- This is not a scanner and it will not scan historical bars for harmonic patterns. This needs to be used rather as drawing tool instead.
- Script will not check if selected pivots are correct. It assumes users to know how to select the right XABCD based on pivot high/lows. Bullish pattern will have X, B and D as pivot lows and A,C as pivot highs. Similarly bearish patterns will have X, B, D as pivot highs and A, C as pivot lows.
- Script will not check for overflow conditions. For example, if price crosses, XB or BD line, then pattern is considered to be invalid. But, this check cannot be made in this script and we require users to be aware of this condition and select input accordingly.
- Order of inputs should be in ascending order. X pivot should come before A and then, B, C, D and F. This again is users responsibility to select pivots in right order.
What happens after selecting XABCD?
If selected pattern is valid harmonic pattern, it will
- Draw XABCD lines and labels
- Fill harmonic triangles
- Show PRZ box which shoes the name of valid patterns.
If it is not valid harmonic pattern, then users will see blank XABCD line without any PRZ or filled harmonic triangles.
1. When it is valid pattern
2. When it is not valid pattern
Also added option to enable/disable patterns via settings.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.