HeWhoMustNotBeNamed

Multi Level ZigZag Harmonic Patterns

Lets make things bit complicated.

Main difference between this script and the earlier Multi Zigzag Harmonic Pattern is the calculation logic of Zigzag 2, 3 and 4

In the earlier script, all zigzags were plain and were calculated on the basis of different lengths. (Such as 5, 10, 15, 20). These were derived on the basis of Multi Zigzag indicator

In this script, Zigzag 2, 3 and 4 are calculated in slightly different way. They are calculated on the basis of previous zigzag . This means, Zigzag 1 will be the input for Zigzag2 calculation and Zigzag 2 will be the input for Zigzag3 and so on. This is demonstrated in the script - Multi Level Zigzag

One important parameter which is specific to this script is: UseZigZagChain

If checked:
  • Zigzag2 is formed based on Zigzag1
  • Zigzag3 is formed based on Zigzag2
  • Zigzag4 is formed based on Zigzag3

This can lead to patterns covering huge number of candles as this chaining causes exponential effect in each levels. (Effective length grows exponentially in each level)

If unchecked:
  • Zigzag2 is formed based on Zigzag1 (Same as when checked)
  • Zigzag3 is formed based on Zigzag1. But, length is set to zigzag2Length + zigzag3Length
  • Zigzag4 is formed based on Zigzag1. But, length is set to zigzag2Length + zigzag3Length + zigzag4Length

This reduces exponential increase of zigzag lengths over next levels.


Logical ratios of patterns are coded as below:

Notations:
  • Lines XABCD forms the pattern in all cases. (OXABCD in case of Three drives )
  • abc = BC retacement of AB, xab = AB retracement of XA and so on

ABCD Classic
  • 0.618 <= abc <= 0.786
  • 1.272 <= bcd <= 1.618

AB=CD
  • Price difference between AB and CD are equal
  • Time difference between AB and CD are equal

ABCD Extension
  • 0.618 <= abc <= 0.786
  • 1.272 <= AD/ BC (price) <= 1.618

Gartley
  • xab = 0.618
  • 0.382 <= abc <= 0.886
  • 1.272 <= bcd <= 1.618 OR xad = 0.786

Crab
  • 0.382 <= xab <= 0.618
  • 0.382 <= abc <= 0.886
  • 2.24 <= bcd <= 3.618 OR xad = 1.618

Deep Crab
  • xab = 0.886
  • 0.382 <= abc <= 0.886
  • 2.0 <= bcd <= 3.618 OR xad = 1.618

Bat
  • 0.382 <= xab <= 0.50
  • 0.382 <= abc <= 0.886
  • 1.618 <= bcd <= 2.618 OR xad = 0.886

Butterfly
  • xab = 0.786
  • 0.382 <= abc <= 0.886
  • 1.618 <= bcd <= 2.618 OR 1.272 <= xad <= 2.618

Shark
  • xab = 0.786
  • 1.13 <= abc <= 1.618
  • 1.618 <= bcd <= 2.24 OR 0.886 <= xad <= 1.13

Cypher
  • 0.382 <= xab <= 0.618
  • 1.13 <= abc <= 1.414
  • 1.272 <= bcd <= 2.0 OR xad = 0.786

Three Drives
  • oxa = 0.618
  • 1.27 <= xab <= 1.618
  • abc = 0.618
  • 1.27 <= bcd <= 1.618

5-0
  • 1.13 <= xab <= 1.618
  • 1.618 <= abc <= 2.24
  • bcd = 0.5

Double Bottom
  • Last two pivot High Lows make W shape
  • Last Pivot Low is higher than previous Last Pivot Low.
  • Last Pivot High is lower than previous last Pivot High.
  • Price has not gone below Last Pivot Low
  • Price breaks out of last Pivot High to complete W shape

Double Top
  • Last two pivot High Lows make M shape
  • Last Pivot Low is higher than previous Last Pivot Low.
  • Last Pivot High is lower than previous last Pivot High.
  • Price has not gone above Last Pivot High
  • Price breaks out of last Pivot Low to complete M shape
リリースノート: Convert to pine5

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オープンソーススクリプト

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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