Inspiration for this study is from FT71. He does an excellent video describing what Harmonic Rotations (HR) are, how they are calculated and how to interpret them. The video is well worth the watch and the following will make much more sense once you have seen it.
See here: https://vimeo.com/145456969
The study uses zigzags to find all the rotations on the chart. Study will plot the zigzag lines on the chart and calculate some statistics based on the leg sizes
The HR tools for SC include two studies:
Setting | Default | Notes |
---|---|---|
ZigZag Input Data for High | High | |
ZigZag Input Data for Low | Low | |
ZigZag Reversal Amount Units | Points | User can define the reversal amount as ticks or points |
ZigZag Reversal Amount | 1 | A market must make a retracement greater than 1 point in order for the previous leg to get set in place and a new leg to form |
Start Time | 00:00:00 | |
End Time | 00:00:00 | |
CSV Export File Name | harmonic_rotation_zz.csv | File is saved to SC data folder |
Text Color | Magenta | |
Text Size | 11 |
The stats below are created using all the zigzag legs on the chart (filtered by time).
We plot the above in the upper left hand side of the chart values
Study will create a frequency distribution of the leg sizes
In other words, the study will create a table that that has two columns:
Distribution can be exported as csv file (see below).
Right clicking the chart opens a menu where the study adds options.
Menu name "Harmonic Rotation ZZ Show Histogram"
Menu name "Harmonic Rotation ZZ Export"
Writes the frequency distribution table to csv file