
Thanks a lot this awesome. Plus is actually working!
Rokan_G
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Thanks, can you add Cypher please?
Link1991
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This is a great indicator. Thank you very much for sharing, However, I encountered an issue while using it. When a new pattern appears and completes, the previous pattern's graphical representation disappears, but the ratios label of the previous pattern still remains on the chart. I have some understanding of basic logic, but your code is a bit complex for me. I tried modifying some parameters, and I found that when I set the "start" parameter to 0 in lines 545 and 621, the issue is resolved. However, sometimes the chart looks different from the original. Could you please explain the purpose of this parameter and what a reasonable value for it would be? I'm looking forward to your response.
Putri1231
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Nice indicator mate. Thank you! When will be the next update? I'm just excited😁
RickSimpson
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@Putri1231, Thanks a lot : ) Need some time this one is not unfortunately in my near projects...
Peeps_100
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@RickSimpson, I beg you reconsider Sir this is by far the most accurate harmonic pattern indicator in tradingview