Trendoscope

Auto Harmonic Patterns - Open Source

Trendoscope Wizard Updated   
I may not be able to spend much time on the harmonic patterns and realized that there are not much open source scripts on them either. Hence, decided to release open source version which can be used by other developers for reference and build things on top of it.

Original script is protected and can be found here:

Logical ratios of patterns are coded as below:

Notations:
  • Lines XABCD forms the pattern in all cases. (OXABCD in case of Three drives )
  • abc = BC retacement of AB, xab = AB retracement of XA and so on


ABCD Classic
  • 0.618 <= abc <= 0.786
  • 1.272 <= bcd <= 1.618

AB=CD
  • Price difference between AB and CD are equal
  • Time difference between AB and CD are equal

ABCD Extension
  • 0.618 <= abc <= 0.786
  • 1.272 <= AD/ BC (price) <= 1.618

Gartley
  • xab = 0.618
  • 0.382 <= abc <= 0.886
  • 1.272 <= bcd <= 1.618 OR xad = 0.786

Crab
  • 0.382 <= xab <= 0.618
  • 0.382 <= abc <= 0.886
  • 2.24 <= bcd <= 3.618 OR xad = 1.618

Deep Crab
  • xab = 0.886
  • 0.382 <= abc <= 0.886
  • 2.0 <= bcd <= 3.618 OR xad = 1.618

Bat
  • 0.382 <= xab <= 0.50
  • 0.382 <= abc <= 0.886
  • 1.618 <= bcd <= 2.618 OR xad = 0.886

Butterfly
  • xab = 0.786
  • 0.382 <= abc <= 0.886
  • 1.618 <= bcd <= 2.618 OR 1.272 <= xad <= 2.618

Shark
  • xab = 0.786
  • 1.13 <= abc <= 1.618
  • 1.618 <= bcd <= 2.24 OR 0.886 <= xad <= 1.13

Cypher
  • 0.382 <= xab <= 0.618
  • 1.13 <= abc <= 1.414
  • 1.272 <= bcd <= 2.0 OR xad = 0.786

Three Drives
  • oxa = 0.618
  • 1.27 <= xab <= 1.618
  • abc = 0.618
  • 1.27 <= bcd <= 1.618

5-0
  • 1.13 <= xab <= 1.618
  • 1.618 <= abc <= 2.24
  • bcd = 0.5

This script contains everything which original script has apart from stats. Use the original script if you are not developer looking for code reference and prefer having stats table.

I have also developed a strategy based on harmonic patterns which can be found here:
Release Notes:
  • Removed deviation threshold and disable stats on load. (Can be enabled in settings)
  • Default length is set to 5
Release Notes:
Update labels
Release Notes:
update labels
Release Notes:
Fix error
Release Notes:
Remove stats again
Release Notes:
Corrected errors in 3-Drive and 5-0 where B does not need to be in the middle.
Release Notes:
Minor parameter adjustments.
Release Notes:
Add labels.
Release Notes:
Minor correction in zigzag calculation logic.

Also, check my other script on harmonic pattern (Again - open source)
Release Notes:
No updates. But, just converted to pine 5 :)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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