Auto Harmonic Pattern Projections (MTF)

6 Mei 2022

Hello traders, I am excited to introduce to you the Auto Harmonic Pattern Projections indicator!

How does it work?

This indicator identifies harmonic patterns by analyzing Zigzag pivot points on the chart and checking if the XABC points form the required Fibonacci retracements/extensions for each particular pattern type.
If the values are within their acceptable ranges after the C point is formed, then the indicator automatically projects the D point which is based on the required XA retracement/extension of that pattern and verifies it is also within the acceptable BC projection range.

Features:

• Automatically identifies and draws potential harmonic patterns in real time as soon as price breaks the B point of the pattern.
  - This early projection of a harmonic pattern gives you more time to analyze the chart before the price reaches the pattern’s completion point (D), to help you determine the probability of that pattern succeeding or failing.
  
• Multi-time frame (MTF) functionality lets you modify the Zigzag time frame to display patterns across multiple time frames without needing to change the chart time frame.
  
• Alerts can be added for each type of pattern which will trigger upon price breaking the B point.
  
• Individually select which types of harmonic patterns you would like displayed on the chart.
  
• Customizable options for each pattern (see below)
  

List of supported harmonic patterns:

• Bat Pattern
  
• Alt Bat Pattern
  
• Crab Pattern
  
• Deep Crab Pattern
  
• Butterfly Pattern
  
• Gartley Pattern
  
• Shark Pattern
  
• More will be added in the future! Check for updates below
  

Pattern options:

• Manually change the allowable ranges for each leg of the pattern, with tooltips for each pattern that provides users with the rules and criteria.
  
• Adjust stop loss level for each pattern.
  
• Change the color of the pattern’s lines, fills, and labels.
  
• Display the BC Projection level which is automatically determined based on the Fibonacci extension closest to the projected D point.
  
• Display the AB=CD level, 1.272AB=CD Extension, and/or 1.618 AB=CD Extension.
  
• Display the Stop Loss Level and Take Profit Levels
  

Example of a Butterfly Harmonic found, with the 1.272AB=CD level enabled


Preview of the indicator’s settings:




How to Set Up Alerts

• Select which patterns you would like to receive alerts on, by checking them off in indicator settings.
  
• Once you have made selections, click OK then save your chart.
  
• Right click on a harmonic pattern on the chart or click the ellipsis (3 dots) next to indicator name at top of chart then click “Add alert on MTF Auto Harmonic Pattern Projection”
  
• You may remove the default Alert Name if you’d like, as the alert message is already built in which informs user of the type of pattern found on a particular symbol.
  
• If you change any settings after alert has been created, you will have to remove the existing alert then re-add it following the steps above.
  

To gain access to this indicator, please send me a direct message for details

4 Jun 2022

Nota Keluaran

New options added!
You can now lighten or hide any patterns that fail or do not complete.
- A failed pattern is when the price breaks the stop loss level of the pattern.
- An incomplete pattern is when the price does not reach a particular level of the Price Reversal Zone (the level used varies according to the pattern type)

For both failed and incomplete patterns you have 3 options to select:
1.) Remain on Chart – This allows all patterns and its labels & lines to remain without modification
2.) Lighten Pattern – This will lighten the transparency of pattern and remove several labels & lines
3.) Hide Pattern – This completely hides the pattern and all of its labels & lines

Here is a snapshot of the new settings, with Lighten Pattern selected for both failed and incomplete patterns :

You also have the option to modify the transparency level of pattern when using the “Lighten Pattern” setting.

Here is an example of how the patterns will look on the chart with “Lighten Pattern” selected for both failed and incomplete patterns. The shark pattern on the left side failed (price exceeded stop loss level) and therefore became lighter, the gartley pattern in the middle was successful therefore it remained on chart, and finally the crab pattern on the right side never reached completion, and also became lighter. If you chose Hide pattern for either pattern, they would be removed from the chart entirely

13 Jun 2022

Nota Keluaran

- Added option to hide projected crab patterns until the X point of a bat pattern or gartley pattern has been broken. Once the X point of either pattern has been broken, then the projected crab pattern will appear on chart. The example picture below shows this option enabled for bat patterns. In the example you can see first a bat pattern was active on the chart, but there is no crab pattern showing because price is still under the X point of the bat pattern. The next picture to the right (a few bars later), shows the X point of the Bat being broken, and then the Crab Pattern appeared on chart. At the same time, the stop loss of the bat was broken and I have "Lighten Pattern" enabled for any failed patterns so the Bat pattern becomes grey and lightly colored in the background. You can turn both options on or off as you like.


