Harmonic Patterns Based Trend Follower overlays dynamic trailing levels on the price chart to assist in tracking market direction following pattern completion. Users can adjust pattern detection tolerance, Zigzag parameters, and entry or stop percentages. Note that Zigzag pivots and resulting pattern labels adjust retroactively on unconfirmed price bars.
Harmonic pattern detection via Zigzag pivots
Configurable entry and stop percentage calculations
Trend-following trailing level overlays on price chart
Customizable pattern error tolerance and log scale option
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Base
string
CD
base
Entry %
int
30
entryPercent
Stop %
int
5
stopPercent
Use Close Prices
bool
true
useClosePrices
Error %
int
3
errorPercent
Zigzag
int
8
zigzagLength
Log Scale
bool
false
logScale
Display Harmonic Patterns
bool
true
showHarmonicPatterns
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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