Can't deny that I am obsessed with zigzags. Been doing some crazy experiments with it and have many more in pipeline. I believe zigzag can be used to derive better trend following methods. Here is an attempt to visualize zigzag as candlesticks. Next steps probably to derive moving average, atr (although there was an attempt of AZR made earlier) and probably...
Hello traders. After getting good response to my earlier Harmonic patterns scripts, decided to deep dive a bit and make it bit more interesting and detailed. Before I explain further on the script, few important things to note: The script is very intensive and may often timeout or give memory error. If that happens, just reload the script. It may not work on...
Lets make things bit complicated. Main difference between this script and the earlier Multi Zigzag Harmonic Pattern is the calculation logic of Zigzag 2, 3 and 4 In the earlier script, all zigzags were plain and were calculated on the basis of different lengths. (Such as 5, 10, 15, 20). These were derived on the basis of Multi Zigzag indicator In this...
Combining Multizigzag with harmonic patterns - this script generates harmonic patterns based on multiple deapth zigzags. Input parameter allows to chose which Zigzag to be included in pattern identification and set different length, line color, width and style for each Zigzag combinations. Pattern rules are as below: Gartley xab = 0.618 0.382 <= abc...
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:...
This is my first attempt on plotting harmonic patterns based on zigzag. Initial version is still primitive and might need lot of time to mature into more formidable one. Will try to explain entire logic in the description. Please feel free to correct me if my understanding of any pattern and underlying logic is incorrect. In the initial version, Only...
This is Slight modified version of Donchian channel. Only change here is, channels update only when there is breakout. If price keeps ranging within channel, it will not contract based on new highest and lowest range. This can be used for identifying powerful breakouts post long consolidation and filter out fakeouts.