The Harmonacci Patterns indicator is Archive: is arguably the most complete harmonic price formation auto-recognition indicator you can find for the MetaTrader Platform..
Archive: The Harmonacci Patterns indicator is arguably the most complete harmonic price formation auto-recognition indicator you can find for the MetaTrader Platform.
It is detects 19 different patterns, takes fibonacci projections as seriously as you do, displays the Potential Reversal Zone (PRZ) and finds suitable stop-loss and take-profit levels.It detects 19 different harmonic price formationsIt plots primary, derived and complementary fibonacci projectionsIt evaluates past price action and displays every past patternThe indicator analyzes its own quality and performanceIt includes a multi-symbol and multi-timeframe scannerIt displays suitable stop-loss and take-profit levelsIt uses breakouts to signal suitable tradesIt plots all the pattern ratios on the chartIt implements email/sound/visual alertsInspired by Mr. Scott M. Carney's book -Harmonic Trading Vol. 1-, this indicator has been designed to fulfill the needs of the most purist and exigent traders..
It detects 19 different patterns, takes fibonacci projections as seriously as you do, displays the Potential Reversal Zone (PRZ) and finds suitable stop-loss and take-profit levels.It detects 19 different harmonic price formationsIt plots primary, derived and complementary fibonacci projectionsIt evaluates past price action and displays every past patternThe indicator analyzes its own quality and performanceIt includes a multi-symbol and multi-timeframe scannerIt displays suitable stop-loss and take-profit levelsIt uses breakouts to signal suitable tradesIt plots all the pattern ratios on the chartIt implements email/sound/visual alertsInspired by Mr. Scott M. Carney's book -Harmonic Trading Vol. 1-, this indicator has been designed to fulfill the needs of the most purist and exigent traders.
it is However, implements a twist to make it easier to trade: it waits for a donchian breakout in the right direction before signaling the trade, making its signals very reliable.Fibonacci projections are vector-independentIt implements email/sound/push alertsIt plots the ABCD projectionUsage TipsThe amplitude parameter controls the pattern size in barsLoad the scanner indicator once to monitor many symbols and timeframesPatterns can expand but signal breakouts mostly do not: wait for signalsAvoid trading if higher timeframes display a strong trend against your tradeUse the suitable SL and TP levels displayed by the indicatorTechnical InformationThe indicator evaluates at bar closing onlyPatterns are displayed as soon as the XD and CD ratios are validPatterns can expand, repaint and become other patterns, with different namesBreakouts are mostly non repainting and enough to reverse the market movementSet a higher breakout period to decrease the odds of the indicator repaintingStop-loss and take-profit levels are calculated using fibo ratiosThe scanner loads blank, it never scans patterns to the pastThe scanner opens charts using your default chart templateImportant: Some pattern names have been renamed to self-explanatory alternatives to comply with a trademark complaint from Mr. Scott M. Carney, who owns the following trademarks in the USA: Harmonics, Harmonic Trading, Bat Pattern, Butterfly Pattern, Shark Pattern, Crab Pattern and Five-O Pattern.Supported Harmonic Price FormationsNameMin XBMax XBMin ACMax ACMin DBMax BDMin XDMax XDFlying Fox0.3820.50.3820.8861.6182.6180.8860.886Gartley0.6180.6180.3820.8861.2721.6180.7860.786Lobster0.3820.6180.3820.8862.243.6181.6181.618Dragonfly0.7180.7180.3820.8861.6182.6181.2721.618Cypher0.3820.6181.131.4141.2722.00.7860.786Barracuda--1.131.6181.6182.240.8861.13Alt Flying Fox0.3820.3820.3820.8862.03.6181.131.13Deep Lobster0.8860.8860.3820.8862.6183.6181.6181.618White Swan1.3822.6180.2360.51.1282.01.1262.618Black Swan0.3820.7242.04.2370.50.8860.3820.886Max Bat0.3820.6180.3820.8861.2722.6180.8860.886Max Gartley0.3820.6180.3820.8861.1282.2360.6180.786Max Dragonfly0.6180.8860.3820.8861.2722.6181.2721.618Alt Barracuda0.4460.6180.6180.8861.6182.6181.1281.128A Lobster0.2760.4461.1282.6181.6182.6180.6180.618A Dragonfly0.3820.6181.1282.6181.2721.2720.6180.786A Flying Fox0.3820.6181.1282.61822.6181.1281.128A Gartley0.6180.7861.1282.6181.6181.6181.2721.272Sea Pony0.1283.6180.3820.51.6182.6180.6183.618A brief introductionThe harmonacci methodology utilizes the recognition of specific price patterns and the alignment of exact Fibonacci ratios to determine highly probable reversal points in the financial markets..
However, it implements a twist to make it easier to trade: it waits for a donchian breakout in the right direction before signaling the trade, making its signals very reliable.Fibonacci projections are vector-independentIt implements email/sound/push alertsIt plots the ABCD projectionUsage TipsThe amplitude parameter controls the pattern size in barsLoad the scanner indicator once to monitor many symbols and timeframesPatterns can expand but signal breakouts mostly do not: wait for signalsAvoid trading if higher timeframes display a strong trend against your tradeUse the suitable SL and TP levels displayed by the indicatorTechnical InformationThe indicator evaluates at bar closing onlyPatterns are displayed as soon as the XD and CD ratios are validPatterns can expand, repaint and become other patterns, with different namesBreakouts are mostly non repainting and enough to reverse the market movementSet a higher breakout period to decrease the odds of the indicator repaintingStop-loss and take-profit levels are calculated using fibo ratiosThe scanner loads blank, it never scans patterns to the pastThe scanner opens charts using your default chart templateImportant: Some pattern names have been renamed to self-explanatory alternatives to comply with a trademark complaint from Mr. Scott M. Carney, who owns the following trademarks in the USA: Harmonics, Harmonic Trading, Bat Pattern, Butterfly Pattern, Shark Pattern, Crab Pattern and Five-O Pattern.Supported Harmonic Price FormationsNameMin XBMax XBMin ACMax ACMin DBMax BDMin XDMax XDFlying Fox0.3820.50.3820.8861.6182.6180.8860.886Gartley0.6180.6180.3820.8861.2721.6180.7860.786Lobster0.3820.6180.3820.8862.243.6181.6181.618Dragonfly0.7180.7180.3820.8861.6182.6181.2721.618Cypher0.3820.6181.131.4141.2722.00.7860.786Barracuda--1.131.6181.6182.240.8861.13Alt Flying Fox0.3820.3820.3820.8862.03.6181.131.13Deep Lobster0.8860.8860.3820.8862.6183.6181.6181.618White Swan1.3822.6180.2360.51.1282.01.1262.618Black Swan0.3820.7242.04.2370.50.8860.3820.886Max Bat0.3820.6180.3820.8861.2722.6180.8860.886Max Gartley0.3820.6180.3820.8861.1282.2360.6180.786Max Dragonfly0.6180.8860.3820.8861.2722.6181.2721.618Alt Barracuda0.4460.6180.6180.8861.6182.6181.1281.128A Lobster0.2760.4461.1282.6181.6182.6180.6180.618A Dragonfly0.3820.6181.1282.6181.2721.2720.6180.786A Flying Fox0.3820.6181.1282.61822.6181.1281.128A Gartley0.6180.7861.1282.6181.6181.6181.2721.272Sea Pony0.1283.6180.3820.51.6182.6180.6183.618A brief introductionThe harmonacci methodology utilizes the recognition of specific price patterns and the alignment of exact Fibonacci ratios to determine highly probable reversal points in the financial markets.
This methodology is assumes that trading patterns or cycles, like many patterns and cycles in life, repeat themselves..
