The Alternate Shark Harmonic Pattern Indicator is a practical tool for identifying potential trend reversal points in MetaTrader 5.
This pattern is a subset of harmonic patterns in technical analysis. The alternate version of the shark improves Fibonacci ratios and refines the structure of price movements, providing greater accuracy in predicting price reversals. Typically, the price tends to change direction once the pattern is completed on the chart.
Alternate Harmonic Pattern Shark Indicator Settings
The specifications of the Alternate Harmonic Pattern Shark Indicator are detailed in the table below.
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Indicator Categories:
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Chart & Classic MT5 Indicators
Harmonic MT5 Indicators
Candle Sticks MT5 Indicators
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Platforms:
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MetaTrader 5 Indicators
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Trading Skills:
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Intermediate
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Indicator Types:
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Reversal MT5 Indicators
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Timeframe:
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Multi-Timeframe MT5 Indicators
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Trading Style:
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Intraday MT5 Indicators
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Trading Instruments:
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Forex MT5 Indicators
Crypto MT5 Indicators
Stock MT5 Indicators
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Bullish Pattern
Based on the 30-minute AUD/USD chart, a trend reversal occurs once the bullish alternate shark pattern (shown in pink) is completed.
The structure is finalized at point "D," forming the Potential Reversal Zone (PRZ). In this scenario, point "D" is a valid entry point for buy trades.
Bearish Pattern
According to the 1-hour Binance Coin (BNB) chart, the bearish alternate shark pattern (in dark blue) completes in a defined zone, triggering a downward price reaction.
The bearish shark pattern finalizes at point "D," marking the PRZ, which leads to increased selling pressure and a trend reversal.
Alternate Shark Harmonic Pattern Indicator Settings
The configuration options of the Alternate Shark Harmonic Pattern Indicator are shown in the image below:
- Minimum Length of Wave (candle): Minimum number of candles required to form each wave
- Num of Previous Candle: Number of previous candles to identify waves
- Show Lines: Display pattern lines
- Break Pivot: Show/hide broken pivot lines on the chart
- Original pivot to broken pivot (Pipet): Permitted distance between the original and broken pivot
- Shift: Shift the pattern lines forward or backward on the chart
- Bullish Pattern: Show bullish patterns
- