Harmonic Pattern Collection for ChartIQ

Update Freq

Specify the intrabar frequency, in seconds, at which the indicator should update/refresh. The default is 60 seconds. Regardless of the update frequency, the indicator will always update on each new bar. Valid range is from 2 seconds to 600 seconds.

Show ABCD?

Check this box to display all AB=CD patterns found in the price data. Default value is checked (true).

Show Bat?

Check this box to display all Bat patterns found in the price data. Default value is checked (true).

Show Butterfly

Check this box to display all Butterfly patterns found in the price data. Default value is checked (true).

Show Gartley?

Check this box to display all Gartley patterns found in the price data. Default value is checked (true).

Show Crab?

Check this box to display all Crab patterns found in the price data. Default value is checked (true).

Show Shark?

Check this box to display all Shark patterns found in the price data. Default value is checked (true).

Show 5-0?

Check this box to display all 5-0 patterns found in the price data. Default value is checked (true).

Strict ABCD?

Check this box to force a more stringent evaluation for ABCD patterns. This will generally result in fewer overall ABCD patterns being found, but those displayed will be of higher quality and, therefore, more reliable. Default value is checked (true).

ABCD Align ATRs

When Strict ABCD? above is checked, you can specify an allowable ATR range for the pattern. This basically looks at a straight line drawn from the A point, through the middle of the B/C points and it compares the end-point of this line with the actual D point of the pattern. If the distance between the two is within the specified ATR range then the pattern is allowed. Default value is 1.5 ATRs.

Show Bullish?

Check this box to display all Bullish patterns found in the price data. Default value is checked (true).

Show Bearish?

Check this box to display all Bearish patterns found in the price data. Default value is checked (true).

Show Confirmed?

Check this box to display all Confirmed patterns found in the price data. Confirmed patterns are those patterns in the historical data that have completed their formation. Default value is checked (true). See Overview.

Show Pending?

Check this box to display any Pending patterns found in the price data. A Pending pattern is any pattern that meets all of the pattern requirements as of the current (realtime) bar. Now this pattern will not become a Confirmed pattern until the pivot that forms the final leg has completed (which can be as of the close of the very next bar, or several bars in the future if this happens to be a multi-bar pivot). Note that a Pending pattern is not guaranteed to become a Confirmed pattern since the current, developing, bar may still move to extremes that invalidate the pattern. However, this feature gives you an important heads-up and gives you time for planning/preparation before the pattern becomes Confirmed. Default value is checked (true). See Overview.

Show Potential?

Check this box to display any Potential patterns found in the price data. A Potential pattern is any pattern that has completed all but the very last leg, and has met all of the rules and requirements for the legs that have completed. Depending upon the harmonic pattern, there may be several Potential patterns being tracked by the pattern engine at any given time. If this feature is turned on, the pattern engine will display the Potential pattern that is closest in terms of price and time. When displaying Potential patterns, the pattern engine will draw the completed legs and project the area in the future where price and time would have to meet in order to complete the pattern. Default value is checked (true). See Overview.

Potential Logic

Select from "C is Formed", "B/C Midpoint Exceeded", and "B Exceeded". This option allows you to instruct the pattern engine as to when a Potential pattern is a candidate for display (i.e., immediately after the C leg is completed, or only once price moves past the midpoint of the B/C leg, or only once price exceeds the B leg). Note that regardless of this setting, a Potential pattern will only be displayed if and when all of the other filters/rules have been satisfied. Default value is "B Exceeded".

Hide Inside?

Check this box if you wish to hide any patterns that are formed within a larger pattern. If true then any Confirmed patterns that are found to be within the boundaries of a larger Confirmed pattern will be discarded. If false then patterns are drawn regardless of whether or not they happen to be inside of larger patterns. Note that this filter applies to Confirmed (completed) patterns only and does not apply to Pending or Potential patterns. Default value is checked (true). See Display Filters.