This methodology assumes that trading patterns or cycles, like many patterns and cycles in life, repeat themselves.
The key is is to identify these patterns, and to enter or to exit a position based upon a high degree of probability that the same historic price action will occur..
The key is to identify these patterns, and to enter or to exit a position based upon a high degree of probability that the same historic price action will occur.
these patterns is Although are not 100% accurate, these situations have been historically proven..
Although these patterns are not 100% accurate, these situations have been historically proven.
these set-ups is If are identified correctly, it is possible to identify significant opportunities with a very limited risk.The Potential Reversal Zone (PRZ)The concept of the Potential Reversal Zone (PRZ) was originally outlined by Scott M. Carney in his book, Harmonic Trading Vol 1..
If these set-ups are identified correctly, it is possible to identify significant opportunities with a very limited risk.The Potential Reversal Zone (PRZ)The concept of the Potential Reversal Zone (PRZ) was originally outlined by Scott M. Carney in his book, Harmonic Trading Vol 1.
reading.History is A wholeheartedly recommended has proven that a convergence of Fibonacci numbers and price patterns provides a highly probable area for a reversal..
A wholeheartedly recommended reading.History has proven that a convergence of Fibonacci numbers and price patterns provides a highly probable area for a reversal.
This area of convergence is is called the potential reversal zone..
This area of convergence is called the potential reversal zone.
five numbers is When three, four, or even come together within a specific area, you must respect the high probability for some type of reversal.A Potential Reversal Zone (PRZ) represents the critical areas where the flow of buying and selling is potentially changing..
When three, four, or even five numbers come together within a specific area, you must respect the high probability for some type of reversal.A Potential Reversal Zone (PRZ) represents the critical areas where the flow of buying and selling is potentially changing.
These fibonacci price is zones attempt to identify the price levels where imbalanced overbought and oversold situations are reversing back to their respective equilibrium level.An ideal reversal usually tests all of the price levels in the Potential Reversal Zone (PRZ) on the initial test..
These fibonacci price zones attempt to identify the price levels where imbalanced overbought and oversold situations are reversing back to their respective equilibrium level.An ideal reversal usually tests all of the price levels in the Potential Reversal Zone (PRZ) on the initial test.
The predominant trend is usually reverses from this initial test of the entire PRZ and continues in the reversal direction shortly thereafter..
The predominant trend usually reverses from this initial test of the entire PRZ and continues in the reversal direction shortly thereafter.
an ideal reversal, is In the price bar that tests all of the fibonacci projections in the PRZ is called the Terminal Price Bar.The trade must be taken when the Potential Reversal Zone (PRZ) has been tested and rejected by a Terminal Price Bar or a strong breakout has taken place in the reversal direction without testing all the PRZ levels..
In an ideal reversal, the price bar that tests all of the fibonacci projections in the PRZ is called the Terminal Price Bar.The trade must be taken when the Potential Reversal Zone (PRZ) has been tested and rejected by a Terminal Price Bar or a strong breakout has taken place in the reversal direction without testing all the PRZ levels.
The farthest price level of the PRZ is or the Point X of the pattern are suitable stop-loss levels.Harmonacci RatiosThe indicator calculates all the important fibonacci ratios for the XA and BC vectors of the pattern, and plots them by the Point D if applicable.Primary RatiosDirectly derived from the Fibonnaci Number Sequence.- 0.618 = Primary Ratio- 1.618 = Primary ProjectionPrimary Derived Ratios- 0.786 = Square root of 0.618- 0.886 = Fourth roof of 0.618 or Square root of 0.786- 1.130 = Fourth root of 1.618 or Square root of 1.27- 1.270 = Square root of 1.618Complementary Derived Ratios- 0.382 = (1 - 0.618) or 0.618e2- 0.500 = 0.770e2- 0.707 = Square root of 0.50- 1.410 = Square root of 2.0- 2.000 = 1 + 1- 2.240 = Square root of 5- 2.618 = 1.618e2- 3.141 = Pi- 3.618 = 1 + 2.618Trade ExecutionOnce a pattern is detected, the following steps have to be taken, which can lead to take or discard the trade..
