Harmonic Pattern Finder - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

Harmonic patterns are a type of chart pattern based on the constraints of 5 price extremes and the relationships and proportions between them. Because these constraints and ratios are difficult to verify through visual estimation, computer measurement tools are essential for trading harmonic patterns. This indicator helps traders by automatically detecting and displaying any existing and emerging harmonic patterns. The 14 patterns detected by this indicator are:

Each mode can be enabled or disabled individually in the input. Other display settings include the ability to set a limit on the number of share points per pattern for a type, the colors used for display, and the maximum number of bars a pattern can have. The last setting also involves CPU usage, where the "Max History" number (default 1000) sets how early to start scanning and display mode. A schema does not need to fully conform to its constraints, as unary and/or range constraints can be relaxed. Because fast ZZ by Yuri Kulikov is used in order to extract tops/bottoms, the minimum fluctuation size of the pip value must be specified. Emerging patterns are detected through repeated projections and may be disabled to save CPU; one can specify the precision and distance at which one wishes to see emerging patterns.

Attachment download

📎 fastzz.mq5 (3.34 KB)

📎 harmonicpatternfinder.mq5 (96.63 KB)

Source: MQL5 #16435