Bullish Bat Harmonic Patterns [theEccentricTrader]█ OVERVIEW
This indicator automatically draws bullish bat harmonic patterns and price projections derived from the ranges that constitute the patterns.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Harmonic Patterns
The concept of harmonic patterns in trading was first introduced by H.M. Gartley in his book "Profits in the Stock Market", published in 1935. Gartley observed that markets have a tendency to move in repetitive patterns, and he identified several specific patterns that he believed could be used to predict future price movements.
Since then, many other traders and analysts have built upon Gartley's work and developed their own variations of harmonic patterns. One such contributor is Larry Pesavento, who developed his own methods for measuring harmonic patterns using Fibonacci ratios. Pesavento has written several books on the subject of harmonic patterns and Fibonacci ratios in trading. Another notable contributor to harmonic patterns is Scott Carney, who developed his own approach to harmonic trading in the late 1990s and also popularised the use of Fibonacci ratios to measure harmonic patterns. Carney expanded on Gartley's work and also introduced several new harmonic patterns, such as the Shark pattern and the 5-0 pattern.
The bullish and bearish Gartley patterns are the oldest recognized harmonic patterns in trading and all the other harmonic patterns are ultimately modifications of the original Gartley patterns. Gartley patterns are fundamentally composed of 5 points, or 4 waves.
Bullish and Bearish Bat Patterns
• Bullish bat patterns are fundamentally composed of three troughs and two peaks, with the second peak being lower than the first peak and the third trough being lower than the second but higher than the first.
• Bearish bat patterns are fundamentally composed of three peaks and two troughs, with the second trough being higher than the first trough and the third peak being higher than the second but lower than the first.
The most commonly recognised ratio measurements used by traders today are as follows:
• Wave 1 of the pattern, generally referred to as XA, has no specific ratio requirements.
• Wave 2 of the pattern, generally referred to as AB, should retrace by at least 38.2%, but no further than 50.0% of the range set by wave 1.
• Wave 3 of the pattern, generally referred to as BC, should retrace by at least 38.2%, but no further than 88.6% of the range set by wave 2.
• Wave 4 of the pattern, generally referred to as CD, should extend to at least 161.8%, but no further than 261.8% of the range set by wave 3.
• The last measure, generally referred to as AD, is that of wave 4 as a ratio of the range set by wave 1, which should retrace to 88.6%.
Measurement Tolerances
In general, tolerance in measurements refers to the allowable variation or deviation from a specific value or dimension. It is the range within which a particular measurement is considered to be acceptable or accurate. In this script I have applied this concept to the measurement of harmonic pattern ratios to increase to the frequency of pattern occurrences.
For example, the AB measurement of Gartley patterns is generally set at around 61.8%, but with such specificity in the measuring requirements the patterns are very rare. We can increase the frequency of pattern occurrences by setting a tolerance. A tolerance of 10% to both downside and upside, which is the default setting for all tolerances, means we would have a tolerable measurement range between 51.8-71.8%, thus increasing the frequency of occurrence.
█ FEATURES
Inputs
• AB Lower Tolerance
• AB Upper Tolerance
• BC Lower Tolerance
• BC Upper Tolerance
• CD Lower Tolerance
• CD Upper Tolerance
• AD Lower Tolerance
• AD Upper Tolerance
• Pattern Color
• Label Color
• Show Projections
• Extend Current Projection Lines
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Harmonic Patterns
Bearish Gartley Harmonic Patterns [theEccentricTrader]█ OVERVIEW
This indicator automatically draws bearish Gartley harmonic patterns and price projections derived from the ranges that constitute the patterns.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Harmonic Patterns
The concept of harmonic patterns in trading was first introduced by H.M. Gartley in his book "Profits in the Stock Market", published in 1935. Gartley observed that markets have a tendency to move in repetitive patterns, and he identified several specific patterns that he believed could be used to predict future price movements. The bullish and bearish Gartley patterns are the oldest recognized harmonic patterns in trading and all the other harmonic patterns are modifications of the original Gartley patterns. Gartley patterns are fundamentally composed of 5 points, or 4 waves.
Since then, many other traders and analysts have built upon Gartley's work and developed their own variations of harmonic patterns. One such contributor is Larry Pesavento, who developed his own methods for measuring harmonic patterns using Fibonacci ratios. Pesavento has written several books on the subject of harmonic patterns and Fibonacci ratios in trading. Another notable contributor to harmonic patterns is Scott Carney, who developed his own approach to harmonic trading in the late 1990s and also popularised the use of Fibonacci ratios to measure harmonic patterns. Carney expanded on Gartley's work and also introduced several new harmonic patterns, such as the Shark pattern and the 5-0 pattern.
Bullish and Bearish Gartley Patterns
• Bullish Gartley patterns are fundamentally composed of three troughs and two peaks, with the second peak being lower than the first peak and the third trough being lower than the second but higher than the first.
• Bearish Gartley patterns are fundamentally composed of three peaks and two troughs, with the second trough being higher than the first trough and the third peak being higher than the second but lower than the first.
The most commonly recognised ratio measurements used by traders today are as follows:
• Wave 1 of the pattern, generally referred to as XA, has no specific ratio requirements.
• Wave 2 of the pattern, generally referred to as AB, should retrace to 61.8% of the range set by wave 1.
• Wave 3 of the pattern, generally referred to as BC, should retrace by at least 38.2%, but no further than 88.6% of the range set by wave 2.
• Wave 4 of the pattern, generally referred to as CD, should extend to at least 127.2%, but no further than 161.8% of the range set by wave 3.
• The last measure, generally referred to as AD, is that of wave 4 as a ratio of the range set by wave 1, which should retrace to 78.6%.
Measurement Tolerances
In general, tolerance in measurements refers to the allowable variation or deviation from a specific value or dimension. It is the range within which a particular measurement is considered to be acceptable or accurate. In this script I have introduced the concept of measurement tolerances to harmonic pattern identification.
For example, the AB measurement of Gartley patterns is generally set at around 61.8%, but with such specificity in the measuring requirements the patterns are very rare. We can increase the frequency of pattern occurrences by setting a tolerance. A tolerance of 10% to both downside and upside, for example, means we would have a tolerable measurement range between 51.8-71.8%, thus increasing the frequency of occurrence.
