I am looking for a correctly coded harmonic indicator that shows most if not all of the standard harmonic patterns (shark, abcd, gartley, butterfly, crab, etc)
There are many out there such as the Korharmonics and ZUP indicator, but both of these have the same issue with the last leg of the pattern repainting itself. This is due to the fact that they both use the zig zag indicator as its primary measurement for highs and lows and pattern formations. This is absolutely incorrect and not the way it should be done. What happens is that when you get a harmonic pattern formation but the final validation lag will go up and down with the zig zag thus you have no idea when or where the pattern ends and are left guessing as to its validity.
The harmonic patterns should be drawn and based off math. Not the zig zag indicator. Once a pattern has formed, it has formed and that is it.
Anyone have such an indicator?
I would need the source code as well.
Check this thread (a lot of source code there) : https://www.mql5.com/en/forum/173588
Thank you for the reply.
All of the indicators in that post use the zig zag indciator for making harmonic patterns, which is why all of them do not work. Anyone wonder why all of those harmonic indicators do not work effectively, and why all the EA made out of them fail miserably? Because they use zigzag.
Harmonics should be based off math and math alone. Not an ndicator like zigzag that constantly changes when the price reaches higher highs and lower lows. 95% of all the signals from ZUP and korharmonics are false.
Yes, you can use PRZ and other filters, but why? It is unnecessary.
Anyways, I am hoping to find one that does not use zigzag. I have only found one to date that is in the mql4 marketplace but the author is unavailable or not selling it anymore as he hasn't replied in months.
There is a reason why Harmonics have not taken off as the most profitable trading system. This is because everyone has been trying to make a profitable trading system using a harmonic indicator that repaints constantly.
I don't think that it is possible to make a harmonics indicator that does not "repaint". Since it depends on extremes, extremes on current bars are always a subject of change and as a result you have a "repainting". Otherwise it would be a holly grail
Yes, It is defiantly possible. I have seen them before, just in different formats for different trading platforms - not for mt4. They are not widely talked about or published
The reason why they are not the holy grail is because when they do not repaint the final leg, there are many false patterns that occur in heavily trending markets. This is obviously avoided with repainting harmonic indicators as the PRZ is violated or the harmonic pattern setup has failed, the pattern itself disappears.The signals of a non repainting harmonic indicator that happen before the main trend and in ranging markets are very accurate.
Which would you rather....a harmonic indicator like zup or korharmonics that repaints 95% of its signals and always leaves you guessing? OR a harmonic indicator that does not repaint but has 30% false signals in trending markets that is easily avoidable with various types of filters?
The whole basis for how all the harmonic indicators that are in the forex market are made up of is WRONG. None of them should be based on the zigzag indicator. I don't know how this exactly got so stuck in peoples head, because this is how all of them are programmed. How can you base something off an indicator that constantly repaints with higher highs and lower lows? It doesn't make any sense. If a pattern happens, it happens, regardless of if you get higher highs and lower lows and it should stay not disappear from the chart when the price goes higher or lower.
If you would like to discuss more mladen, feel free to message me and I will give you my email or skype. I can show you some examples of non repainting harmonic indicators.
like which one?
Forum on trading, automated trading systems and testing trading strategies
Something Interesting to Read January 2014
Sergey Golubev, 2014.01.10 09:14
Scott M. Carney
Now, in Harmonic Trading: Volume 2, Carney takes a quantum leap forward,
introducing new strategies, patterns, and methods that make Harmonic
Trading an even more powerful tool for trading the financial markets.
For the first time, he reveals how to utilize harmonic impulse waves and
introduces measurement techniques that identify market turning points
even more accurately. Finally, he demonstrates how to integrate the
Relative Strength Indicator (RSI) with advanced Harmonic Trading
techniques to separate minor “reactive” moves from major opportunities.
Muhammad Syamil Bin Abdullah, 2017.04.24 12:21
There's a Harmonics Indicator created for MetaTrader 5 which can detect more than 50 patterns, displaying emerging patterns, PRZ zone and much more.
In my opinion it is more advance and more features than ZUP indicator.
Harmonic Pattern Finder V2 - indicator for MetaTrader 5