Auto Harmonic Patterns Extreme

Auto Harmonic Pattern Extreme
Auto Harmonic Pattern Extreme

Auto Harmonic Patterns Extreme indicator is the most advanced free tool available for identifying harmonic patterns in the market. Developed by our team of expert traders and programmers, this indicator uses sophisticated algorithms to scan the market and identify key patterns such as the Butterfly, Gartley, Crab, and Bat patterns.

Link to the Indicator: Auto Harmonic Patterns Extreme

Brief History

This indicator is created as a free alternative to Auto Harmonic Patterns - UltimateX - which is one of our popular premium indicators.

In order to use this indicator, users need to have access to the Tradingview platform. To know more about how to create a free tradingview account and how to use this indicator for free please follow this article - Tradingview Platform and Ecosystem

Brief About Harmonic Patterns

Harmonic patterns, rooted in the use of Fibonacci ratios and numbers, are a sophisticated form of technical analysis used to predict future price movements in the stock market. These patterns are based on specific Fibonacci retracement and extensions intertwined within the structure of price action. Scott Carney, a key figure in the development of harmonic trading, introduced several patterns such as the AB=CD pattern, abcd pattern, Crab pattern, and the Butterfly pattern, all of which serve as crucial tools for traders. The Bullish Gartley pattern, another significant discovery, exemplifies how bullish patterns can signal potential market upturns, while its counterpart, bearish patterns, indicate possible downturns. The identification of the BC leg within these patterns is critical as it helps traders to pinpoint the pattern's completion and thereby execute trades with more precision. Harmonic trading emphasises the strategic placement of stop loss orders to manage risk effectively, particularly when a trade harmonic pattern completes. By harnessing the power of Fibonacci numbers and ratios, harmonic patterns offer a unique lens through which traders can view the market, enhancing their technical analysis and enabling them to make more informed decisions based on the anticipated direction of price action.

Feature Highlights

Here are some of the highlights of this indicator.

  • Recursive and deep search zigzag algorithm which helps find patterns of any size.
  • Designed to work on any timeframe and instrument. Can be helpful in devising different types of strategies.
  • Variety of input parameters that can help experiment on hypothetical trade scenarios which in turn can be used for understanding probabilities and risk-reward
  • Detailed stats presented for both on-chart and historical patterns.
  • Fully customisable alert which can be used to notify whenever a new pattern comes up on the chart.
  • Chose colours as per your chart theme - either dark or light.
  • Customisable backtest window

Chart Components

When you load the indicator on the chart, you can find the following components.
  • Pattern Drawings with lines and labels
  • Hypothetical stop, entry, and targets based on the input settings.
  • Open pattern stats table containing the details of the live patterns on the chart in tabular format
  • Closed trade stats - which contain the backtest result of the algorithm based on the indicator settings.
  • Run timer - which says for how long the closed trade stats are collected.
Chart Components - Auto Harmonic Pattern Extreme
Chart Components - Auto Harmonic Patterns Extreme

Indicator Settings

This is very complex indicator and there are lots of factors which can influence pattern detection as well as mechanism in which we trade. Hence, plenty of options are provided as part of settings so that users can calibrate the indicator in the way they want.

Auto Harmonic Pattern Extreme - Settings
Auto Harmonic Patterns Extreme - Settings

Here are the detailed explanation about each of the input parameters.

Pattern Detection Settings

Trade Direction - Allows users to scan patterns for specific direction. Default value is all. Hence, it will scan for both bullish and bearish patterns

Entry and Exit Customization Parameters

Entry % - Refers to percentage of retracement with respect to base to be expected before we commit to the trade for a pattern. Keeping the safe entry percent will help us avoid committing to trade too early and provides safeguard upon trading against the trend.

Stop % - is the distance of stop value from the D pivot or the pattern PRZ end. Determines the stop and invalidation point of patterns. Similar to Entry %, it is essential to set optimal stop % in order to avoid stopping on fakeouts and to safeguard from failing patterns.

Base - the base on which entry, stop and targets are calculated. The available values are impulse, correction or minimum/maximum of both.

Target Levels - The indicator allows users to set 4 target levels and track them as part of closed and open trade statistics. Users can either select the prepopulated values from the dropdown or they can set customised values.

Available Patterns

Only classic patterns are made available as part of this indicator. They are Gartley, Bat, Butterfly, Crab, Deep Crab, Cupher, Shark and Nenstar. The premium indicator also includes Anti Patterns and Non Standard Patterns.

Users can enable and disable individual patterns by using this setting.

Stats and Display Settings

These settings allow users to control display components.

Open Trades - Enable display of open trade statistics and control the size and position of the stats table.

Closed Trades - Similar to open trades settings, this enables users to display Closed trade statistics and control the size and position of the display table.

Timer - Allows users to select the size and display location of the timer widget.

Other flags available to control the display of Targets, XABCD coordinates and Ratios.


Fully customisable alerts are enabled for identified patterns. Alerts comes with few standard placeholders.

  • {type} - Alert Type
  • {id} - Pattern Id
  • {ticker} - Symbol on which the indicator is run
  • {timeframe} - Timeframe on which the indicator is run
  • {price} - Current price
  • {patterns} - List of identified patterns
  • {direction} - Pattern direction
  • {entry} - Entry Price
  • {stop} - Stop Price
  • {trailingStop} - Trailing Stop Price
  • {target1}, {target2}, {target3}, {target4} - Target price for different target levels.

Other Settings

Colors - define the bullish, bearish and text colors to be used for printing information on the chart.

Theme - Influences the colors to be used for highlighting patterns. Selecting dark theme will pick lighter colors for patterns whereas selecting light theme will pick darker colors for patterns.

Backtest Window - Helps user limit the backtest duration. This will also help avoid runtime errors such as timeouts and reduce load time.