Some of it's features:
- You can check an unlimited number of the high/low points (the free version only checks the last 5 points). Use the "Number of points to check" option to configure how many points to check.
- Configurable error tolerance - you can set how many % the detected formation can differ from the "ideal" formation. (the free version uses the hardcoded 5% value)
- Formations displayed on top of each other can be moved using the "Move chart" option. When two or more formations share the same points on the chart, only the topmost is visible. With the "move chart" option enabled (it's enabled by default), we move all those points up/down a bit to make all the lines nicely visible and easy to follow
- Each formation uses different color on the chart, so it's easier to follow them
- You can change the width of the ZigZag and formation lines
- Detects the Gartley , Butterfly , Bat, Alternate Bat , Crab , Deep Crab , and Cypher .
Important: Checking for more than 200 points and displaying the ZigZag pattern + "No formation" labels at the same time might make the script too slow to render and result in a "Script error". When that happens, disable the ZigZag /"No formation" labels or decrease the number of points to check.
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Works for different types of commodities:
Works for different intervals:
Some securities work better than others with harmonic patterns:
- The most requested feature - alerts - are finally here. You can add alerts to get notifications when new patterns appear.
- You can disable specific patterns. If you only want to see, let's say, "Gartley Up" or "Cypher Down" patterns, you can disable all other patterns.
- Before, when you used a short interval (seconds or minutes), the script was crashing after the first few bars. This has been fixed, and the script is much more stable. If you want to use it for short intervals, make sure to decrease the "Number of points to check" for better performance (you're anyway interested in the newest points on the chart).
- When multiple patterns share the same points on the chart, they will shadow each other (that is, the topmost chart and label will hide everything that's beneath). This problem was solved in the previous version by the "Move charts" option. But "Move charts" was always moving the charts by the same percentage of the price (TradingView doesn't support moving lines by a specific number of pixels). For 1H, 1D, or 1W intervals, this wasn't a problem, but for small intervals, the charts were moved too much. Now you can select by how much you want to move the charts in the configuration.
- We also added an option to move the labels (if multiple patterns share the same label location).
- Added 88 checkboxes to the options that allow you to disable any retracement level that you don't want to use. That way, you can configure which retracements you wish to use (because maybe you have your own preference over what the literature proposed). For example, if you are looking for a "Perfect Bat Pattern" (described in "Harmonic Trading Volume 1" by Scott Carney), you can enable the 0.382 retracement level for XAB, 0.5 and 0.618 for ABC, 2.0 for BCD and 0.886 for XAD leg and disable all other retracement levels for Bat pattern.
- The new "Show retracement levels?" option displays the retracement levels for each pattern found. You can see the exact values of XAB, ABC, and other pattern legs displayed directly below the pattern name. The same information is also displayed when you hover your mouse cursor over the label with the pattern name (no matter if the "Show retracement levels?" option is enabled or disable). This is useful when labels are hard to read because they are on top of each other.
- Improved accessibility by adding options to change the color of the labels and text. If you don't like (or don't see well) the default black text on a red (sell pattern) or green (buy pattern) background, you can change those colors.
- Updated default of "Depth of a zigzag pattern" from 6 to 10 (it's a better default value for any interval).
The script should no longer throw the "Pine cannot determine the referencing length of a series" error, and the "Loop is too long (> 200 ms)" error should happen much less often.
- You can now put a custom alert message. How to do this? When adding a new alert, in the "Condition" field select "Harmonic Scanner Pro", and then in the next select box, you can choose between "Any alert() function call" (this is the standard alert that was available before) and "Alert with custom message" (this one lets you put a custom alert message). This feature is useful if you use external bots for trading. You can specify your bot's URL and a custom message that this bot will use.
- You can now set error tolerance per each leg of the pattern. By default, the "Error tolerance (in %)" configuration option is used for all legs. But in the "Custom error tolerance for each leg" configuration section, you can specify error tolerance for a given leg (don't forget to enable the checkbox to make that custom error tolerance actually work).
- Changed default ZigZag depth to 20, as it's a better default value than 10.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact PatternsHunters for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.
Warning: please read before requesting access.