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Click here for eWavesHarmonics
TheHarmonicIndi for MT5 is now available here for more info...
Background
`TheHarmonicIndi began life in 2012 as Snorm Harmonics. The idea came about from the work done to amend the famous ZUP indi to allow external definitions of custom harmonic patterns. ZUP is a great indi but it's an automatic pattern finder, with an incredible number of options to support the multiple loading of the indi enabling the searching of several patterns across various levels. Whilst ZUP is indeed a great indi, it seems that too many users rely on it without understanding the value of harmonic patterns and never learning how to draw the patterns for themselves: they just see patterns and think there are trades to be made.
Snorm Harmonics was created to take control back from the computer and place it into the hands of the thinking trader. Computer-coded searching of patterns works relatively well but, at least at this time of writing, I know of no computer that can match the human brain - how can you code something to automatically cater for the infinite amount of possibilities that technical analysis presents? Each trader has his/her own way of performing technical analysis and no indicator can cater for all those ways (although eWavesHarmonics does a fine job for most technical analysis requirements).
In late 2014, I began a major rework of Snorm Harmonics - the DaVincisKiss project - to create what is now TheHarmonicIndi (though many of the original elements of Snorm Harmonics remain).
I am by no means an expert in harmonics, so keeping the CSV file as the 'brain' of the indi remained a critical element - this gives the harmonic trader full control over the definition of a harmonic pattern. The other thing that was an important factor, in the design of the new indi, was to remove the myriad of options that come with the common harmonic indies. So the 'steering wheel' was put on the screen, by way of buttons, negating the need to keep changing the setting in the indicator options.
Snorm Harmonics was created to take control back from the computer and place it into the hands of the thinking trader. Computer-coded searching of patterns works relatively well but, at least at this time of writing, I know of no computer that can match the human brain - how can you code something to automatically cater for the infinite amount of possibilities that technical analysis presents? Each trader has his/her own way of performing technical analysis and no indicator can cater for all those ways (although eWavesHarmonics does a fine job for most technical analysis requirements).
In late 2014, I began a major rework of Snorm Harmonics - the DaVincisKiss project - to create what is now TheHarmonicIndi (though many of the original elements of Snorm Harmonics remain).
I am by no means an expert in harmonics, so keeping the CSV file as the 'brain' of the indi remained a critical element - this gives the harmonic trader full control over the definition of a harmonic pattern. The other thing that was an important factor, in the design of the new indi, was to remove the myriad of options that come with the common harmonic indies. So the 'steering wheel' was put on the screen, by way of buttons, negating the need to keep changing the setting in the indicator options.
What is it
TheHarmonicIndi, as suggested above, is a manual harmonic drawing tool for the MetaTrader platform. It is designed to remove not only the tedium from pattern drawing but also the guess-work and head-scratching. It's also designed to be fully customisable and flexible - showing as much information as most harmonic traders might need and numerous definable patterns, as exist now or in the future. It is not an automated pattern drawer but does have the ability to plot D point projections and may, in the future, have a bit more automation added, though that's not at the top of the to-do list right now (eWavesHarmonics does the auto-pattern-finding quite well, if that's what you're looking for).
The indi should suit new harmonic traders and experienced traders alike; at least that's what we hope. The CSV file that's provided with the package should be good for most traders but you are encouraged to adjust the settings to suit your own approach. A 'strict' definitions CSV file is also included for which the 'tolerance' settings should be increased in the indi options, when in use
The indi should suit new harmonic traders and experienced traders alike; at least that's what we hope. The CSV file that's provided with the package should be good for most traders but you are encouraged to adjust the settings to suit your own approach. A 'strict' definitions CSV file is also included for which the 'tolerance' settings should be increased in the indi options, when in use
The Future
That very much depends on the popularity of TheHarmonicIndi. If there is sufficient demand we will look to incorporate any suggestions and ideas that you might have. We have quite a few ideas of our own and, if there is enough demand, will look to add more functionality and customisation options.
Download V2.4 of the TheHarmonicIndi and CSV files here
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Last update: your drawn pattern will remain when switching TFs.
Copy the CSV files to your MT MQL4 Files folder. The ex4 file goes in your MQL4 Indicators folder. We don't make money from advertising scammers and this indicator, despite the many months of coding time, is free to download.
Donations are of course always very welcome, if you like what we're doing, would like to see more developments or just want to show your appreciation. |
Last update: 6th Dec 2022
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Video looking at how Fibonacci Clusters, from bigger swings, can be used effectively in projecting D points and trading the end of patterns.
This uses eWavesHarmonics to find the patterns and draw the Fibo Clusters but there is an example with THI as well. It's a little long (30 minutes) but I think it's really worth watching, if you're looking for ways to get that extra confluence.