Multi Level ZigZag Harmonic Patterns

The Multi Level ZigZag Harmonic Patterns indicator provides an advanced framework for detecting classic harmonic and chart patterns across multiple zigzag levels simultaneously. By using a tiered zigzag calculation logic, the script identifies structures ranging from short-term fluctuations to macro-level trends, offering a comprehensive view of price geometry on a single chart.

Usage

This tool can be used to identify high-probability reversal zones based on geometric price relationships. Users can monitor four distinct zigzag levels, each potentially revealing different pattern scales.

• Pattern Identification: The script automatically labels patterns such as Gartley, Bat, Butterfly, Cypher, and Shark, as well as classic formations like Double Tops/Bottoms.
• Trend Scaling: By adjusting the length of the various ZigZag levels, you can focus on micro-patterns for scalping or macro-patterns for swing trading.
• Confirmation Mode: The "Wait For Confirmation" setting allows the indicator to only plot patterns once the price action has validated the D-point, reducing premature entries.

Details

The core innovation of this script lies in its "Multi-Level" logic. Unlike standard multi-zigzag indicators that use fixed lengths (e.g., 5, 10, 15), this tool offers two distinct calculation modes:

• ZigZag Chain (Exponential): Each level is calculated based on the previous level's pivot points. For example, ZigZag 2 uses the outputs of ZigZag 1 as its input. This creates an exponential effect where higher levels cover significantly larger price segments.
• Additive Logic: If the chain is unchecked, ZigZag levels 3 and 4 use ZigZag 1 as their base but apply an additive length (e.g., Level 2 length + Level 3 length), resulting in a more linear scaling of pattern sizes.

The script supports a wide array of patterns including:

• Harmonics: Gartley, Crab, Deep Crab, Bat, Butterfly, Shark, Cypher, 5-0, and Three Drives.
• Classics: ABCD (Classic, AB=CD, and Extension), Double Top, and Double Bottom.

Settings

• Use ZigZag Chain: Toggles between exponential (chained) calculation or additive calculation for the different levels.
• ZigZag 1-4 Length: Sets the sensitivity for each of the four zigzag levels.
• ZigZag 1-4 Color: Customizes the visual output for each specific level.
• Pattern Toggles: Individual checkboxes to enable or disable specific harmonic or classic patterns.
• Error Percent: Sets the tolerance for Fibonacci ratio deviations (default is 10%).
• Max Risk Per Reward: Specific filter for Double Top/Bottom patterns to ensure favorable geometry.
• Wait For Confirmation: When enabled, the script waits for the pivot to finalize before displaying the pattern.

FAQ

How do I adjust the sensitivity of the patterns? You can adjust the "ZigZag Length" for the respective level or increase the "Error Percent" if you want to see patterns that are less strictly aligned with ideal Fibonacci ratios.

What is the difference between the levels? Level 1 is the most sensitive (fastest), while Level 4 is the least sensitive (slowest). Patterns found on Level 4 typically represent much larger market cycles than those on Level 1.

How can I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.