I have found several of Robert’s scripts to be helpful in my trading; the latest addition being the Harmonic Patterns (I purchased the bundle). The script is a very beneficial tool in the identification of harmonic patterns.
Harmonic Multi-Patterns with Scanner
You like trading. I like making it easier.
The phrase “harmonic trading” and all related pattern names are trademarked by Scott M. Carney and are used with his permission. This indicator is based on information from his book Harmonic Trading: Volume 1. To learn more about harmonic patterns directly from the author, visit his website—HarmonicTrader.com.
I strive to provide clean indicators that are easy to understand. The harmonic multi-pattern indicator does that by combining all detected patterns into one, efficient indicator. You will no longer have to add separate indicators for each pattern you wish to identify. This prevents the pattern overlap that often resulted in a cluttered, confusing chart. Speaking of efficiency, the new algorithm completely eliminates the “too many iterations” error that some have encountered. This will be welcome news to those of you who like to watch the futures or FX market on the smaller intra-day charts.
Multi-Pattern Scan with Custom Watch-list ColumnI have spent several weeks developing a proprietary algorithm and optimizing the script so that I am now able to offer a harmonic pattern scanner without encountering the dreaded “too complex” script error. A scan script is included to easily find stocks that are forming a harmonic pattern. Additionally, the custom watch-list column can be used with the scanner to identify the detected pattern. One could also use more than one copy of the watch-list column to monitor for harmonic patterns across multiple time frames on their personal list of stocks.
Example of Bearish Bat PatternThings to notice in the video:
- The pattern is automatically labeled
- Once identified, the ideal pattern completion point is projected via the dashed lines
- The potential reversal zone (PRZ) is highlighted in purple near the ideal completion point
- After price has reached the PRZ, the three, user-configurable, target lines are drawn in purple