PatternsHunters

Harmonic Scanner

This script detects harmonic formations: Gartley , Bat, Butterfly , and Crab .

Unlike the other harmonic scanners, it analyzes more than the last five consecutive points. It checks up to 50 last high/low points and tries to find a pattern there. It also labels point D with information on what type of formation it is and if it's a signal to sell or buy.

The default error margin for each formation is 5% (so each point can be up to 5% different than the ideal value defined in the books).
I don't have enough reputation for linking other charts, but check it out with BATS:V (Visa) and BATS:JPM (JPMorgan Chase) to see more formations.
Release Notes: First fix :) I fixed the direction of labels, so they don't always point up, but they point up/down depending if they are on high/low points of the chart.
Release Notes: I'm republishing the release notes, because the previous version contained illegal link to our website (where we published a detailed tutorial on how to use this script)

Version 1.1 - first bigger update of the script:
  • Added "Alternate Bat", "Deep Crab", "Shark", and "Cypher" formations
  • Changed color of the "No formation" labels
  • Added option to modify the depth of the ZigZag. Low depth means lots of high/low points, but the script is slower. High depth means fewer high/low points, and the script is faster, but it might miss some points that are close to each other.
  • Added option to display the ZigZag formation (detecting formations is based on high/low points from the ZigZag pattern - you can now display the ZigZag to see which points are being checked).
  • Added option to hide "No formation" labels
Release Notes: Version 1.2: Configurable error margin, additional display options, and stability improvements

  • Configurable error tolerance (as requested by some users) - you can set how many % the detected formation can differ from the "ideal" formation.
  • Zigzag and formation lines' width can be adjusted in the configuration
  • The script is more stable and no longer crashes after a few new bars (when used with a small interval like seconds or minutes).
Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Want to use this script on a chart?
You can find more information about our scripts at https://www.patternshunters.com/

Comments

Hi dear, am certified harmonic trader, my suggestion for you to add the option of the tolerance per pattern, or you can modify it to be 3% for Gartley & Butterfly for the B point
+1 Reply
yo does this indicator repaint ive noticed it will show a pattern then it will disapper and say no formation.
Reply
PatternsHunters hashimbashimsubhash
@hashimbashimsubhash, Hi, in principle, it shouldn't repaint. That is - it only paints on the closed bars, not on the running ones. So when a new, closed bar is available, that's when the script runs.
I have never seen behavior like you described - that an existing pattern disappears. Could you give me more details on how to reproduce it?
Reply
I agree with the level of tolerance suggestion
Reply
@Steve666, @The_Q_Zones thank you for the suggestion. I've been using the 5% for a long time and I like it that way, but I understand that other traders have different preferences. I've created the Harmonic Scanner Pro that lets you modify the error tolerance (among other settings):
Reply
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