█ FEATURES
Inputs
• AB Lower Tolerance
• AB Upper Tolerance
• BC Lower Tolerance
• BC Upper Tolerance
• CD Lower Tolerance
• CD Upper Tolerance
• AD Lower Tolerance
• AD Upper Tolerance
• Pattern Color
• Label Color
• Show Projections
• Extend Current Projection Lines
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Bullish Gartley Harmonic Patterns [theEccentricTrader]█ OVERVIEW
This indicator automatically draws bullish Gartley harmonic patterns and price projections derived from the ranges that constitute the patterns.
█ CONCEPTS
Green and Red Candles
• A green candle is one that closes with a close price equal to or above the price it opened.
• A red candle is one that closes with a close price that is lower than the price it opened.
Swing Highs and Swing Lows
• A swing high is a green candle or series of consecutive green candles followed by a single red candle to complete the swing and form the peak.
• A swing low is a red candle or series of consecutive red candles followed by a single green candle to complete the swing and form the trough.
Peak and Trough Prices (Basic)
• The peak price of a complete swing high is the high price of either the red candle that completes the swing high or the high price of the preceding green candle, depending on which is higher.
• The trough price of a complete swing low is the low price of either the green candle that completes the swing low or the low price of the preceding red candle, depending on which is lower.
Historic Peaks and Troughs
The current, or most recent, peak and trough occurrences are referred to as occurrence zero. Previous peak and trough occurrences are referred to as historic and ordered numerically from right to left, with the most recent historic peak and trough occurrences being occurrence one.
Range
The range is simply the difference between the current peak and current trough prices, generally expressed in terms of points or pips.
Support and Resistance
• Support refers to a price level where the demand for an asset is strong enough to prevent the price from falling further.
• Resistance refers to a price level where the supply of an asset is strong enough to prevent the price from rising further.
Support and resistance levels are important because they can help traders identify where the price of an asset might pause or reverse its direction, offering potential entry and exit points. For example, a trader might look to buy an asset when it approaches a support level , with the expectation that the price will bounce back up. Alternatively, a trader might look to sell an asset when it approaches a resistance level , with the expectation that the price will drop back down.
It's important to note that support and resistance levels are not always relevant, and the price of an asset can also break through these levels and continue moving in the same direction.
Upper Trends
• A return line uptrend is formed when the current peak price is higher than the preceding peak price.
• A downtrend is formed when the current peak price is lower than the preceding peak price.
• A double-top is formed when the current peak price is equal to the preceding peak price.
Lower Trends
• An uptrend is formed when the current trough price is higher than the preceding trough price.
• A return line downtrend is formed when the current trough price is lower than the preceding trough price.
• A double-bottom is formed when the current trough price is equal to the preceding trough price.
Muti-Part Upper and Lower Trends
• A multi-part return line uptrend begins with the formation of a new return line uptrend, or higher peak, and continues until a new downtrend, or lower peak, completes the trend.
• A multi-part downtrend begins with the formation of a new downtrend, or lower peak, and continues until a new return line uptrend, or higher peak, completes the trend.
• A multi-part uptrend begins with the formation of a new uptrend, or higher trough, and continues until a new return line downtrend, or lower trough, completes the trend.
• A multi-part return line downtrend begins with the formation of a new return line downtrend, or lower trough, and continues until a new uptrend, or higher trough, completes the trend.
Wave Cycles
A wave cycle is here defined as a complete two-part move between a swing high and a swing low, or a swing low and a swing high. The first swing high or swing low will set the course for the sequence of wave cycles that follow; for example a chart that begins with a swing low will form its first complete wave cycle upon the formation of the first complete swing high and vice versa.
Figure 1.
Fibonacci Retracement and Extension Ratios
The Fibonacci sequence is a series of numbers in which each number is the sum of the two preceding numbers, starting with 0 and 1. For example 0 + 1 = 1, 1 + 1 = 2, 1 + 2 = 3, and so on. Ultimately, we could go on forever but the first few numbers in the sequence are as follows: 0 , 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
The extension ratios are calculated by dividing each number in the sequence by the number preceding it. For example 0/1 = 0, 1/1 = 1, 2/1 = 2, 3/2 = 1.5, 5/3 = 1.6666..., 8/5 = 1.6, 13/8 = 1.625, 21/13 = 1.6153..., 34/21 = 1.6190..., 55/34 = 1.6176..., 89/55 = 1.6181..., 144/89 = 1.6179..., and so on. The retracement ratios are calculated by inverting this process and dividing each number in the sequence by the number proceeding it. For example 0/1 = 0, 1/1 = 1, 1/2 = 0.5, 2/3 = 0.666..., 3/5 = 0.6, 5/8 = 0.625, 8/13 = 0.6153..., 13/21 = 0.6190..., 21/34 = 0.6176..., 34/55 = 0.6181..., 55/89 = 0.6179..., 89/144 = 0.6180..., and so on.
1.618 is considered to be the 'golden ratio', found in many natural phenomena such as the growth of seashells and the branching of trees. Some now speculate the universe oscillates at a frequency of 0,618 Hz, which could help to explain such phenomena, but this theory has yet to be proven.
Traders and analysts use Fibonacci retracement and extension indicators, consisting of horizontal lines representing different Fibonacci ratios, for identifying potential levels of support and resistance. Fibonacci ranges are typically drawn from left to right, with retracement levels representing ratios inside of the current range and extension levels representing ratios extended outside of the current range. If the current wave cycle ends on a swing low, the Fibonacci range is drawn from peak to trough. If the current wave cycle ends on a swing high the Fibonacci range is drawn from trough to peak.
Harmonic Patterns
The concept of harmonic patterns in trading was first introduced by H.M. Gartley in his book "Profits in the Stock Market", published in 1935. Gartley observed that markets have a tendency to move in repetitive patterns, and he identified several specific patterns that he believed could be used to predict future price movements. The bullish and bearish Gartley patterns are the oldest recognized harmonic patterns in trading and all the other harmonic patterns are modifications of the original Gartley patterns. Gartley patterns are fundamentally composed of 5 points, or 4 waves.
Since then, many other traders and analysts have built upon Gartley's work and developed their own variations of harmonic patterns. One such contributor is Larry Pesavento, who developed his own methods for measuring harmonic patterns using Fibonacci ratios. Pesavento has written several books on the subject of harmonic patterns and Fibonacci ratios in trading. Another notable contributor to harmonic patterns is Scott Carney, who developed his own approach to harmonic trading in the late 1990s and also popularised the use of Fibonacci ratios to measure harmonic patterns. Carney expanded on Gartley's work and also introduced several new harmonic patterns, such as the Shark pattern and the 5-0 pattern.
Bullish and Bearish Gartley Patterns
• Bullish Gartley patterns are fundamentally composed of three troughs and two peaks, with the second peak being lower than the first peak and the third trough being lower than the second but higher than the first.
• Bearish Gartley patterns are fundamentally composed of three peaks and two troughs, with the second trough being higher than the first trough and the third peak being higher than the second but lower than the first.
The most commonly recognised ratio measurements used by traders today are as follows:
• Wave 1 of the pattern, generally referred to as XA, has no specific ratio requirements.
• Wave 2 of the pattern, generally referred to as AB, should retrace to 61.8% of the range set by wave 1.
• Wave 3 of the pattern, generally referred to as BC, should retrace by at least 38.2%, but no further than 88.6% of the range set by wave 2.
• Wave 4 of the pattern, generally referred to as CD, should extend to at least 127.2%, but no further than 161.8% of the range set by wave 3.
• The last measure, generally referred to as AD, is that of wave 4 as a ratio of the range set by wave 1, which should retrace to 78.6%.
Measurement Tolerances
In general, tolerance in measurements refers to the allowable variation or deviation from a specific value or dimension. It is the range within which a particular measurement is considered to be acceptable or accurate. In this script I have introduced the concept of measurement tolerances to harmonic pattern identification.
For example, the AB measurement of Gartley patterns is generally set at around 61.8%, but with such specificity in the measuring requirements the patterns are very rare. We can increase the frequency of pattern occurrences by setting a tolerance. A tolerance of 10% to both downside and upside, for example, means we would have a tolerable measurement range between 51.8-71.8%, thus increasing the frequency of occurrence.
█ FEATURES
Inputs
• AB Lower Tolerance
• AB Upper Tolerance
• BC Lower Tolerance
• BC Upper Tolerance
• CD Lower Tolerance
• CD Upper Tolerance
• AD Lower Tolerance
• AD Upper Tolerance
• Pattern Color
• Label Color
• Show Projections
• Extend Current Projection Lines
█ LIMITATIONS
All green and red candle calculations are based on differences between open and close prices, as such I have made no attempt to account for green candles that gap lower and close below the close price of the preceding candle, or red candles that gap higher and close above the close price of the preceding candle. This may cause some unexpected behaviour on some markets and timeframes. I can only recommend using 24-hour markets, if and where possible, as there are far fewer gaps and, generally, more data to work with.
Harmonic ScannerThe concept of harmonic patterns was introduced in H.M. Gartley's book "Profits in the Stock Market" around 1935. Gartley formation was based on XABCD framework with particular values from Fibonacci values set. With only XABCD frame and Fibonacci values we have over 4 000 atomic combinations. Gartley formation is composed from two atomic combinations. Since then, numerous other combinations have been proposed and can be found on various internet sources. Our objective is not only to utilize known combinations, but also to develop a methodology for identifying combinations that best fit the price changes of a particular financial instrument.
The Harmonic Scanner searches for popular harmonic patterns on a chart and tracks them using typical take profit and stop loss values. The script calculates ideal efficiency by entering a position at the D point and exiting either on the stop loss or at the highest take profit value.
Furthermore, you can enable the "relaxed formations" feature to search for generalized variants of the patterns.
This script can be used by any user. There is no need to have a PRO or PREMIUM account.
Harmonic Scanner is just one component of larger "Harmonic" package, which is designed to simplify the use of the ideas proposed by Gartley and to customize them for various financial instruments.
The Harmonic package includes:
⠀⠀Harmonic Scanner - A classic harmonic patterns detector that checks efficiency by entering in D point and trading move to the take profit value.
⠀⠀Harmonic Predictor - A harmonic pattern detector that checks efficiency by entering at the C point and trading the move to the D point.
⠀⠀Harmonic Scanner TakeProfitMap - A supporting script for scanner, that tracks highest potencial profits from historical transactions to better determine the appropriate take profit values for a given financial instrument.
⠀⠀More components is under developement...
If you prefer a video explanation, please refer to the "HowTo: Harmonic Idea" video.
Script with limited access, contact author to get authorization
Script settings:
Extreme area - Specifies the range in which low/high need to be the lowest/highest bar to be counted as XABCD point.
XA limit - Specifies the maximum distance between successive points in XABCD formation pattern.
Inaccuracy ‰ - It determines the maximum deviation from the conditions that must be met by the pattern. Larger value will produce more duplicates.
Relaxed formations - Formations marked with * will be relaxed on CBD retracement.
Eliminate duplicates - Eliminates formation duplicates. We can precise the maximum deviation of results that are threaded as the same (duplicates).
Verify Predictor - Special mode what can be used to verify results from the Harmonic Predictor script.
List of formations, each letter enables specific formation.
Visualization section with independent settings for the folowing groups:
- Estimated formations ( high or low are still unconfirmed but their confirmation will add new formations),
- Positions (formations tracked for statistics)
- Traded (xlosed positions, either on take profit or stop loss)
For each group of formations following settings can be customized:
- Color used for drawing formation shape
- Checkbox for enabling/disabling shape visualization
- Checkbox for enabling/disabling target visualization
- Picker for selecting the label type
⠀⠀- h(ide)
⠀⠀- s - Labels with small font
⠀⠀- S - Labels with normal font
ShapeBox - Displays a box over formations with the formation name (useful for identifying specific formations).
Color settings - Customize the color of filled and unfilled targets.
Transparency settings - Adjust the transparency of formation shapes and targets.
Statistics - Picker for statistics table type:
H(ide) - Hides the statistics table.
P(ositions) - Shows a list of positions with their corresponding stop loss and take profit values. Take profit values that have been reached are highlighted.
% - Displays the efficiency of formations, split by take profit values.
%W - Displays the efficiency of formations, split by take profit values and weighted by formation size.
Position filter - A filter that works with the P(ositions) statistics.
Troubleshooting:
In case of any problems, please send error details to the author of the script.
Harmonic PredictorThe concept of harmonic patterns was introduced in H.M. Gartley's book "Profits in the Stock Market" around 1935. Gartley formation was based on XABCD framework with particular values from Fibonacci values set. With only XABCD frame and Fibonacci values we have over 4 000 atomic combinations. Gartley formation is composed from two atomic combinations. Since then, numerous other combinations have been proposed and can be found on various internet sources. Our objective is not only to utilize known combinations, but also to develop a methodology for identifying combinations that best fit the price changes of a particular financial instrument.