Max Pnts Shared

Specify the maximum number of points that patterns are allowed to share. The default is 2. By "point" we mean swing points (i.e., where the O, X, A, B, C, D, etc. labels are drawn). If a new pattern is found and if this pattern shares more than the allowable maximum points with another existing pattern then the larger of the two patterns will be kept and the other discarded. Note that this filter applies to Confirmed (completed) patterns only and does not apply to Pending or Potential patterns. Valid range is from 0 to 4. See Display Filters.

Min Pattern Len

Specify the minimum allowable pattern length. This measure uses the distance, in bars, from the very first point in a pattern to the very last point. Patterns that are shorter than the specified length will not be displayed. The range is between 20 bars and 3000 bars. Default value is 30 bars.

Max Pattern Len

Specify the maximum allowable pattern length. This measure uses the distance, in bars, from the very first point in a pattern to the very last point. Patterns that are longer than the specified length will not be displayed. The range is between 20 bars and 3000 bars. Default value is 300 bars.

A/C Filter?

If checked, then the pattern engine will draw an imaginary line between the specified points and check all price bars between those two points against this line. If the highs/lows of any bars push through this line then the pattern is discarded. Now, whether it will check for highs or lows depends upon whether it is a bullish or bearish pattern and where the points are in relation to the pattern. If not checked then this test is not performed. See Pattern Filters. Default value is unchecked (false).

B/D Filter?

If checked, then the pattern engine will draw an imaginary line between the specified points and check all price bars between those two points against this line. If the highs/lows of any bars push through this line then the pattern is discarded. Now, whether it will check for highs or lows depends upon whether it is a bullish or bearish pattern and where the points are in relation to the pattern. If not checked then this test is not performed. See Pattern Filters. Default value is not checked (false).

Fill?

Check this box if you wish all displayed patterns to be color filled. If false then the patterns will only be outlined and not filled. Default value is checked (true).

Opacity

Set the opacity for the pattern color fill. Default value is 0.5. Range is from 0 to 4.0.

Note: If you are using a dark chart background, please set your opacity to 2.0 or 3.0 which will result in better contrast.

Show Ratios?

If checked, then the actual ratios will be displayed when drawing the patterns. Default value is checked (true).

Show Labels?

If checked, then the leg labels will be displayed when drawing the patterns. Default value is checked (true).

Zone Bars

Set the line length to use when drawing the PRZ (Potential Reversal Zone) zone lines. Default value is 10 bars. To disable the display of the zone lines, set this value to 0. See Zone Lines.

Target Bars

Set the additional line length used to draw the T1 and T2 target lines for each pattern. Default value is 10 bars. This means that if the Zone Bars setting is 10 bars then the total line length for the T1 and T2 targets will be 20 bars.

Reverse Zone Labels?

Check this box if you want to frame the zone label text in the current zone line color. Default is unchecked (false).

Show Vertical Zone Line?

Check this box if you want a vertical line drawn that will connect all zone lines. Default is unchecked (false).

Font Size

Select between "Small", "Medium", and "Large". This will adjust the font size used for leg labels, ratios, and the text in the zone lines. The default is "Small".

Pattern Line Thickness

Set the line thickness for the primary pattern lines. Default is 1. Range is from 1 to 5.

Ratio Line Thickness

Set the line thickness for the ratio lines. Default is 1. Range is from 1 to 5.

Zone Line Thickness

Set the line thickness for the zone lines. Default is 1. Range is from 1 to 5.

Bullish

Select the color to be used to display Bullish patterns.The default is green.

Bearish

Select the color to be used to display Bearish patterns. The default is red.

Potential

Select the color to be used to display Potential patterns. The default is grey.

Pending

Select the color to be used to display Pending patterns. The default is blue.

Ratio Line

Select the color to be used to draw the ratio lines. The default is light grey.

Ratio Label

Select the color to be used to draw the ratio labels. The default is dark grey.

Leg Label

Select the color to be used to draw the pattern leg labels. The default is light blue.

Zone Color

Select the color to be used to draw the PRZ (Potential Reversal Zone) zone lines. The default is dark grey. See Zone Lines.