Harmonic Pattern utilizes the recognition of specific structures that possess distinct and consecutive Fibonacci ratio alignments that quantify and validate harmonic patterns. These patterns calculate the Fibonacci aspects of these price structures to identify highly probable reversal points in the financial markets. This methodology assumes that harmonic patterns, like many patterns and cycles in life, continually repeat.
Input Parameters: Zigzag Setup: These group of parameters are used to identify the swing points. The script also draws the Zigzag line and swing labels based on these parameters.
Harmonic Pattern Setup: Ignore XD leg calculations – Optionally one can choose to ignore the XD leg calculation. Fixed value leg offset % - Fixed value leg parameters are such parameters where single value Fibonacci value is used. This makes pattern identification very rare. To overcome this one can input % value which would be used to derive the range of Fibonacci numbers for pattern identification. E.g. XD leg in Bat pattern has fixed leg of 88.6%, If we input 5% as fixed value leg offset % then instead of fixed value of 88.6%, script calculates range as 88.6% + 5% (Value 1) and 88.6% - 5% (Value 2) and uses the same for pattern identification. The script plots a diamond shape label on the last candle of the chart. The label has been enabled with a tooltip which shows number of patterns of each type along with the time where latest pattern is located. This script covers harmonic patterns listed in the table below. Each harmonic pattern has bullish and bearish variants. All these patterns have 4 legs known as XABCD.
The Patterns have been configured as specified in the table below. Refer to Figure 1 and Figure 2 to understand how to read and interpret the table.
Figure 1
Figure 2
Phát hành các Ghi chú
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Added new input parameter 'Deviation %' This is how this input parameter is used in the pattern detection: e.g. BAT pattern have XB leg range as 38.2% to 50% and 'Deviation%' is set to 0.01 then while pattern detection range will be calculated by 50% + 0.01% and 38.2% - 0.01% This will help in detecting patterns which are little away from defined pattern leg ranges
Works sometimes, it missed a bearish cypher on AUDUSD 9th November seen on M15 and also missed a bearish cypher on USDCAD 14th November seen on M30. USDCAD example was textbook with the fib measurements
Sharad_Gaikwad
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@paradoxtrader1, I will check, can you please draw these missing patterns manually and share with me.
paradoxtrader1
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@Sharad_Gaikwad, Not sure how to send/ share an image on here. Increasing the % offset for the fib numbers and its not detecting.
USDCAD Friday 10th November - Tuesday 14th November best seen on M15 or M30. XB=0.645 AC= 1.195 BD= 1.208 XD=0.849 X - 1.38552 A - 1.37898 B - 1.38322 C - 1.37774 D - 1.38437
Sharad_Gaikwad
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@paradoxtrader1, Added new parameter 'Deviation %' to handle cases where pattern legs are little away from defined ranges. You may please try with new version.
ajayahuja902
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@Sharad_Gaikwad Hi, I have some patterns identified which I want to get coded into pine and develop a strategy. Could you help me with it.
TiBao
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It seems my post was not posted. because i wanted to add a picture. Microsoft: Bear butterfly, daily from 18 July to Nov 23. But the values are very different from your values in the table. Did you find it? AC 886 vs 1096 XB 786 vs 535 Deviation 4 should not bring such bad results?
TiBao
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Hi there, this is pretty good! Can I change the values inside "p_xabcd.push" if I want to use different values?