Harmonic Patterns are not always 100% exactly. For a Harmonic Pattern to be valid,
usually three or more Fibonacci numbers need to be reached as exactly as possible in form
of retracements and extensions. To allow some flexibility for price without invalidating a
pattern, the mkHarmonics indicator uses different Tolerance Parameters. They are all
percent values in a range of 0% to 100%.
Lets say we need a 50% retracement of the XA leg in a pattern and we set the Retracement
Tolerance to 2%. Using those 2%, we now have defined an area in which price has to create
a swing for the pattern to be valid. Instead of only allowing an exact 50% retracement of the
XA leg, now a retracement between 49% and 51% (2% of 50% = 1%) will be valid.
% Retracement Tolerance
% Extension Tolerance
Tolerance Value used for maximum Retracements and Extension in the PRZ.
% Time Tolerance
This Parameter is only used for the AB=CD Pattern and defines the maximum flexibility
in time symmetry (bars) between the AB and the CD leg.
Color used for bullish pattern triangles, target price levels and labels.
Color used for bearish pattern triangles, target price levels and labels.
Color used for developing pattern triangles and target price levels.
Pattern Opacity
Text Color
Text Font
Label Font
Show Dots
Show Labels
Show Info
Show Alerts
Enable / Disable Alerts when new patterns are detected by the indicator.
Max Bars
Defines the maximum look back period for the indicator to search for patterns. A value of
0 (zero) will do a search over all available bars in the chart.
Pattern Settings
Advanced Parameters
Settings to control the pattern detection algorithm like the minimum Impulse Wave Size in
Ticks and various settings to define the ratio between the swings for point x to point d.