Multi-timeframe Harmonic Patterns

The Multi-timeframe Harmonic Patterns indicator is a comprehensive technical analysis tool that automatically detects and visualizes up to 25 different harmonic patterns across 6 custom timeframes. It helps traders identify potential trend reversals and price targets by projecting key Fibonacci levels and entry/exit zones directly on the chart.

Usage

The indicator tracks price action using a Multi-Timeframe ZigZag algorithm to identify structural pivot points. Once a valid harmonic sequence is detected, the script draws the pattern (e.g., Gartley, Bat, Butterfly) and provides associated trading levels.

To use the indicator:

• Pattern Recognition: Monitor the chart for auto-drawn triangles and labels (X-A-B-C-D) which signify a completed or emerging harmonic pattern.
• Trading Levels: When enabled, the indicator provides dashed lines for Entry (ENT), Stop Loss (SL), and two Take Profit (TP1, TP2) targets based on the specific pattern's geometry.
• Multi-Timeframe Analysis: Use the resolution settings to find patterns on higher timeframes while trading on lower ones to align with the macro trend.

Details

The script is built upon the foundational logic of the ZigZag Multi Time Frame with Fibonacci Retracement by LonesomeTheBlue. It implements complex ratio calculations between pivot points to confirm pattern validity.

Supported patterns include:

• Standard Patterns: Gartley, Bat, Crab, Deep Crab, Butterfly, Cypher, Shark, 0-5, AB=CD, and 3-Drives.
• Anti-Patterns: Anti-Gartley, Anti-Bat, Anti-Crab, Anti-Butterfly, Anti-Cypher, and Anti-Shark.
• Geometric Patterns: Black Swan, White Swan, Ascending/Descending/Symmetrical Triangles, Head and Shoulders (and Inverse), and Double Tops/Bottoms.

Settings

Main Settings

• Timeframe resolution: Selects the timeframe used for the harmonic pattern calculation.
• Pivot high/low source: Determines the price source (e.g., High/Low or Close) used to identify pivot points.
• Timeframe pivot period: Sets the minimum bars required to define a high or low pivot.
• Delay for confirmations: Sets the number of candles to wait before confirming a pattern to avoid premature signals.

Visualization

• Bullish/Bearish colors: Customizes the colors for bullish and bearish patterns.
• Enable harmonic patterns: Toggles the detection of current harmonic formations.
• Show harmonic patterns: Controls the visibility of the drawn patterns on the chart.
• Show trading prices of patterns: Toggles the display of Entry, SL, and TP labels.

FAQ

How do I access the Multi-timeframe Harmonic Patterns indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Which patterns are most reliable? Reliability often depends on the timeframe; patterns found on higher timeframes (like 4H or Daily) generally carry more weight than those found on 1-minute charts.

Why does a pattern disappear or change? Harmonic patterns are based on ZigZag pivots. If the price moves significantly beyond a projected pivot point before the "delay for confirmation" is met, the pivot (and thus the pattern) may adjust to the new price extreme.