Auto Harmonic Pattern Screener - Settings Guide

Discover the power of customization with our Auto Harmonic Pattern Screener settings guide. Fine-tune your screener dashboard, tailor tooltips and alerts, and unlock the full potential of our advanced Harmonic pattern screener. 

Link to the indicator/screener : Auto Harmonic Pattern - Screener

Auto Harmonic Pattern Screener

At Trendoscope, we take pride in offering a wide range of indicators on Harmonic Patterns, including both free and premium options. While we have successfully developed various advanced tools, we recognize that creating a Harmonic Pattern screener is an audacious endeavor that few have ventured into.

Creating a harmonic pattern screener presents a formidable challenge. The intricate nature of the algorithm, coupled with the limitations of cloud-based processing and platform memory, makes it exceedingly difficult to implement the screener functionality without encountering runtime errors.

Today marks a historic achievement as we overcome numerous challenges to unveil our groundbreaking harmonic pattern-based screener. This significant leap signifies our commitment to innovation in the field.

Without further delay, let's dive right into the new Auto Harmonic Pattern - Screener algorithm

Auto Harmonic Screener Feature Overview

🎯 Primary Functionality

We prefer not to categorize this as a traditional indicator, as it goes beyond that scope. Instead, it's a unique amalgamation of both a screener and an indicator, designed to achieve primarily two essential functions.

1. Firstly, it efficiently scans multiple tickers, up to 20, for harmonic pattern formations and presents them on a user-friendly dashboard
2. Secondly, it provides harmonic pattern drawings on the chart, but only if the current chart ticker is part of the screener and exhibits a harmonic pattern formation.

🎯 Secondary Features

In addition to its primary functionalities, our revolutionary algorithm offers an array of secondary features that cater to traders' diverse needs

1. Users have the privilege of accessing enhanced settings, providing limitless customization options for the zigzag and pattern detection algorithm
2. The platform empowers traders to effortlessly customize stop entry target ratios, facilitating automatic calculations and display of suggestions
3. The freedom to personalize the visualization and display of patterns and dashboard ensures a seamless and intuitive user experience
4. And finally, the algorithm leaves no stone unturned, keeping traders well-informed through timely alerts on every bar, highlighting tickers exhibiting Harmonic Pattern formations.

🎯 Limitations

Our innovative screener harnesses the power of the recursive zigzag algorithm to deliver efficient and accurate harmonic pattern detections. While the deep search algorithm, present in our other Harmonic Pattern algorithms, offers unparalleled precision, its resource-intensive nature makes it unsuitable for simultaneous scanning of 20 tickers. By focusing on the recursive zigzag approach, we strike the perfect balance between performance and functionality, ensuring seamless scanning across multiple tickers without compromising on accuracy. This strategic decision allows us to deliver a powerful and reliable screener that meets the diverse needs of traders and empowers them with real-time harmonic pattern insights.

Chart Components

Upon loading the indicator and configuring your tickers, our user-friendly interface offers two key components seamlessly integrated into the chart:

• A color-coded screener dashboard: The dashboard presents a clear visualization of tickers with bullish and bearish harmonic patterns. This intuitive display allows you to quickly identify potential trading opportunities based on pattern formations.
• Dynamic pattern display: As you interact with the chart, our algorithm dynamically highlights possible harmonic patterns based on the latest zigzag pivots. Please note that patterns may not always be visible on the chart, especially in cases where higher-level zigzags take time to form pivots. However, rest assured that our sophisticated algorithm ensures real-time updates, providing you with accurate and timely harmonic pattern insights.

🎯 Screener Dashboard

In our screener dashboard, you will find a wealth of information at your fingertips:

• Bullish patterns: Tickers exhibiting bullish harmonic patterns are prominently highlighted with a refreshing green background
• Bearish patterns: Similarly, tickers featuring bearish harmonic patterns stand out with a striking red background
• Dual patterns: Tickers displaying both bullish and bearish patterns are cleverly highlighted in a captivating purple background, providing a comprehensive view of the harmonic pattern landscape.
• Tickers without current patterns: Tickers lacking any current patterns are elegantly displayed with a silver background. These tickers do not trigger tooltips, streamlining your focus on actionable pattern-related data.

Settings in Detail

🎯 Tickers

Our platform currently allows users to select up to 20 tickers for the harmonic pattern screener. We understand the importance of flexibility and scalability, and while we are excited to accommodate more tickers in the future, our present focus is to ensure optimal performance within the CPU and memory limitations. Rest assured, we are continuously working on enhancing our capabilities to provide you with an even more comprehensive experience. Stay tuned for updates as we strive to meet your evolving needs.

🎯 Zigzag and Harmonic Pattern

In this section, we present a range of essential settings that play a pivotal role in the calculation of the zigzag and the scanning of patterns. These parameters share similarities with other premium indicators associated with Harmonic patterns. These settings serve as building blocks for our advanced algorithms' suite.

This include

• Zigzag length and depth settings for calculation of the multi level recursive zigzag
• Pattern scanning settings to filter patterns based on preferences of category, pattern name, accuracy of calculation, and other considerations.
• User preference of pattern trading ratios that are used for calculating entry, stop and target prices.

🎯 Screener Dashboard and Alerts

In this section, we introduce the parameters that define the format and content of alerts and the screener dashboard, offering you maximum flexibility in customizing their display. These settings encompass the following key aspects:

• Screener dashboard position, layout and size that influence the display of screener dashboard.
• List of parameters that can be shown on dashboard tooltips as well as on alerts.
• Format of alert and tooltip data

🎯 Pattern Display

These are the settings related to pattern display on the chart and to limit calculation to last n bars

• Theme - Allows users to set their color scheme to match their chart theme.
• Option to show hide pattern components - this include
  • Pivot labels
  • Fill colors
  • Ratio labels
  • Label sizes
• Calculate Bars - allows users to configure how many bars they need to consider for calculation of patterns. Higher values will provide more bigger patterns. But, it will also cause issues with performance and may lead to indicator timeout or run out of memory.