Harmonic Patterns [kingthies]

Harmonic Patterns [kingthies]

This indicator scans price swings for classic X-A-B-C-D harmonic patterns and plots the structure plus a PRZ (Potential Reversal Zone) to help you frame areas where reactions are statistically more likely. It supports both bullish and bearish setups and can trigger alerts when a new D pivot confirms a pattern.

What it does

• Builds a pivot-based swing map (ZigZag-style) using a configurable Pivot Length.
  
• Evaluates the most recent 5 swing points (X, A, B, C, D) against harmonic ratio rules with a user-defined tolerance.
  
• Detects: Gartley, Bat, Butterfly, Crab, Deep Crab, Cypher, Shark (loose).
  
• Draws the pattern legs (X-A-B-C-D), labels the detection with ratio readouts, and projects a PRZ using 3 target levels (derived from XA/BC logic per pattern).
  
• Offers two rendering modes:
  
  • Best only: picks the closest match (lowest score) to reduce clutter.
    
  • Show all: plots every valid match (uses filled PRZ boxes to keep object usage under control).
    

PRZ (Potential Reversal Zone)

• PRZ is built from three target levels and expanded into a zone.
  
• Optional padding uses ATR (ATR multiplier) to widen/narrow the zone for volatility.
  
• Display modes: Off, Box, Lines, Both.
  
• Zones can be extended forward by a configurable number of bars to keep the area visible as price develops.
  

How to use

1. Start with Confirm only when D pivot forms enabled (recommended) to reduce false positives while patterns are still forming.
   
2. Adjust Pivot Length based on timeframe:
   Lower values = more swings, more signals, more noise.
   Higher values = cleaner structures, fewer signals.
   
3. Use Ratio Tolerance to control strictness:
   Lower tolerance = fewer, higher-confidence matches.
   Higher tolerance = more matches, potentially lower quality.
   
4. Treat harmonics as context, not a standalone entry system:
   
   • Look for confluence (HTF levels, structure, volume, momentum/RSI divergence, etc.).
     
   • Use your own confirmation and risk plan (invalidations beyond PRZ / beyond D).
     

Settings overview

• Swings (Pivot ZigZag)Pivot Length: pivot sensitivity.
  Use Wicks: uses High/Low; if off, uses Close.
  Max Stored Swings: limits stored pivots for performance/object control.
  
• Harmonic DetectionRatio Tolerance (%): allowed deviation around ideal ratios.
  Confirm only when D pivot forms: reduces repaint-like behavior.
  When multiple match: Best only vs Show all.
  
• Pattern Filters enable/disable each pattern type.
  
• PRZPRZ Display: Off / Box / Lines / Both.
  PRZ Padding (ATR multiplier): volatility-adjusted zone padding.
  PRZ Extend (bars): how far to project the zone.
  
• Visuals
  • Draw Legs: draws X-A-B-C-D.
    
  • Show Pattern Label: prints pattern name, direction, ratios, and score.
    
  • Label Offset: shift label forward if you want more space.
    

Alerts

• “Bullish/Bearish Harmonic (Any)” triggers on any detected pattern.
  
• Per-pattern alerts are included for each supported pattern type.
  

Notes

• This indicator is educational and intended to assist with pattern recognition and confluence mapping.
  
• Harmonic patterns do not guarantee reversals—always manage risk and confirm with your own process.