The Harmonic Predictor is predicting XABCD formations based on XABC chart patterns and simulate trading with price move between points C and D. It's the second way of using harmonic patterns in trading. The script calculates ideal efficiency by entering a position at the C point and exiting either on the stop loss or point D - the take profit value.
Furthermore, you can enable the "relaxed formations" feature to search for generalized variants of the patterns.
This script can be used by any user. There is no need to have a PRO or PREMIUM account.
Harmonic Predictor is just one component of larger "Harmonic" package, which is designed to simplify the use of the ideas proposed by Gartley and to customize them for various financial instruments.
The Harmonic package includes:
⠀⠀Harmonic Scanner - A classic harmonic patterns detector that checks efficiency by entering in D point and trading move to the take profit value.
⠀⠀Harmonic Predictor - A harmonic pattern detector that checks efficiency by entering at the C point and trading the move to the D point.
⠀⠀Harmonic Scanner TakeProfitMap - A supporting script for scanner, that tracks highest potencial profits from historical transactions to better determine the appropriate take profit values for a given financial instrument.
⠀⠀More components is under developement...
If you prefer a video explanation, please refer to the "HowTo: Harmonic Idea" video.
Script with limited access, contact author to get authorization
Script settings:
Extreme area - Specifies the range in which low/high need to be the lowest/highest bar to be counted as XABCD point.
XA limit - Specifies the maximum distance between successive points in XABCD formation pattern.
Inaccuracy ‰ - It determines the maximum deviation from the conditions that must be met by the pattern. Larger value will produce more duplicates.
Relaxed formations - Formations marked with * will be relaxed on CBD retracement.
List of formations, each letter enables specific formation.
Visualization section with independent settings for the folowing groups:
- Estimated formations ( high or low are still unconfirmed but their confirmation will add new potencial formation),
- Potencial (formations tracked for statistics)
- Existing
For each group of formations following settings can be customized:
- Color used for drawing formation shape
- Checkbox for enabling/disabling shape visualization
- Checkbox for enabling/disabling target visualization
- Picker for selecting the label type
⠀⠀- h(ide)
⠀⠀- s - Labels with small font
⠀⠀- S - Labels with normal font
StopLoss - Displays stoploss value for potencial and Estiamted formations.
Hide not precised D - It is expected that the price will change direction in D points, but for some potencial formations price is reaching D point area and continue in the same direction. With this option, you can hide these formations.
Transparency settings - Adjust the transparency of formation shapes and targets.
Statistics - Picker for statistics table type:
H(ide) - Hides the statistics table.
P(ositions) - Shows a list of positions with their corresponding stop loss and take profit values. Take profit values that have been reached are highlighted.
% - Displays the efficiency of formations, split by take profit values.
%W - Displays the efficiency of formations, split by take profit values and weighted by formation size.
Position filter - A filter that works with the P(ositions) statistics.
Troubleshooting:
In case of any problems, please send error details to the author of the script.
Opening Range with FibsThe indicator uses a time range and another instrument for time reference, so that it works in the time zone you care about. I have set the default to SPX500USD since it is in EST ( SPX , ES and many futures are on Chicago time and opening range gets confused). You can change the reference instrument in the settings.
You can also change the multipliers and use other values instead of 1.272 and 1.618 for Fib extensions.
TradingView has a limit as to how many objects an indicator can create so if you want to go back further for visual backtesting - use the replay tool - it will be able to draw up to the time you selected within its limits.
Let me know if you need anything else...
Happy Trading!
Harmonic Sine Waves model plot Hey,
Here is another tool that I created. I could not find anything similar.
This script is creating a sine wave, based on the given length, amplitude, horizontal vertical offset.
After this it plots also nearest harmonics to the base sine wave and draws it on the chart.
At the last step it sums up the value for base sine wave with its harmonics.
This is a great way to experience how 4 basic sine waves, when summed up, are creating more complex chart.
This shows that the 'chaotic' chart can be built on just a few most important factors.
You do not have to "know every single fact" about the asset to make a proper forecast.
You just need those most important.
It is crucial though, to offset the chart in a correct way, so it is in phase with the asset that we work on.
BEST ABCD Pattern Screener Deribit:DVOL BTC DXY scannerModified this script by Daveatt (based on Ricardo Santos Fractals)
to scan patterns in BTCUSD, ETHUSD, DVOL, DXY, DVOL/VV
Tailored-Custom Hamonic Patterns█ OVERVIEW
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!
DEMO - FxCanli Harmonic SniperEN - TradingView FxCanli HARMONIC SNIPER indicator can draw 9 different patterns on your charts and also give alerts when any pattern triggered, hit Stop and TP levels.
DEMO VERSION of Harmonic Sniper works on only GBPNZD and XRPUSDT charts
TR - TradingView FxCanlı HARMONIC SNIPER İndikatörü , grafiklerinizde 9 ayrı formasyonu çizer ve Formasyon aktif olduğunda ve Hedef / Stop seviyelerine ulaştığında alarm verir.
Harmonic Sniper DEMO VERSİYONU sadece GBPNZD ve XRPUSDT grafiklerinde çalışır
PATTERNS / FORMASYONLAR
* Gartley
* Bat
* Butterfly
* Crab
* Cypher
* AB=CD
* Libra
* PRJ
* 2618
FEATURES & EXAMPLES / ÖZELLİKLER & ÖRNEKLER
**************************************************************
Multi Language / Çok Dil
EN - You can get alerts in English or Turkish language
TR - Alarmları İngilizce veya Türkçe olarak alabilirsiniz.
Wave Type / Dalga Tipi
EN - You can choose the wave types, Small or Medium or Small+Medium
TR- Dalga tipini seçebilirsiniz. Small veya Medium veya Small+Medium
Pattern Number / Formasyon Sayısı
EN - As a default it shows one Bullish and one Bearish pattern , you can set it 2 or more and also you may just want it to show just Bullish or Bearish Patterns
TR - Varsayılan olarak bir Boğa ve bir Ayı formasyonu gösterir, 2 veya daha fazla olarak da ayarlayabilirsiniz ve ayrıca sadece Boğa veya Ayı Formasyonu göstermesini isteyebilirsiniz.
Pattern and Trade Levels Settings / Formasyon ve İşlem Seviyeleri Ayarları
EN - You can set size, color, line type of any trade levels. Also you can choose to show the name and price of the patterns and trade levels.
TR - Herhangi bir işlem seviyesinin boyutunu, rengini, çizgi türünü belirleyebilirsiniz. Ayrıca Formasyonların ve işlem seviyelerinin adını ve fiyatını göstermeyi seçebilirsiniz.
