Using Fibonacci numbers to define reversal points, Harmonic Patterns attempts to predict future market movements.
Harmonic Papallons automatically scans the chart to find these Harmonic Patterns, and give you the chance to enter early in good operations. It can be easily used in Expert Advisors and, if desired, it alerts you when future patterns may appear.
Main Features of Harmonic Papallons
Using Zig zag peaks, Harmonic Papallons looks for zones of possible retracements, and gives us the chance to enter in profitable orders. All patterns can be switched on and off, they have his own accuracy error, which increase the tolerance of the Fibonacci numbers and increases the number of signals. We recommend use of 10-15% of tolerance, but if you want more signals and you have other ways to filter them, you may increment it. (There is a special entry called "General_Error" which allows you to set the same error for all patterns. If 0 is selected, it will use the individual Errors). This kind of error its needed so that the indicator can adapt to the volatility of the pair and the time frame. The one used per default, its ready to be used in many Time Frames and Pairs.
At the moment, the included patterns are the following:
Additional Important Features
- Projection of a possible Pattern: This indicator is developed to also predict where a pattern can be formed in the future, giving you more time to be ready to enter the market. Harmonic Papallons shows you a possible future pattern, allowing you to be prepared for the real formation. Once you receive that signal, you can decide and have time to study if the projected retracement price is great to enter in the market.
- Fibonacci Levels: When a pattern is formed, you can choose to see the according Fibonacci Levels to set your Stop Loss and Take Profit levels
- Ready to be used in Expert Advisors: Harmonic Papallons returns you several buffers we found necessary to be used in Expert Advisors. It returns the Maximum and Minimum Level of the retracement zone, and the previous pattern's peak, to be able to set SL and TP levels according to the dimensions of the Pattern. Furthermore, the indicator has been perfectly optimized so it can be backtested really fast.
- Max_Bars_To_Show_Patterns --> The max number of bars where patterns are shown. If 0 is selected, it takes the whole chart.
- Hide_Previous_Patterns --> To have a cleaner chart, we do not recommend to show all the patterns, however, you can try it for testing and checking previous patterns.
- ZigZag settings --> Current zig zag entries
- General_Error --> If 0 is selected, it uses independently the error of each pattern. The use of that error is explained below.
- Error_Gart, Error_Butt, ... --> As well as "General Error", this parameter is used to increase or reduce the frequency of the patterns; adding more tolerance to the Fibonacci numbers.
- Type_Price_Confirm --> The last vertex of the pattern, so the confirmation price to create the pattern, may be wick or close price
- Future Possible Patterns --> it has a "Percentage_To_Show" which means the relative distance between the current price and the future possible pattern. If you increase it, it will show you the pattern many time before the price reaches the pattern price.
- This indicator can send you eMail alerts and sound Alerts if desired.
- This indicator DOES NOT REPAINT, it keeps all the signals in form of arrows, however, due to aesthetic issues, the full patterns will be deleted and repainted.
- This indicator will be updated with more patterns and other features, so do not forget to update it!
If you need more information, please contact with us.