Repaints Harmonic Patterns Indicator for ThinkorSwim (ZigZag, Bat, Butterfly, ABCD)

[geofear]

Please allow me to clarify. I realize the chart I posted looks just like the screen shot that accompanied the script in #1. My confusion is that the patterns are all connected. I'll have to wait until Monday to see how this maps out in real time. I am used to seeing the individual harmonic patterns individually. Perhaps S. Carney's software that runs on Trading View does not calculate all 12 patterns ???

 

[BenTen]

Please allow me to clarify. I realize the chart I posted looks just like the screen shot that accompanied the script in #1. My confusion is that the patterns are all connected. I'll have to wait until Monday to see how this maps out in real time. I am used to seeing the individual harmonic patterns individually. Perhaps S. Carney's software that runs on Trading View does not calculate all 12 patterns ???

Possibly. Plus, those are the white ZigZag lines.

 

[TechGuy]

not that I am an Elliot expert, but according to most stuff I read your waiting until the 4th and 5th wave. so called smart traders wait until the 5th. without all the cycles built in, the concept of trading Elliott waves is extremely difficult. Even the TOS scripts which promote themselves as "Elliott" only have one cycle. Seems counter productive not to include mono cycles. I've added a few more "Elliott" type stuff and other patterns I mess with as I wanted to share with all the scripters which helped me, but I would have a health skepticism with it as it requires a better script.

not that I am an Elliot expert, but according to most stuff I read your waiting until the 4th and 5th wave. so called smart traders wait until the 5th. without all the cycles built in, the concept of trading Elliott waves is extremely difficult. Even the TOS scripts which promote themselves as "Elliott" only have one cycle. Seems counter productive not to include mono cycles. I've added a few more "Elliott" type stuff and other patterns I mess with as I wanted to share with all the scripters which helped me, but I would have a health skepticism with it as it requires a better script. https://tos.mx/056xjyp

side note: if you really want wave 3, ill add it.

side note: if you really want wave 3, ill add it.

Mcdon, I downloaded your script back in Dec 2019 and have been using it since as an additional indicator. This morning, I went back to the script to see what was in it to get a better understanding of the signals. Is there an updated script to the one from Dec 2019? It is hard to tell recent updates when I went back over historical Harmonic Patterns. Are these signals "repainted" ? Many thanks.

 

[MerryDay]

Mcdon, I downloaded your script back in Dec 2019 and have been using it since as an additional indicator. This morning, I went back to the script to see what was in it to get a better understanding of the signals. Is there an updated script to the one from Dec 2019? It is hard to tell recent updates when I went back over historical Harmonic Patterns.

No, there are no updates to @mcdon030's Elliot Wave as the Elliot Wave definition has not changed.

Are these signals "repainted" ? Many thanks.

Yes, all waves, zig-zags, reversals repaint
read more:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-57833

 

[mcdon030]

Mcdon, I downloaded your script back in Dec 2019 and have been using it since as an additional indicator. This morning, I went back to the script to see what was in it to get a better understanding of the signals. Is there an updated script to the one from Dec 2019? It is hard to tell recent updates when I went back over historical Harmonic Patterns. Are these signals "repainted" ? Many thanks.

It repaints.

I read your comment yesterday and thought about it overnight. Typically, I don't write too much in my replies, but I thought I would offer free advice to save you time as I was deep in this rabbit whole a few years ago with harmonic patterns. I recreated this script with Peak and Trough Analysis, which is somewhere in the platform, to back test harmonics. I ended up scraping that with a custom set of pivots they are profitable alone – meaning, many, many interactions for pivots. It took a year and half to make a harmonic trade strategy profitable, but harmonic trade management has too many variables. Here are the facts that I currently believe:

• Scott Carney stole his harmonic ideas from Bryce Gilmore. This can easily be verified by reading his material. If you are dead set on trading harmonics, read Bryce Gilmore. His 90% reversal rule is legitimate and most of his books are thorough and free. I keep an algo running to recognize his 90% reversal rule, and don’t trust my initial code if you find it. It is faulty.
• Don’t trade the big-name patterns such as Gartley. There are too many smart money computers identifying it so they reverse it all the time against dum money. A bat pattern doesn’t need ingenious trade mechanics as it is a very reliable pattern. My second is cypher. I know this as I back tested every time across the DOW.
• DOW symbols respond better to harmonic patterns for some reason. Research has been done to verify this.
• Most harmonics are like a double bottom/top pattern. Instead of coding or buying a harmonic pattern script, find a decent pivot code and draw lines from the high and low. Trade when price touches of those lines instead.