Backtest / Geriye Dönük Test
EN - You can make backtest of any pattern
TR - Herhangi bir formasyonun geriye dönük testini yapabilirsiniz
Gartley Pattern/Formasyonu
Bat Pattern/Formasyonu
Butterfly Pattern/Formasyonu
Cypher Pattern/Formasyonu
Crab Pattern/Formasyonu
AB=CD Pattern/Formasyonu
PRJ Pattern/Formasyonu
2618 Pattern/Formasyonu
Libra Pattern/Formasyonu
PZ Session SplitterSplit any 24-hour session into 3 segments to determine range statistics and midpoints. Ideal for futures traders to analyze the overnight sessions (Asia and Europe). Also great for splitting the day session into different parts (initial balance, mid-day, closing power-hour). Customize colors and names of sessions along with 50% and 25% midpoints.
Harmonic Patterns Based SupertrendExtending the earlier implemented concept of Harmonic-Patterns-Based-Trend-Follower , in this script, lets make it work as supertrend so that it is more easier to operate.
🎲 Process
🎯 Derive Zigzag and scan harmonic patterns for last 5 confirmed pivots
🎯 If a pattern is found, bullish and bearish zones are calculated based on parameter Base
🎯 These bullish and bearish zones act as supertrend based on current trade in progress.
🎯 When in bullish mode, bearish zone will only go up irrespective of new pattern forming new low. Similarly when in bearish mode, bullish zones will only come down - this is done to imitate the standard supertrend behaviour.
🎲 Note
Patterns are not created on latest pivot as last pivot will be unconfirmed and moving. Due to this, patterns appear after certain delay - patterns will not be real time. But, this is expected and does not impact the overall process.
Here are few chart captures to demonstrate how it works.
🎲 Settings
Settings are explained in the screenshot below.
Harmonic Patterns Based Trend FollowerEarlier this week, published an idea on how harmonic patterns can be used for trend following. This script is an attempt to implement the same.
🎲 Process
🎯 Derive Zigzag and scan harmonic patterns for last 5 confirmed pivots
🎯 If a pattern is found, highest point of pattern will become the bullish zone and lower point of the pattern will become bearish zone.
🎯 Since it is trend following method, when price reaches bullish zone, then the trend is considered as bullish and when price reaches bearish zone, the trend is considered as bearish.
🎯 If price does not touch both regions, then trend remains unchanged.
🎯 Bullish and bearish zone will change as and when new patterns are formed.
🎲 Note
Patterns are not created on latest pivot as last pivot will be unconfirmed and moving. Due to this, patterns appear after certain delay - patterns will not be real time. But, this is expected and does not impact the overall process.
When new pattern formed
When price breaks over the zones
🎲 Output
🎯 Patterns formed are drawn in blue coloured lines. Due to pine limitation of max 500 lines, older patterns automatically get deleted when new ones come.
🎯 Bullish Zone and Bearish Zone are plotted in green and red colours and the zone will change whenever new pattern comes along.
🎯 Bar colors are changed according to calculated trend. Trend value can be 1 or -1 based on the current trend. You can also find the value in data window.
🎯 For simplicity purpose, input option for selection of specific patterns are not provided and also pattern names are not displayed on the chart.
Auto Harmonic Pattern - Backtester [Trendoscope]We are finally here with the implementation of backtesting tool for Auto-Harmonic-Pattern-UltimateX .
CAUTION: THIS IS NOT A STRATEGY AND SHOULD NOT BE FOLLOWED BLINDLY. WE ENCOURAGE USERS TO UTILISE THIS AS BACKTESTING TOOL FOR BUILDING THEIR STRATEGY BASED ON HARMONIC PATTERNS
This script is based on our premium indicator - Auto-Harmonic-Pattern-UltimateX . In this script, along with implementation of scanning harmonic patterns, we provide various options via settings which enables users to build their own strategy based on harmonic patterns, use them with custom coded filters, backtest them on various tickers and timeframes.
Harmonic Patterns is concept and we can trade harmonic pattern in many ways. While general interest around harmonic patterns is to find reversal zones and use them for short term swing trades. But, using it along trend following strategies can also be very rewarding. Here is one of the educational idea I shared about using harmonic patterns for trend following. These are just few possibilities where users can explore further on how they want to trade this. The settings of this script are crafted in such a way that it enables users to explore all these possibilities.
🎲 Components
Chart components of this script is lighter compared to Auto Harmonic Pattern - UltimateX. This is because we want to keep lighter interface in order to support seamless execution of emulator. Since pine strategy framework does most of the things such as calculating profitability, keeping track of trades and results etc, display with respect to - "Closed Trade Stats" are removed from this script and "Open Trade Stats" are made lighter.
🎲 Settings
🎯 Trade Settings : Few important settings under this section are
Due to pine limitations, we will not be able to support both long and short in a same setup. Hence, users need to chose either long or short trade setup.
Entry/Base/Target play important role in defining your strategy.
Confluence is another important factor which lets users use multiple patterns at once as confirmation.
🎯 Zigzag Settings : Zigzag settings determine the size of patterns being formed.
Please note that smaller patterns may not yield very good results and larger patterns may take time to complete trade. Similarly higher depth can cause runtime issues. Recursive zigzag option is alternative to deep search algorithm.
🎯 Filters :
Filters enable users to select trades based on specific conditions. Ability to use external filter even allows writing and using custom filters to be used with this algorithm. Here is a video which explains how this can be done. HOW-TO-Use-external-filters
Pattern filters allow users to pick and chose patterns they want to trade. This can be done either individually or based on category
🎯 Alerts :
Apart from strategy specific alerts, the script also implements customisable alerts via pine alert() function. Alerts can be configured to send upon three conditions
When new pattern is created
When an existing pattern updates entry/stop/target due to safe repaint of D (Only happens when Trail Entry Price is selected)
When a pattern in trade closes either due to hitting stop or target
Important Note: Alerts fired via this method may not match the trades shown on chart as trades which are controlled via pine strategy emulator depends on various other factors such as pyramiding.
