Auto Harmonic Patterns - UltimateX

Details settings and usage guide for Auto Harmonic Patterns UltimateX

Introduction

Brief History

This indicator is created to supersede existing indicator Auto Harmonic Pattern Ultimate. The script deviates a lot from the original Auto Harmonic Patterns Ultimate script in terms of number of available patterns, trading type and few other things. Hence, instead of updating the existing script, we have just decided to release as new script.

Following are the major highlights/updates in the present script
  • Uses single zigzag instead of multi as algorithm is further improved to detect almost everything using single zigzag .

  • More number of patterns added. But, new patterns are disabled by default as some of them have very wide PRZ. Users can enable it via settings.

  • Trading type with trailing entry - With wide PRZs, we also had to implement different method for calculating entry/stop. This is explained later in the script.

  • Matrix implementation and enhanced stats - Entire implementation is redesigned to use matrix data structure instead of arrays. This allows lots of possibilities including enhanced closed trade stats.

Below are the inherited major features
  • Extensive settings which allow users to make modifications on the output in various ways

  • Fully customisable alerts based on the settings to enable easy translations to bot based web-hooks.

Patterns Included
Classic Patterns
  • Gartley

  • Bat

  • Butterfly

  • Crab

  • Deep Crab

  • Cypher

  • Shark

  • Nenstar

Anti Patterns
  • Anti Nenstar

  • Anti Shark

  • Anti Cypher

  • Anti Crab

  • Anti Butterfly

  • Anti Bat

  • Anti Gartley

  • Navarro200

Non-Standard Patterns (Disabled by default)
  • Five-Zero

  • Three Drives

  • White Swan

  • Black Swan

  • Sea Pony

  • Leonardo

  • 121

  • Snorm

  • Total

Chart Components

Below is a quick snapshot of components involved

Open trade stats table contains details of the trade which are still on charts

Apart from regular stats, it also contain different types of risk reward ratios.

  • Regular RR : RR calculated from entry to reach target with initial stop for risk consideration

  • Trailing RR : This is RR calculated for price to reach from one target to next target considering trailing stop for calculating risk

  • Live RR : This is calculated based on current price as entry and with given targets and stop levels. Live RR will be blank for targets which are already reached.

Targets are calculated only when entry is made. Hence, target details are not shown for patterns where it is still awaiting entry.

Closed trade stats act as backtest table

Closed stats present average Risk Reward, Trailing Risk Reward, Average Win Rate, and Average Trailing Win Rate for all the possible levels.

  • Regular RR : RR calculated from entry to reach target with initial stop for risk consideration

  • Trailing RR : This is RR calculated for price to reach from one target to next target considering trailing stop for calculating risk

  • Win Rate : Simple win rate calculation based on number of patterns reached target and number of valid patterns.

  • Trailing Win Rate : This is win rate calculated based on previous target to current target.

For example, if there are 48 valid patterns and out of which 24 patterns reach target1 and 12 patterns out of 24 reach target 2

  • Target1 WR : 50% (24/48)

  • Target1 TWR : Not applicable as there is no target before Target1

  • Target2 WR : 25% (12/48)

  • Target2 TWR : 50% (12/24)

Settings

Tooltips are provided to help with each and every settings and they are as below

Important Features

Safe Repaint and trailing entry

Safe repaint refers to repainting the patterns without affecting the trades in place. Which means, allowing repaint only when trade is still waiting to be entered. This also allows us to trail our entry to get better entry price. Watch below video to view demonstration of how trailing entry works.

Fully Customisable Alerts

Alerts are implemented using alert method. Hence, users will not see text box in alert window where they can set alert format. To overcome this challenge, the indicator offers customisation of alerts through settings. In the settings window, you notice below options for alerts

These settings allow users to enable/disable alerts for different status of patterns. The text box in the settings allows users to set customisable alert formats using specific placeholders.Valid placeholders are:

Common placeholders which are applicable for all alerts
  • {type} - Alert Type

  • {id} - Pattern id for which alert is generated

  • {ticker} - Ticker for which alert is generated

  • {timeframe} - Chart timeframe

  • {price} - Current close price{pattern} - Name of the pattern

  • {patterns} - Possible patterns for the projections or PRZ.

  • {direction} - Trade direction - Bullish or bearish

  • {entry} - Calculated entry for pattern

  • {stop} - Calculated stop for pattern

  • {tstop} - Trailing stop for the pattern in trade

  • {target1} - Target1 for pattern in trade

  • {target2} - Target2 for pattern in trade

  • {target3} - Target3 for pattern in trade

  • {target4} - Target4 for pattern in trade

Alerts Specific to Harmonic Pattern Status Update
  • {status} - Status of the Pattern in trade

  • {laststatus} - Previous status of the Pattern in trade

Alerts Specific to Harmonic Pattern Trade Closure
  • {result} - Trade result upon closure