Alternate Shark Harmonic Pattern Indicator MT4
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Alternate Shark Harmonic Pattern Indicator MT4
The Alternate Shark Harmonic Pattern Indicator is a tool designed for detecting trend reversal points on the MetaTrader 4 platform.
This pattern falls under the harmonic category in technical analysis. As a refined version of the classic shark, the alternate shark pattern features adjusted Fibonacci ratios and optimized price structures, allowing for improved accuracy in identifying potential reversals.
In most cases, once this pattern completes on the chart, price tends to reverse its direction.
«Indicator Installation & User Guide»
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Alternate Harmonic Shark Pattern Indicator Settings
The specifications of the Alternate Harmonic Shark Pattern Indicator are outlined in the table
| Category | Harmonic Pattern - Candlestick - Classic and Chart Patterns |
| Platform | MetaTrader 4 |
| Skill Level | Intermediate |
| Indicator Type | Reversal |
| Timeframe | Multi timeframe |
| Trading Style | Intraday Trading |
| Market | All Markets |
Quick Overview of the Alternate Shark Pattern
The alternate shark pattern is composed of five major points (X, A, B, C, D) aligned with the following Fibonacci ratios:
• AB relative to XA: Approximately 0.382 to 0.618
• BC relative to AB: An extension of around 1.13 to 1.618
• CD relative to BC: Typically 0.886 or 1.13
Bullish Pattern
As seen on the 1-hour Bitcoin (BTC) chart, the price begins to reverse following the formation of the pink-colored bullish alternate shark pattern. The pattern completes at point “D,” marking the Potential Reversal Zone (PRZ). This zone acts as the ideal entry point for long (buy) trades.
Bearish Pattern
According to the 30-minute GBP/USD chart, the dark blue bearish alternate shark pattern demonstrates bearish behavior once completed. The formation concludes at point “D,” aligning with a PRZ, which signals the beginning of selling pressure and a trend shift.
Indicator Settings – Alternate Reversal Shark Harmonic Pattern
The customizable parameters of the Alternate Shark Harmonic Pattern Indicator include:
• Minimum Length of Wave (candle): Minimum number of candles required per wave
• Num of Previous Candle: Number of candles analyzed for wave recognition
• Show Lines: Toggle pattern line visibility
• Break Pivot: Option to display/hide broken pivot lines
• Original pivot to broken pivot (Pipet): Max allowed distance between pivot points
• Shift: Adjust horizontal position of pattern
• Bullish Pattern: Enable bullish pattern display
• Bearish Pattern: Enable bearish pattern display
• Style of Line: Style of the connecting lines
• Width of Line: Thickness of drawn pattern lines
• Custom Color Lines (Bearish Harmonic): Select color for bearish pattern lines
• Custom Color Lines (Bullish Harmonic): Select color for bullish pattern lines
• Custom Color of Text: Define color for chart labels and text
Conclusion
The Alternate Shark Harmonic Pattern Indicator is a valuable technical analysis tool for identifying possible trend reversals. It supports various financial markets, including Forex, crypto, stocks, indices, and commodities. With its flexible configuration options, traders can easily tailor the tool to align with their strategies and trading preferences.