Alert template is customisable and users can make use of available placeholders to get dynamic data in alerts. Valid placeholders are
{alertType} - Alert type - New/Update/Close
{id} - Pattern Id
{ticker} - Ticker
{timeframe} - Chart timeframe
{price} - Current price
{patterns} - Identified pattern names
{direction} - Direction - Long/Short
{entry} - Entry Price
{stop} - Stop Price
{target} - Target Price
{orderType} - Limit/Stop - applicable for only New and Update types
{status} - Trade status. Valid values are Pending/Cancelled/Stopped/Success
Template is common for all custom alert types. Hence, updating the template will impact all custom alerts - New/Update/Close
{
"alert" : "{alertType}",
"id" : {id},
"ticker" : "{ticker}",
"timeframe" : "{timeframe}",
"price" : {price},
"patterns" : "{patterns}",
"direction" : "{direction}",
"entry" : {entry},
"stop" : {stop},
"target" : {target},
"orderType" : {orderType}
"status" : {status}
}
Here is a video on how to customise the alerts using templates and placeholders - HOW-TO-Customize-Alerts-With-Placeholders
🎯 Miscellaneous :
These are simple settings to control display and backtest bars. If you are running alerts, we suggest turning of Open Trades and Drawings and limit backtest to minimal value in order to improve efficiency of
🎯 Backtest Engine Parameters :
Default settings are optimised for trend following. Users are encouraged to play around with settings and filters to build strategy out of this tool.
Position sizing is not leveraged. Margin settings makes sure that trades cannot exceed capital.
All measures are taken to avoid repainting. Script does not use request.security and real time bars. This drastically reduces the risk of repainting in scripts.
If you are premium user, please select "Bar Magnifier".
30MIN CYCLE█ HOW DOES IT WORK?
The known 90 min cycle is used as one killzone. But actually all 18 min are relevant to search for a trade. All 18 min when a new box starts only then is the placement of an order valid. If the entry candle isn't in a box then it will probably fail. The boxes should only be used in the M1 or M5 timeframe. The best hitrate is in the M1 timeframe. Included are the last 48 "Mini-Killzones" für intraday trading and backtesting. These "Mini-Killzones" can be used with the "Liquidity Inducement Strategy".
█ WHAT MAKES IT UNIQUE?
This is the first indicator on tradingview that shows all mini-killzones for trading and backtesting a whole tradingday. The well-known killzones of ICT are from 08:00-11:00 and 14:00 - 17:00 (UTC+1) but with this indicator there is finally a refinement of the ICT Smart Money Concept killzones.
█ HOW TO USE IT?
For a proper use of this indicator we suggest to know already at least SMC or better Liquidity Indcuement Trading. This indicator is a further confluence before placing an order. After you made your setup you will have these mini-killzones as a confluence. We don't suggest to open a trade only according to this indicator.
█ ADDITIONAL INFO
This indicator is free to use for all tradingview users.
█ DISCLAIMER
This is not financial advice.
Harmonic Pattern Table UDT█ OVERVIEW
This table indicator was intended as helper / reference for using XABCD Pattern drawing tool.
The values shown in table was based on Harmonic Trading Volume 3: Reaction vs. Reversal written by Scott M Carney.
Code upgrade from Harmonic Pattern Table (Source Code) and based on latest User-Defined Type (UDT) .
As a result, code appeared more cleaner.
█ FEATURES
1. List Harmonic Patterns.
2. Font size small for mobile app and font size normal for desktop.
3. Options to show Animal name in text, emoji or both.
█ USAGE
Similar to Harmonic Pattern Table (Source Code).
█ CREDITS
Scott M Carney, Trading Volume 3: Reaction vs. Reversal
Multi-timeframe Harmonic PatternsHello friends. In recent months I have been busy with my academic research and haven't had much time to publish new scripts. To fill the gap of these months, I decided to publish the indicator Multi-timeframe Harmonic Patterns . Harmonic technical chart patterns can predict the next price trend and provide traders with clues to the price direction, which is one of the indicators widely used by professional traders.
(1) Indicator description
This indicator is built on ZigZag Multi Time Frame with Fibonacci Retracement@LonesomeTheBlue . Thanks to LonesomeTheBlue for contributing the awesome indicator
The indicator supports 6 different timeframes , and 25 different harmonic patterns
This indicator supports indicating key indicator prices: entry price, stop loss price, and two take profit prices
(2) Key parameters
timeframe resolution: The timeframe of the harmonic pattern
pivot high/low source: Calculation method of high/low pivot points
timeframe pivot period: Minimum period of high/low pivot points
delay for confirmations: Wait for N candles to confirm the chart pattern
bullish/bearish colors: Bullish/bearish pattern colors
enable harmonic patterns: Enable current harmonic patterns
show harmonic patterns: Show harmonic patterns found
show trading prices of patterns: Show key prices of harmonic patterns
(3) Supported Patterns:
Gartlay
Cypher
Bat
Deepcrab
Crab
Butterfly
Shark
0-5
AB=CD
3-Drives
Anti-Gartlay
Anti-Cypher
Anti-Bat
Anti-Crab
Anti-Butterfly
Anti-Shark
Black-Swan
White-Swan
Descending-Triangle
Ascending-Triangle
Symmetrical-Triangle
Headers&Shoulders
Inverse-Headers&Shoulders
Double-Top
Double-Bottom
————————————————————————————————————————
各位朋友大家好。最近几个月我忙于自己的学术研究没有过多时间更新脚本。为弥补这几个月的空缺，我决定发布该 多时间周期的谐波指标 。谐波技术图表形态在一定程度上可以预测下一个价格走势，为交易者提供价格方向的线索，是广大专业交易人员广泛使用的指标之一。
(1) 指标说明
该指标建立于 ZigZag Multi Time Frame with Fibonacci Retracement@LonesomeTheBlue ，感谢LonesomeTheBlue贡献的出色指标
该指标支持 6种不同的时间周期 ，以及 25种不同的谐波形态
该指标支持指示关键的指标价格：入场价格、止损价格、以及两种止盈价格
(2) 关键参数
timeframe resolution: 谐波形态的时间周期
pivot high/low source: 高/低枢纽点的计算方式
timeframe pivot period: 高/低枢纽点的最小周期
delay for confirmations: 等待N个蜡烛以确认图表形态
bullish/bearish colors: 看涨/看跌的形态颜色
enable harmonic patterns: 使能当前的谐波形态
show harmonic patterns: 显示被发现的谐波形态
show trading prices of patterns: 显示谐波形态的关键价格
(3) 支持形态:
Gartlay
Cypher
Bat
Deepcrab
Crab
Butterfly
Shark
0-5
AB=CD
3-Drives
Anti-Gartlay
Anti-Cypher
Anti-Bat
Anti-Crab
Anti-Butterfly
Anti-Shark
Black-Swan
White-Swan
Descending-Triangle
Ascending-Triangle
Symmetrical-Triangle
Headers&Shoulders
Inverse-Headers&Shoulders
Double-Top
Double-Bottom
Wolfe Strategy [Trendoscope]Hello Everyone,
Wish you all Merry X-Mas and happy new year. Lets start 2023 with fresh new strategy built on Wolfe Indicator. Details of the indicator can be found here
🎲 Wolfe Concept
Wolfe concept is simple. Whenever a wedge is formed, draw a line joining pivot 1 and 4 as shown in the chart below:
For simplicity, we will only consider static value for Target and Stop. But, entry is done based on breaking the triangle. Revised strategy looks something like this:
🎲 Settings
Settings are simple and details of each are provided via tooltips.
