Why Harmonic Patterns?
Harmonic patterns are one of a few tools that try to predict the future behavior of the price. They are based on the Fibonacci numbers and
Fibonacci retracement levels
that, on their own, are one of the fundamental tools of technical analysis. Harmonic patterns can help you better plan the buy/sell moments by identifying the possible turning points.
Check out our "What Are Harmonic Patterns?" article to learn more about them.
High success rate
According to different sources, harmonic patterns have over 80% success rate. That's a lot for a technique that tries to predict the future price!
Math-based
All that a harmonic pattern does is to calculate the differences between adjacent high/low points. If this ratio meets specific requirements, we have a harmonic pattern!
Easy to use
Since they are based on simple rules, they are easy to follow. When you identify a pattern, you buy/sell, set a stop loss, and wait until the price reaches the take profit levels.
TradingView scanners and indicators
TradingView is one of the best technical analysis platforms. It's browser-based (you can use it on any computer without installing any software), it has every kind of security you might need (stocks, commodities, forex, cryptocurrency), and it's actively developed with new features landing every week or two. It's also a social network for traders to publish their ideas, discuss them, and get inspiration from others. With plenty of drawing tools, aggregation of news and financial data, watchlists, and alerts, it's a preferred charting tool for thousands of traders (including us).
That's why all our tools and trading ideas revolve around this platform.
Our indicators
Here are the TradingView indicators that we have created
(or that we are currently working on)
Harmonic Scanner
This is our basic scanner for detecting harmonic formations. It can spot the Gartley, Butterfly, Bat, Alternate Bat, Crab, Deep Crab, Shark, and Cypher formations. Not sure what all those animal names mean? Check this article from Investopedia.
Unlike other harmonic pattern indicators we have seen, this one doesn't analyze only the last consecutive high/low points. It looks back up to the previous 100 points in history, trying to find formations that started long ago but are still valid.
Features
- Adds a label with a formation name and a buy/sell signal.
- Marks the formation on the chart without adding unnecessary, confusing lines as other indicators do.
- Checks up to 5 last high/low points to determine if they end a harmonic pattern.
- Optionally can indicate what points were checked (even if no formation was found).
- Fully customizable. You can select the depth of search (how many high/low points to check), show the zigzag formation, hide the "No formation" labels, and more.
Harmonic Predictor
How about we try to predict when a harmonic pattern might appear after having the X, A, B, and C points? We can try to determine a possible location for point D. That way, we can profit on the way from point C to D, and then we can reverse the position in point D and profit even more!
It's riskier than trading on fully-formed formations but more profitable.
Features
- Displays a possible scenario for a harmonic pattern.
- Shows the expected price for a formation.
- Displays multiple possible formations
Launch discount
We just released this script, so we offer a launch discount!
And if you decide to pay for a whole year, we add another 50% off on top of that (yup, that's six months of access for free)!
All our paid products come with a 2-week 100% money-back guarantee.
Harmonic Scanner Pro
This is a more advanced version of our standard Harmonic Scanner. While the Harmonic Scanner is a perfect tool for quickly detecting harmonic formations, the pro version is built for analyzing them. It lets you customize almost every parameter, check for harmonic patterns much further in the past, and detect multiple patterns at once. It's a great tool to see how specific security reacts to harmonic patterns (some stocks are a textbook example of harmonic patterns, others - not really).
Features
- Can check an unlimited number of points (the free version checks only the last 10 points).
- Displays all the harmonic patterns that it can find (the free version displays only the first pattern found). Each pattern has a different color, so they are easy to see on the chart.
- Customizable error margin (so you can select how "strict" the script should be). The free version has a predefined 5% error margin.
Launch discount
We just released this script, so we offer a 50% launch discount!
All our paid products come with a 2-week 100% money-back guarantee.
Trading ideas in your inbox
Join our newsletter to get notifications of new and updated indicators and new features that we launch. You can also follow us on the TradingView platform or on Twitter to get notifications about new trading ideas.