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Repainting Harmonic Pattern and Non Repainting Harmonic Pattern
Here is a brief article covering on Repainting Harmonic Pattern and Non Repainting Harmonic Pattern. In Harmonic Pattern Plus and Harmonic Pattern Scenario Planner, they can indicate if the harmonic pattern is completely formed or if the Harmonic Pattern is still in the forming stage. When the pattern is formed completely, the completely formed pattern is no longer subject to the repainting. Forming pattern might repaint or might no repaint depending on the future price action. The attached screenshot will be helpful to confirm your understanding on this.
Depending on your strategy, this piece of information can be important. You can use this piece of information to reinforce your current trading position or exit strategy with Harmonic Pattern. Here is a further thought. If the harmonic pattern is big in terms of its size, then it also takes long time to confirm the pattern formation. In turn, repainting or non repainting confirmation is typically fast with small harmonic pattern. In addition, repainting happens in any technical indicator. But the repainting only affect the last candle bar most of technical indicators. For example, as new price arrives, the moving average indicator will keep changing its value for the last candle bar. As the repainting of ZigZag indicator can affect the last swing point to the previous swing point, ZigZag indicator is affected by repainting over many candle bars from last swing point to previous swing point. Hence, you might feel the repainting more in the ZigZag indicator.
For your information, you do not have to worry about repainting for X3 Chart Pattern Scanner because X3 Chart Pattern Scanner is non repainting and non lagging Harmonic Pattern Scanner. Hence, this article is only applicable to Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. At the same time , you can use X3 Chart Pattern Scanner with Harmonic Pattern Plus in the same chart.