Out of these, the most important one is minimum risk reward ratio. If you set lower risk reward threshold then losing few trades may generate more losses than more winning trades. Similarly higher value will filter out most of the trades and may not work efficiently. Default value set to 1 to make sure optimal risk reward is present before placing trade. Also make note that since the entry bar is always moving towards stop, as and when pattern progress, the RR will also increase. Hence, a pattern which is below RR threshold may become good to trade at certain point of time in future.
🎲 Strategy Parameters
Default strategy parameters are initialised via definition. Margins are set to 100 to disable leveraged trades. Appropriate values are chosen for other parameters. These can be altered based on individual strategy and trading plan.
As the strategy concentrates on the single pattern, number of trades generated are comparatively less. But, there is chance to increase the algorithm further to catch more such patterns on larger scale. Will try to work on them in next versions.
🎲 Pine Strategy limitations
Backtest can only be done on one direction as pine strategy cannot have both long and short open trades together. Hence, it is mandatory to chose either long/short trades in settings.
Since pyramiding is limited to 1, there is possibility of a pattern not generating trade even though the entry conditions are met. They are just based on pine limitations and not necessarily mean patterns are not good for placing trades.
Conditional Chart Pattern Signals: Part 3CCPS uses exclusive method to finalize pivot points and has more options to refine chart patterns.
Pattern List:
• AB=CD Bearish
• AB=CD Bullish
• Deep Crab Bearish
• Deep Crab Bullish
• Alternate AB=CD Bearish
• Alternate AB=CD Bullish
• Alternate Bat Bearish
• Alternate Bat Bullish
Label Tooltip: Show more information of the signal.
Volume: Random/Up/Down is determined by linear regression. Show pattern if volume trend is not required/up/down.
Percentile %: Intraday: 60 (active). Day and above: set at your preference. Range 0-100. A value of 0 means that no filter is applied and all patterns satisfy the condition. A value of 100 means that no pattern satisfies the condition.
Confirm Time: 1-3 candles.
Candle: Random/Bullish/Bearish.
Specification:
tinyurl.com
Usage:
Enter at the open of the next bar after the signal or right when the signal appears (depending on your very own evaluation of the market at that time as sometimes price could reach targets within one bar). Adding caution, a little bit of experience will be needed to recognize if price actually reacts and follows the signals generated by CCPS.
Stop-loss suggested by the signal is generated as a quick analysis. In general, you need to place the stop-loss higher or have your own deeper analysis to have it. Take profit based on your preference of risk and/or other indicators of target/support/resistance.
Other Features:
• Non-repainting: show honest signals on the realtime bar, not on historical bars.
• Compact design.
• Support alerts.
Markets: All (Not designed and developed for a specific market). Test on: forex, index, commodity.
Timeframes: All (Not designed and developed for a specific timeframe). Test on: 30m, 1D, 1W, 1M.
Remark:
• Reversal patterns do not have magic. Indeed, they belong to counter-trend strategy and technical analysis of high-probability (potential) reversal zone. In case of more powerful fundamental factors, a trend could continue and break reversal patterns.
• We have tried to integrate multiple base periods in the indicator but the execution time limitation for one indicator does not allow us to do so. As a result, users need to manually add the indicator multiple times with different base periods in order to find more patterns. Some common base periods are 5, 10, 15 and 20. In the future, if the platform lifts the limitation, we will have a version in which the indicator would automatically scan different base periods for users.
• Because compiled script code limit is 65000, the indicator is separated into different parts. Each part contains different patterns and could be considered as an independent detector.
Conditional Chart Pattern Signals: Part 2CCPS uses exclusive method to finalize pivot points and has more options to refine chart patterns.
Pattern List:
• Shark Bearish
• Shark Bullish
• Cypher Bearish
• Cypher Bullish
• Three Drives Bearish
• Three Drives Bullish
• 5-0 Bearish
• 5-0 Bullish
Label Tooltip: Show more information of the signal.
Volume: Random/Up/Down is determined by linear regression. Show pattern if volume trend is not required/up/down.
Percentile %: Intraday: 60 (active). Day and above: set at your preference. Range 0-100. A value of 0 means that no filter is applied and all patterns satisfy the condition. A value of 100 means that no pattern satisfies the condition.
Confirm Time: 1-3 candles.
Candle: Random/Bullish/Bearish.
Specification:
tinyurl.com
Usage:
Enter at the open of the next bar after the signal or right when the signal appears (depending on your very own evaluation of the market at that time as sometimes price could reach targets within one bar). Adding caution, a little bit of experience will be needed to recognize if price actually reacts and follows the signals generated by CCPS.
Stop-loss suggested by the signal is generated as a quick analysis. In general, you need to place the stop-loss higher or have your own deeper analysis to have it. Take profit based on your preference of risk and/or other indicators of target/support/resistance.
Other Features:
• Non-repainting: show honest signals on the realtime bar, not on historical bars.
• Compact design.
• Support alerts.
Markets: All (Not designed and developed for a specific market). Test on: forex, index, commodity.
Timeframes: All (Not designed and developed for a specific timeframe). Test on: 30m, 1D, 1W, 1M.
Remark:
• Reversal patterns do not have magic. Indeed, they belong to counter-trend strategy and technical analysis of high-probability (potential) reversal zone. In case of more powerful fundamental factors, a trend could continue and break reversal patterns.
• We have tried to integrate multiple base periods in the indicator but the execution time limitation for one indicator does not allow us to do so. As a result, users need to manually add the indicator multiple times with different base periods in order to find more patterns. Some common base periods are 5, 10, 15 and 20. In the future, if the platform lifts the limitation, we will have a version in which the indicator would automatically scan different base periods for users.