The farthest price level of the PRZ or the Point X of the pattern are suitable stop-loss levels.Harmonacci RatiosThe indicator calculates all the important fibonacci ratios for the XA and BC vectors of the pattern, and plots them by the Point D if applicable.Primary RatiosDirectly derived from the Fibonnaci Number Sequence.- 0.618 = Primary Ratio- 1.618 = Primary ProjectionPrimary Derived Ratios- 0.786 = Square root of 0.618- 0.886 = Fourth roof of 0.618 or Square root of 0.786- 1.130 = Fourth root of 1.618 or Square root of 1.27- 1.270 = Square root of 1.618Complementary Derived Ratios- 0.382 = (1 - 0.618) or 0.618e2- 0.500 = 0.770e2- 0.707 = Square root of 0.50- 1.410 = Square root of 2.0- 2.000 = 1 + 1- 2.240 = Square root of 5- 2.618 = 1.618e2- 3.141 = Pi- 3.618 = 1 + 2.618Trade ExecutionOnce a pattern is detected, the following steps have to be taken, which can lead to take or discard the trade.
mind is Bear in that a pattern is not valid by itself and it can expand as long as it likes..
Bear in mind that a pattern is not valid by itself and it can expand as long as it likes.
Your job is has an trader is to assess the validity of the pattern and the potential reversal zone before entering the market.1..
Your job has an trader is to assess the validity of the pattern and the potential reversal zone before entering the market.1.
the Potential Reversal Zone is Find (PRZ)Evaluate the fibonacci projections plotted on the chart by the indicator and look for strength signs..
Find the Potential Reversal Zone (PRZ)Evaluate the fibonacci projections plotted on the chart by the indicator and look for strength signs.
you is Can find at least three converging projections?.
Can you find at least three converging projections?
you is Do see primary ratios?.
Do you see primary ratios?
the ABCD projection present?3. is Is.
Is the ABCD projection present?3.
the PRZ is Wait until is rejected by the marketThe PRZ can be tested and rejected by one single Terminal Price Bar, or the market can reverse and breakout the PRZ without testing all the fibonacci projections..
Wait until the PRZ is rejected by the marketThe PRZ can be tested and rejected by one single Terminal Price Bar, or the market can reverse and breakout the PRZ without testing all the fibonacci projections.
any case, is In the market has to move before you take the trade..
In any case, the market has to move before you take the trade.
You is are a follower, not a predictor.4..
You are a follower, not a predictor.4.
the market is Enter setting the proper stop-lossTrade the breakout or the rejection of the PRZ and set the proper stop-loss..
Enter the market setting the proper stop-lossTrade the breakout or the rejection of the PRZ and set the proper stop-loss.
The farthest price level of the PRZ is or the Point X of the pattern are suitable stop-loss levels.5..
The farthest price level of the PRZ or the Point X of the pattern are suitable stop-loss levels.5.
ManagementIt is Position is recommended to reap partial profits as soon as possible to lock into a free ride..
Position ManagementIt is recommended to reap partial profits as soon as possible to lock into a free ride.
Scott M. Carney is proposes a very interesting position management system based on a 0.382 Trailing Stop, measured from the reversal point to the reversal extreme.The Potential Reversal Zone (PRZ) is a crucial element in the trading process..
Scott M. Carney proposes a very interesting position management system based on a 0.382 Trailing Stop, measured from the reversal point to the reversal extreme.The Potential Reversal Zone (PRZ) is a crucial element in the trading process.
the importance is Hence of vector-independent primary, derived and complementary fibonacci projections, which all other indicators ignore completely..
Hence the importance of vector-independent primary, derived and complementary fibonacci projections, which all other indicators ignore completely.