The concept of Harmonic Patterns was established by H.M. Gartley in 1932. Harmonic Patterns create by 4 peak (ABCD) or 5 peak (XABCD). In traditional, we have BAT pattern, Gartley pattern, butterfly pattern, crab pattern, deep crab pattern, shark pattern. Each pattern has its own set of fibonacci. In this indicator, we add more extended pattern named ZUP pattern. So we have total 37 pattern as follow
This indicator detects all above patterns, takes fibonacci projections as seriously as you do, displays the Potential Reversal Zone (PRZ) and finds suitable stop-loss and take-profit levels.
- It detects 19 different harmonic price formations
- It plots primary, derived and complementary Fibonacci projections (PRZ)
- It evaluates past price action and displays every past pattern (option)
- The indicator analyzes its own quality and performance
- It displays suitable stop-loss and take-profit levels
- It uses breakouts to signal suitable trades
- It plots all the pattern ratios on the chart
- It implements Alert/App notification/Telegram message
This indicator has been designed to fulfill the needs of the most purist and exigent traders. However, it implements a twist to make it easier to trade and making signals very reliable
- It waits for a Donchian breakout in the right direction before signaling the trade
- Or waits for Japanese Candle reverse pattern
How to use (setup parameter):
ABCD scan is using ABCD patter or not:
- -1 is not use
- >0 is use and value is tolerance of D, ex: [0.382-tolerance]BA<BC<[0.382+tolerance]BA
ABCD Rate of AC/BD (1 is perfect: AB=CD. Default is 1.5(BD<=AC<1.5*BD). -1 is not use)
XABCD fibonancy rate in range or exactly
- In range is pattern scaned in min,max range in rate table
- Exactly is use exact fibonanci level
XABCD Scan (Tolerance of fibonaci level (>0). Default:0): add Tolerance to min,max range. This option should use when XABCD fibonancy rate is in range.
...
Max bar from D to reversal point. Default is 10: from D to 10 candle after should have resever signal Donchian channel or Japanese candle
Legend for candle pattern:
//bullish
CANDLE_PATTERN_THREE_WHITE_SOLDIERS -> "c3ws"
CANDLE_PATTERN_PIERCING_LINE -> "cpl"
CANDLE_PATTERN_MORNING_DOJI -> "cmd"
CANDLE_PATTERN_BULLISH_ENGULFING -> "cbeare"
CANDLE_PATTERN_BULLISH_HARAMI -> "cbullh"
CANDLE_PATTERN_MORNING_STAR -> "cms"
CANDLE_PATTERN_BULLISH_MEETING_LINES -> "cbullml"
CANDLE_PATTERN_HAMMER -> "chammer"
//bearish
CANDLE_PATTERN_THREE_BLACK_CROWS -> "c3bc"
CANDLE_PATTERN_DARK_CLOUD_COVER -> "cdcc"
CANDLE_PATTERN_EVENING_DOJI -> "ced"
CANDLE_PATTERN_BEARISH_ENGULFING -> "cbulle"
CANDLE_PATTERN_BEARISH_HARAMI -> "cbearh"
CANDLE_PATTERN_EVENING_STAR -> "ces"
CANDLE_PATTERN_BEARISH_MEETING_LINES -> "cbearml"
CANDLE_PATTERN_HANGING_MAN -> "hanging"
