Hey traders! If you’re looking to level up your trading game, understanding harmonic patterns can be a game changer. These patterns are built on five price extremes and specific relationships between them, which can be tricky to spot just by looking at the charts. That’s where the Harmonic Pattern Finder comes in handy!
This nifty indicator automatically detects and highlights both existing and emerging harmonic patterns, giving you a clear edge in your trading strategy. Here’s a quick rundown of the 14 patterns this tool can identify:
- AB=CD
- Gartley
- Bat
- Alternate Bat
- Butterfly
- Crab
- Deep Crab
- Three Drives
- Cypher
- Shark
- 5-0
- Nen Star
- Black Swan
- White Swan
One of the coolest features is that you can toggle each pattern on or off based on your preferences. Plus, there are additional settings that let you customize how the patterns are displayed. You can limit the number of shared points per pattern, choose your color schemes, and set the maximum number of bars the indicator scans. The default setting allows for a max history of 1000 bars, which helps manage CPU usage while still giving you the insights you need.
Don’t worry if the patterns aren’t a perfect match; the indicator allows for some wiggle room with the constraints. It utilizes the FastZZ tool by Yury Kulikov to accurately extract tops and bottoms, so just make sure to specify the minimum swing size in point value.
Emerging patterns are identified through repeated projections, and you have the option to disable them if you're looking to save some CPU power. You can also adjust the precision and distance for viewing these patterns as they develop.
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