• Because compiled script code limit is 65000, the indicator is separated into different parts. Each part contains different patterns and could be considered as an independent detector.
Conditional Chart Pattern Signals: Part 1CCPS uses exclusive method to finalize pivot points and has more options to refine chart patterns.
Pattern List:
• Bat Bearish
• Bat Bullish
• Butterfly Bearish
• Butterfly Bullish
• Crab Bearish
• Crab Bullish
• Gartley Bearish
• Gartley Bullish
Label Tooltip: Show more information of the signal.
Volume: Random/Up/Down is determined by linear regression. Show pattern if volume trend is not required/up/down.
Percentile %: Intraday: 60 (active). Day and above: set at your preference. Range 0-100. A value of 0 means that no filter is applied and all patterns satisfy the condition. A value of 100 means that no pattern satisfies the condition.
Confirm Time: 1-3 candles.
Candle: Random/Bullish/Bearish.
Specification:
tinyurl.com
Usage:
Enter at the open of the next bar after the signal or right when the signal appears (depending on your very own evaluation of the market at that time as sometimes price could reach targets within one bar). Adding caution, a little bit of experience will be needed to recognize if price actually reacts and follows the signals generated by CCPS.
Stop-loss suggested by the signal is generated as a quick analysis. In general, you need to place the stop-loss higher or have your own deeper analysis to have it. Take profit based on your preference of risk and/or other indicators of target/support/resistance.
Other Features:
• Non-repainting: show honest signals on the realtime bar, not on historical bars.
• Compact design.
• Support alerts.
Markets: All (Not designed and developed for a specific market). Test on: forex, index, commodity.
Timeframes: All (Not designed and developed for a specific timeframe). Test on: 30m, 1D, 1W, 1M.
Remark:
• Reversal patterns do not have magic. Indeed, they belong to counter-trend strategy and technical analysis of high-probability (potential) reversal zone. In case of more powerful fundamental factors, a trend could continue and break reversal patterns.
• We have tried to integrate multiple base periods in the indicator but the execution time limitation for one indicator does not allow us to do so. As a result, users need to manually add the indicator multiple times with different base periods in order to find more patterns. Some common base periods are 5, 10, 15 and 20. In the future, if the platform lifts the limitation, we will have a version in which the indicator would automatically scan different base periods for users.
• Because compiled script code limit is 65000, the indicator is separated into different parts. Each part contains different patterns and could be considered as an independent detector.
Strategy Myth-Busting #20 - HalfTrend+HullButterfly - [MYN]#20 on the Myth-Busting bench, we are automating the " I Found Super Easy 1 Minute Scalping System And Backtest It 100 Times " strategy from " Jessy Trading " who claims 30.58% net profit over 100 trades in a couple of weeks with a 51% win rate and profit factor of 1.56 on EURUSD .
This one surprised us quite a bit. Despite the title of this strategy indicating this is on the 1 min timeframe, the author demonstrates the backtesting manually on the 5 minute timeframe. Given the simplicity of this strategy only incorporating a couple of indicators, it's robustness being able to be profitable in both low and high timeframes and on multiple symbols was quite refreshing.
The 3 settings which we need to pay most attention to here is the Hull Butterfly length, HalfTrend amplitude and the Max Number Of Bars Between Hull and HalfTrend Trigger. Depending on the timeframe and symbol, these settings greatly impact the performance outcomes of the strategy. I've listed a couple of these below.
And as always, If you know of or have a strategy you want to see myth-busted or just have an idea for one, please feel free to message me.
This strategy uses a combination of 3 open-source public indicators:
Hull Butterfly Oscillator by LuxAlgo
HalfTrend by Everget
Trading Rules
5 min candles but higher / lower candles work too.
Stop loss at swing high/low
Take Profit 1.5x the risk
Long
Hull Butterfly gives us green column, Wait for HalfTrend to present an up arrow and enter trade.
Short
Hull Butterfly gives us a red column , Wait for HalfTrend to present a down arrow and enter trade.
Alternative Trading Settings for different time frames
1 Minute Timeframe
Move the Hull Butterfly length from the default 11 to 9
Move the HalfTrend Amplitude from the default 2 to 1
Enabling ADX Filter with a 25 threshold
2 Hour Timeframe
Move the HalfTrend Amplitude from the default 2 to 1
Laddered Take Profits from 14.5% to 19% with an 8% SL
Custom XABCD Validation and Backtesting ToolOverview:
We hear a lot about Gartleys, bats, crabs and the rest of the barnyard crew, but have you ever wondered what other creatures might be lurking out there yet to be discovered? Well wonder no longer, it's time to find out for yourself! The Custom XABCD Validation and Backtesting Tool allows you to define retracement ratios and targets for your very own patterns.
Tips:
(1) Adjust the patterns entry/stop/target configuration and see how it affects the pattern's backtesting results.
(2) Adjust the weights of pattern score components (% error, PRZ confluence, Point D/PRZ confluence), along with the entry minimum score requirements ('If score is above'), and see how it affects the patterns' results.
Pattern Scoring:
The pattern's score is an attempt to represent the quality of a pattern with a single metric. This is one of the most powerful aspects of the tool because it can quickly tell you whether a trade is worth entering. The score is based on 3 components:
(1) Retracement % Accuracy - this measures how closely a pattern's retracement ratios match your defined theoretical values. You can change the "Allowed ratio error %" in Settings to be more or less inclusive.
(2) PRZ Level Confluence - Potential Reversal Zone levels are retracements of the XA, BC, and/or XC legs. These levels indicate where a potential reversal might occur (i.e. pivot point D). The PRZ Level Confluence component measures the closeness of the two closest PRZ levels, relative to the height of the of the XA leg.
(3) Point D / PRZ Confluence - this measures the closeness of point D to either of the two closest PRZ levels (identified in the PRZ Level Confluence component above), relative to the height of the XA leg. In theory, the closer together these levels are, the higher the probability of a reversal.
While the score is percentage-based, it should not be confused with a probability. A score of 96% does not imply a 96% chance of success. It simply represents the average of the three components mentioned above, weighted according to the defined weight parameters. A score of 100% would mean that (1) all leg retracements match the defined theoretical retracement ratios exactly, (2) all PRZ retracement levels are exactly the same value, and (3) pivot point D occurred exactly at the confluent PRZ level.
Pattern scoring research has been ongoing since I introduced the concept with my Harmonic Pattern Detection, Prediction and Backtesting Tool (see below). So the way that the score is calculated is subject to change based on the results of that research.
