Harmonic Patterns - Custom Candles

Hello Traders,

Here is an experimental indicator created to plot harmonic patterns on indicators. This can be used for confirmation of oversold and overbought regions. However please note that oscillator movements does not always correlate with price movements. Hence, there was no concrete way to log the trade statistics and measure performance.

⬜ Process

▶ Derive custom candles

There are two types of candles used in this script

• Oscillator Candles - derived based on oscillators - cci, cmo, cog, mfi, roc and rsi.
  
• Band Candles - Candles derived based on percentage range of Bands. Available options - Bollinger Bands, Keltner Channel and Donchian Channel
  

▶ Draw zigzag

Single zigzag is used in this indicator. However, multiple zigzags can also be used.

▶ Apply harmonic pattern calculations

Use the logical calculations to derive harmonic patterns.

More experiments need to be done on using the indicator along with regular harmonic patterns on chart.

版本注释:

update to eHarmonic patterns