Configurable Harmonic Pattern Scanning with Zigzag Pivots and Ratios

Summary

This indicator scans Zigzag pivots for user-configured harmonic patterns, using either five or six pivots. It calculates ratios between pivot legs and validates candidate patterns against enabled ratio targets or ranges. When a target is specified as a single value, an error percentage widens its acceptable interval; ranges can also be configured directly. An option allows ratio calculations on a logarithmic scale.

The indicator draws detected patterns, pivot and ratio labels, and a summary table that reports the configured pattern, pivot count, ratio ranges, and number identified. Its Zigzag length, depth, and use of real-time bars affect which pivots and patterns are considered; the script notes that greater depth increases computation and can cause runtime problems. Because detections depend on pivot formation and settings, they are chart annotations rather than evidence of future price movement. The document supplies no backtest, outcome analysis, or trading rules for acting on the patterns.

Key ideas

• The scanner searches Zigzag pivot sequences for configured five- or six-pivot patterns.
• Enabled Fibonacci-style leg ratios determine whether a candidate sequence passes validation.
• A percentage tolerance expands single-value ratio targets, while ranges can be entered directly.
• Pivot depth, Zigzag length, and real-time bar settings affect detection and computational load.
• The display reports detected patterns but provides no evidence that they forecast returns.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.