Gartley finder is an indicator for searching for Harmonic Patterns.
The indicator finds on the chart the following patterns: Bat, Alternate Bat, Butterfly, Crab, Deep Crab, Gartley, Shark, Cypher, White Swan and Black Swan.
Also, the indicator draws projections of patterns into the future. This parameter can be enabled in the settings either using the green (to display buy projections) or the red (to display sell patterns) button in the lower left corner of the screen. Please note that if the display of projections is enabled via external parameters of the indicator, projections will be displayed continuously. If the option is displayed in external parameters, and you use buttons to display them, the buttons will be deactivated when you switch timeframes.
Only standard patterns are displayed by default. Exotic ones can be added in the indicator inputs.
The indicator allows quickly checking for presence of the Gartley patterns on the current currency pair. This can be done in two ways:
- By using the left and right arrows located at the bottom of the screen. These arrows change the depth parameter of the ZigZag indicator, thereby allowing you to find the patterns of higher and lower orders in a few clicks.
- By attaching multiple instances of the Gartley finder indicator with different depth parameter values of the ZigZag indicator. This allows searching for patterns of different orders instantly without using the arrows. In my opinion, this option is much more convenient.
At 0 values of the inaccuracy parameters (infelicity_head = 0, infelicity_shadow = 0) the indicator will only attempt to search for ideal Gartley patterns, where the price touches the Fibonacci levels only with wicks. At the same time, the indicator will ignore the levels the price failed to reach by a few points, for example, and levels exceeded not only by wicks, but by candle bodies as well. In order to take such situations into account, two inaccuracy parameters have been introduced: by wicks and by bodies.
Inaccuracy by wicks
This inaccuracy refers to the percentage of allowed failure of a wick to reach the target level. The percentage is taken from the range span of the adjacent Fibonacci levels, one of which is critical for the pattern. In this case, the total range is calculated using the target level and the previous level.
Inaccuracy by bodies
This inaccuracy refers to the percentage by which the candle body is allowed to exceed target level. The percentage is taken from the range span of the adjacent Fibonacci levels. In this case, the target level and the next level are taken.
- StepDepth - step size for the Zigzag indicator. Controlled by the left and right arrows.
- InpDepth, InpDeviation, InpBackstep - parameters of the Zigzag indicator.
- infelicity_shadow - percentage of allowed failure of a wick to reach the target level. Maximum is 45%.
- infelicity_head - percentage by which the candle body is allowed to exceed target level. Maximum is 45%.
- StepInfelicity - step size for changing the inaccuracy. Controlled by the up and down arrows.
- clr_linethup - color of lines for buy patterns.
- clr_trup - color of triangles for buy patterns.
- clr_chup - color of displayed Fibonacci levels for buy patterns.
- clr_linethdown - color of lines for sell patterns.
- clr_trdown - color of triangles for sell patterns.
- clr_chdown - color of displayed Fibonacci levels for sell patterns.
- colorclr_pt - color of letters X-A-B-C-D.
- colorclr_ptname - color for names of the patterns.
- colorStopLoss - the color of the StopLoss level zone. Protective orders are placed within this zone.
- colorTakeProfit_1 - the color of the first target area based on the pattern. Take Profit is set at its low (for selling) or high (for buying).
- colorTakeProfit_2 - the color of the second target area based on the pattern. Take Profit is set at its low (for selling) or high (for buying).
- ShowBullishProjBool - show/hide projections of bullish patterns.
- ShowBearishProjBool - show/hide projections of bearish patterns.
- displayPatern - show/hide patterns.
See the attached video for more information.
Added Stop Loss and Take Profit placement levels.
Added ability to enable/disable each pattern in the indicator properties.