Multi-Scale ZigZag Detection of Harmonic Chart Patterns

Summary

This indicator uses four ZigZag configurations with different pivot lengths to identify candidate harmonic formations across swing scales. It tracks pivot prices, bars, and directions, then measures price relationships among successive turning points to check patterns such as Gartley, Crab, Bat, Butterfly, Shark, Cypher, and ABCD variants. It can also label three-drive, five-zero, and double top or bottom structures.

Pattern recognition depends on configurable ratio tolerances and a confirmation option that delays evaluation to use a confirmed pivot. The script can display the ZigZag lines and bullish or bearish pattern labels, while options control which formations are detected. The source provides implementation details, not evidence that these formations predict returns or produce a profitable trading strategy. Pivot-based patterns can be sensitive to the selected ZigZag lengths and tolerance, and the document gives no backtest, execution rules, or performance results.

Key ideas

• The indicator maintains four ZigZag pivot series with independently configurable lengths.
• It identifies harmonic patterns by comparing price ratios across successive swing points.
• Users can enable pattern families individually and adjust the permitted ratio error.
• A confirmation setting changes whether detection waits for a later pivot before evaluating a pattern.
• The document describes chart annotation logic but supplies no performance evidence.

Tags

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