Cheers, mcdon

 

[perseverance_trading1]

It repaints.

I read your comment yesterday and thought about it overnight. Typically, I don't write too much in my replies, but I thought I would offer free advice to save you time as I was deep in this rabbit whole a few years ago with harmonic patterns. I recreated this script with Peak and Trough Analysis, which is somewhere in the platform, to back test harmonics. I ended up scraping that with a custom set of pivots they are profitable alone – meaning, many, many interactions for pivots. It took a year and half to make a harmonic trade strategy profitable, but harmonic trade management has too many variables. Here are the facts that I currently believe:

• Scott Carney stole his harmonic ideas from Bryce Gilmore. This can easily be verified by reading his material. If you are dead set on trading harmonics, read Bryce Gilmore. His 90% reversal rule is legitimate and most of his books are thorough and free. I keep an algo running to recognize his 90% reversal rule, and don’t trust my initial code if you find it. It is faulty.
• Don’t trade the big-name patterns such as Gartley. There are too many smart money computers identifying it so they reverse it all the time against dum money. A bat pattern doesn’t need ingenious trade mechanics as it is a very reliable pattern. My second is cypher. I know this as I back tested every time across the DOW.
• DOW symbols respond better to harmonic patterns for some reason. Research has been done to verify this.
• Most harmonics are like a double bottom/top pattern. Instead of coding or buying a harmonic pattern script, find a decent pivot code and draw lines from the high and low. Trade when price touches of those lines instead.

Cheers, mcdon

I was looking to read up on Bryce Gilmore and his publications as Larry Pesavento credit's him as the founder of the Butterfly Pattern and Level 10, a concept where his software would highlight places in price where ten instances of price was hitting the same price and time at a single point.

Have you read his (Bryce's) materials? What would recommend someone read of his materials and what could they get out of it?

I did a search on Amazon and didn't really find any of Bryce's work.
What should someone try to read and where should they go to buy the materials?

It's very difficult to strip away all of the noise to be able to focus on the core information.

 

[mcdon030]

I was looking to read up on Bryce Gilmore and his publications as Larry Pesavento credit's him as the founder of the Butterfly Pattern and Level 10, a concept where his software would highlight places in price where ten instances of price was hitting the same price and time at a single point.

Have you read his (Bryce's) materials? What would recommend someone read of his materials and what could they get out of it?

I did a search on Amazon and didn't really find any of Bryce's work.
What should someone try to read and where should they go to buy the materials?

It's very difficult to strip away all of the noise to be able to focus on the core information.

I have read all his work and would recommend reading everything he has. He shared so much before he sold his software. You’re right that Larry Pesavento and Robert Minor credit him a lot. There is only one book that I couldn’t download for free, but I don’t recall which one. One of his book shows in detail how he implements this in real time.

I would focus on his 90% reversal pattern, false break pattern, and volume placement in the last 5 pivots. I did quite a lot of historical backtest to see if these work and they do. Specifically, read Price Action Manual [c] 2007, Chapter 19. I specifically took that out of the PDF. I’m not sure that I could share that publicly as I can’t remember if I bought that book or not. If you search GitHub, I did code all his fib levels. It was when I first started so there is some redundant coding, but they are still in line with the section I just noted.

 

[yellowredmg]

your code has error . it wouldn't loan in TOS .

 

[MerryDay]

your code has error . it wouldn't loan in TOS .

Both the code and the shared link load fine.
You didn't provide enough information to say where you went astray.

For future reference, here is a tutorial on how to cut & paste a study into the ToS app:
https://usethinkscript.com/threads/how-to-import-existing-thinkscript-code-on-thinkorswim.10/

And here is a tutorial on how to import a shared link:
https://usethinkscript.com/threads/...ed-item-error-in-thinkorswim.5098/#post-57930

Perhaps this will help. Here is a chart with the indicator already loaded on it.
When you import, the following link. It will open a chart with the indicator, and it will put the study into your custom study tab for your future use.

Shared Chart Link: http://tos.mx/0MAHhpU Click here for --> Easiest way to load shared links