The Alternate Shark Harmonic Pattern Indicator is a tool for identifying trend reversal points on MetaTrader 4.
This pattern belongs to the harmonic pattern category in technical analysis. The alternate shark pattern is a refined version of the classic shark, with modified Fibonacci ratios and optimized price movement structures, offering higher accuracy in trend reversal predictions.
Typically, the price tends to reverse direction after this pattern is completed on the chart.
Alternate Harmonic Shark Pattern Indicator Settings
The specifications of the Alternate Harmonic Shark Pattern Indicator are shown in the table below.
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Indicator Categories:
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Chart & Classic MT4 Indicators
Harmonic MT4 Indicators
Candle Sticks MT4 Indicators
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Platforms:
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MetaTrader 4 Indicators
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Trading Skills:
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Intermediate
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Indicator Types:
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Reversal MT4 Indicators
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Timeframe:
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Multi-Timeframe MT4 Indicators
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Trading Style:
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Intraday MT4 Indicators
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Trading Instruments:
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Share Stocks MT4 Indicators
Cryptocurrency MT4 Indicators
Forex MT4 Indicators
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Bullish Pattern
According to the 1-hour Bitcoin (BTC) chart, the trend reverses once the pink colored bullish alternate shark pattern is complete. The pattern finalizes at point "D," marking the Potential Reversal Zone (PRZ). In this setup, point "D" is considered the entry point for buy trades.
Bearish Pattern
Based on the 30-minute GBP/USD chart, the dark blue bearish alternate shark pattern shows a negative reaction after the pattern completes in a specific zone.
The pattern completes at point "D," coinciding with the arrival at a key PRZ, initiating selling pressure and a trend reversal.
Indicator Settings Alternate Reversal Shark Harmonic Pattern
The settings of the Alternate Shark Harmonic Pattern Indicator are as follows:
- Minimum Length of Wave (candle): Minimum number of candles required to form each wave
- Num of Previous Candle: Number of past candles analyzed to detect waves
- Show Lines: Display pattern lines
- Break Pivot: Show/hide broken pivot lines on the chart
- Original pivot to broken pivot (Pipet): Allowable distance between original and broken pivots
- Shift: Move the pattern lines forward or backward on the chart
- Bullish Pattern: Display bullish patterns
- Bearish Pattern: Display bearish patterns
- Style of Line: Type of connecting lines between pattern points
- Width of Line: Line thickness for pattern drawing
- Custom Color Lines (Bearish Harmonic): Set line color for bearish patterns
- Custom Color Lines (Bullish Harmonic): Set line color for bullish patterns
- Custom Color of Text: Set text and label color
Conclusion
The Alternate Shark Harmonic Pattern Indicator analyzes trend reversals in financialmarkets and helps identify potential reversal points.
This indicator is applicable across a widerange of markets, including Forex, cryptocurrencies, stocks, indices, and commodities.
It also provides extensive and flexible settings, allowing users to customize pattern criteria, drawing styles, and more to match their personal trading strategies.
Which timeframe is best suited for the Alternate Shark Pattern Indicator?
This is a multi-timeframe indicator and works across all timeframes. However, it performs best on higher timeframes.
Are bullish and bearish alternate shark patterns displayed simultaneously?
Yes, both patterns are drawn simultaneously using different colors.