- Added option to select which zone you would like drawn at the terminal point of harmonic pattern.
- You can choose to have a zone drawn from D point to Stop Loss or to draw the Price Reversal Zone (PRZ), or you can select to have no zone shown at all.
See this example below, with the first picture on the left showing zone drawn from D point to Stop Loss, and the second picture on the right showing the PRZ zone.

14 Jun 2022

Nota Keluaran

Minor update:
- Added option to display price values on Stop Loss and Take Profit Levels, or show the ratio value.

Side-by-side example of a harmonic pattern with price values selected (on left side) or fibonacci ratio selected (on right side)

26 Jun 2022

Nota Keluaran

Made updates to the "Incomplete Patterns" and "Failed Patterns" function.
- Now harmonic patterns can be tracked for longer to check if they have gone incomplete or have failed, rather than checking after only 1 zigzag has completed after the pattern was projected, it will check for a few more to ensure patterns are not being modified when they end up being successful.
- When using "Hide Crab Pattern until price breaks X of bat or gartley", now the alerts will not fire for the crab when this feature is enabled and will only fire an alert once the X of bat/gartley is broken. This way you don't get 2 alerts at the same time for a bat & crab or gartley & crab, you'll only first get the bat or gartley alert, then later you will get the crab alert only once the X point is broken for either bat or gartley.. If there is a crab pattern projected by itself, then the alert will fire as soon as the B point is crossed, just as it does normally for all the patterns.

5 Jul 2022

Nota Keluaran

Minor update to shark harmonics: better selection of AB projection for PRZ, previously too many shark harmonics went incomplete despite price reaching a suitable AB projection level.

5 Jul 2022

Nota Keluaran

Minor update

28 Feb 2023

Nota Keluaran

Minor Update

• Added "Right Label Offset" in settings. This user requested feature allows you to move the right side labels for: Stop Loss, Take Profit, AB=CD, and BC Projection further to the right.
  
• Fixed a bug where some incomplete patterns were not being flagged as incomplete. This should be resolved now.
  

21 Jul 2023

Nota Keluaran

**Major Update**

Overhaul of the Settings Menu:
- Settings are now better organized.
- Removed some unnecessary settings that were taking up too much space.
- Optimized the display of settings on mobile devices so it is no longer crowded.

New Features Added to Settings:

1. Zig Zag length can now be adjusted to as high as 100, allowing for much larger harmonic patterns.
   
2. Logarithmic mode has been added. This was a much-needed feature for those who primarily view charts in logarithmic scale. Now the user can enable the logarithmic mode and it will perform the proper calculations for harmonic patterns according to the log scale.
   
3. Stop Loss Trigger allows you to choose how the stop loss of each pattern is broken. You can either choose “High/Low” which triggers the stop loss as soon as the current price high breaks above it (in bearish patterns) or the current price low breaks below it (in bullish patterns). Alternatively, you can choose “1 Candle Close” which waits until the previous candle broke the stop loss level and closed beyond it, then the stop loss is triggered.
   
4. You can now choose to have only bullish or bearish patterns appear on the chart and trigger alerts. This can be useful if you are only interested in patterns that follow the current price trend.
   
5. Statistics Table has been added and can be turned on/off as well as change its location on the chart. This table will provide valuable data such as the net profitability or success rate vs. failure rate for each pattern type. Furthermore, all stats will update on the table with every change you make in the settings menu, which will allow you to fine-tune the settings to maximize your profitability.
   
6. The display of the price at SL/TP levels has been changed to only show up when you hover over the SL/TP labels. This makes the chart much cleaner while still allowing the user to easily identify the prices of these levels by hovering over them.
   
7. New alert options added: You can now toggle alerts for when the price first reaches the PRZ of a projected pattern. You can also toggle alerts for when the B point of a projected pattern is first broken.
   
8. Users can now fully modify the allowable range for both the B retracement point and C retracement point for each pattern.
   

Harmonic Pattern Updates:

• Overhaul of the pattern tracking system for a more reliable tracking of patterns when they fail, reach TPs, or become incomplete. It will continue to track patterns and apply changes much further into the future, even as new patterns emerge.
  
• When the price first reaches the PRZ of a pattern, the D point automatically aligns with the current bar and the right side of pattern adjusts accordingly.
  
• Other bugs addressed such as the hide pattern function removing drawings rather than making them transparent, which will free up more lines & labels for the script to use and make the script run more efficiently.
  

To apply the new update, remove the existing indicator from your chart and then re-add the indicator from here and save your chart.
Enjoy!