The Eurhythmic Patterns 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, Eurhythmic patterns are figures that are characterized by a particular configuration that adheres to certain percentage proportions derived from Fibonacci retracement levels.
By using Eurhythmic 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 11 different ones as listed above.
A further concept has been included that completes the use of these figures, called Potential Reverse Zone, abbreviated as PRZ. This area is delimited by two levels, one corresponding to the last vertex of the figure, and one from the level formed by the projection of the triangle ABCD of the same figure. PRZ represents the critical area where trend reversal could occur, following different price tests between PRZ levels.
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.
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 candle corresponding to the last vertex of the pattern closes.
- The use of the indicator is completely customizable:
- The search for the Pattern can be done using the following parameters:
Interface of the indicator:
- ZigZagPerc : Enable or disable the PricePercent variable.
- PricePercent: Value of the percentage difference between a new high and a new low. This variable affects the size of the Pattern.
- Dynamic: Enable or disable the dynamic variable.
- Factor: Variable of the “Dynamic” function, this function allows automatic detection of patterns based on market volatility.
- ZigZagVal: Enabled or disabled the PointsValue variable.
- PointsValue: Value of the difference expressed in points, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- FractalPoint: Enable or disable the Period variable.
- Period: Value of the time difference, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- Accuracy: variable, it is possible to search for patterns with an accuracy in a range between 0 and 100%. Accuracy 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. 90% is the default threshold, but it is up to you to configure this parameter according to your own style!
- ShowPrz: Enable or disable control to show the potential reversal zone
- ShowData: Enable or disable control to show the complete data of the figure, including the relationships between the sides
- PerfectPattern: Enable or disable control to Show theoretical perfect pattern
- AbcdPRZ: Enable or disable control to Show shadow of ABCD point to enfatize the potential reversal zone
Harmonic Pattern’ s Indicator interface for ProRealTime
The indicator is completed by the ProScreener function of the ProRealTime platform. This powerful tool will allow you to find the figure just formed, on selected markets and on the selected time-frames, to seize all the trading opportunities that take place in the markets and in the chosen timeframes.
Advanteges of using the “Eurhythmic Patterns indicator”:
- Automatically discover 10 pattern and plot the harmonic patterns
- Compatible with all instruments and timeframes
- Compatible with any price representation such as Renko, ticks, Kagi, Three Line Break and more..
- The indicator is completely customizable with a large range of settings available
- Filter the accuracy of detected figures
- Patterns are completely customizable to suit your own trading style
- The indicator does not repaint! The signal is given in real-time and allows you to operate without any delay
- The indicator can be integrated into any indicator, using ProRealTime’s ProBuilder function
- The indicator can be integrated into any automated trading strategy, using ProRealTime’s ProBackTest and ProOrder function
- The indicator is sold with a ProScreener program (included for the same price), that scan the patterns in realtime, on any market and for any compatible timeframe
- Free screener included! Scan the markets in real time to discover newly formed patterns!