I find this Harmonic Pattern Recognition Indicator very useful, although have some questions and enhancement suggestions
I gather that it can be fine tuned using the below values. Could we have a short explantation of how these values are used and derived, especially backstep and deviation?
---------> correction -> 25%
--------> Depth ->12
-------> Deviation -> 5
-------->Backstep -> 3
Show Price Targets - Sometimes causes out of range error
ie "An error occurred during the calculation of the indicator 'HARMONIC PATTERN'. The error details: [string "Harmonic Pattern.lua"]:599: Index is out of range."
-------> Show Price Targets -> Yes
A problem with the pattern recognition, is that -
1) Cannot preempt patterns ie takes a min of 3 plus subsequent bars. Can this be changed to less than 3bars?
- Would like the option of a potential pattern being recogniced about 5 bars before formation ie 5 bars before D confirmed, instead of 3 bars after. eg once CD leg hits a selectable range value (eg 1.2 to 2.6 on close, not zigzag ) times the XA leg
2) requires an audio alarm on a potential or a confirmed pattern formation.
3) The option of automatically adding various Fib retracements and extensions on the different legs. eg on a bull butterfly fib XA and display 1.272 and 1.619 fib extensions, to enable an estimate D entry point ie PRZ.