The Eurhythmic Patterns V11 indicator, is arguably the most complete harmonic price formation auto-recognition indicator, that you can find for the ProRealTime Platform, it detect 20 Harmonic patterns.
In technical analysis, Harmonic patterns are figures that are characterized by a particular configuration that adheres to certain percentage proportions derived from Fibonacci retracement levels.
By using harmonic patterns it is possible to find precise turning points where the market would change direction.
Eurhythmic patterns are formed on any timeframe and have a good chance of success. There are different types of harmonic patterns, our indicator detects 20 different ones as listed above.
Inspired by Mr. Scott M. Carney’s book -Harmonic Trading Vol. 1-, this indicator has been designed to fulfill the needs of the most purist and exigent traders.
This theory has been studied by several technical analysts, and the literature on the subject is enormous. If you don’t know the topic, we recommend this very interesting reading.
In Eurhythmic Patterns V11 we added different tools to help analysis of the user like:
Visualization of fibonacci retracement of XA-AB-BC-CD segments .
The “phantom pattern”, appear in real time on the last candle, when the XABC points have the configuration of an harmonic pattern.
Visualization of ABCD pattern of the Harmonic Pattern (improved)
Customization of Trasparencies of the objects
Unlike the Eurhythmic Patterns indicator for 10.3, which does not repaint, since the harmonics figures having values determined by the conditions of the retracements, we decided to make a version that repaintes, because it has positive aspects for this indicator, which you can see in the various videos, that are shown on this page, and on youtube.
This software was designed to find all those Harmonic patterns described by the various authors. Here’s how it works:
HOW IT WORKS:
The pattern appears when the D point creates a new pattern, the figure is repainted until the inversion occurs.
If the vertex D has a retracement value that corresponds to an harmonic pattern, the figure becomes fixed.
The use of the Eurhythmic Patterns V11 is completely customizable.
The search for the Pattern can be done using the following parameters of the Zig Zag indicator:
Interface of the Eurhythmic Patterns V11 is very simple:
Depth: Value of the period, between a new maximum and a new minimum. This variable affects the size of the Pattern
Deviation : It is the maximum of points to discard a new extremum. This variable affects the size of the Pattern.
Backstep : is the maximum of bars to discard a new extremum and replace it, if a new one is found.
Accuracy: It makes it possible to establish the alignment to the theoretical retracement value of the pattern. You can observe a wide variety of patterns without discarding any possibility, or you can have an opportunity to have filtered too severely. The 80% is the default threshold, but it is up to you to configure this parameter according to your own style!
RetraceXA: Show retracement of X-A segment
RetraceAB: Show retracementof A-B segment
RetraceBC: Show retracementof B-C segment
RetraceCD: Show retracementof C-D segment
RetracePTn: Show retracement level range of each specific model
ShowAbCd: Show ABCD pattern of the harmonic pattern
ZigZagLine: Show Fractal indicator to set up dimension of the pattern rapidly
TranspTriang1: Manage trasparency of the left triangle of the pattern
TranspTriang2: Manage trasparency of the right triangle of the pattern
TranspRetrace1: Manage trasparency of the retracement level range of each specific model
TranspRetrace2: Manage trasparency of the retracement level range of each specific model
TranspGhostPTn: Manage trasparency of the “ghost pattern”
Auxiliary visualization of the Fibonacci retracements of the pattern’s segments :
Visualization of the Fibonacci levels, for vertices A – B – C – D, specific to each pattern
Retracement A-B-C-D range
The phantom pattern:
It is an harmonic pattern in formation that appears, when the X-A-B-C vertices have aligned according to a specific pattern, point D will correspond to the alignment of the theoretical value for each specific pattern. If the harmonic pattern is formed, the figure will be fixed on the graph.
ABCD pattern’s visualization of the Harmonic patern
Examples of harmonic patterns you can find with our exclusive indicator for Prorealtime: