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MK Harmonics

The document discusses the tolerance parameters used in the mkHarmonics indicator. It allows for some flexibility in price movements when identifying harmonic patterns by defining a percentage range around key retracement and extension levels. It describes the various tolerance settings that can be configured, such as the percentage tolerances for retracements, extensions, and the maximum price range in the possible reversal zone. It also covers settings for colors, fonts, and whether to display certain pattern information.

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357 views4 pages

MK Harmonics

The document discusses the tolerance parameters used in the mkHarmonics indicator. It allows for some flexibility in price movements when identifying harmonic patterns by defining a percentage range around key retracement and extension levels. It describes the various tolerance settings that can be configured, such as the percentage tolerances for retracements, extensions, and the maximum price range in the possible reversal zone. It also covers settings for colors, fonts, and whether to display certain pattern information.

Uploaded by

BogdanC-tin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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mkHarmonics Settings

Version 1.2 | 2015-07-03

Mike Kaufmann | mike.k@bluewin.ch


Tolerance Parameters

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

Tolerance Value used for Retracements.

% Extension Tolerance

Tolerance Value used for Extensions.

% Max PRZ 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.

Bullish Pattern Color

Color used for bullish pattern triangles, target price levels and labels.

Bullish Outline Color

Color used to outline bullish pattern triangles.


Bearish Pattern Color

Color used for bearish pattern triangles, target price levels and labels.

Bearish Outline Color

Color used to outline bearish pattern triangles.

Developing Pattern Color

Color used for developing pattern triangles and target price levels.

Developing Outline Color

Color used to outline developing pattern triangles.

Pattern Opacity

Area Opacity for triangles.

Text Color

Font Color used to print informations and target prices.

Text Font

Font Style used to print informations and target prices.

Label Font

Font Style used to print pattern labels

Show Target Area

Show / Hide Area (Depending on Tolerance) of Target Price


Show PRZ

Show / Hide Possible Reversal Zone

Show Dots

Show / Hide Pattern Dots

Show Labels

Show / Hide Pattern Labels (e.g. Crab, Butterfly etc.)

Show Info

Show / Hide informations in the top left corner of the chart.

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

Show Hide Specific Harmonic Patterns

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.

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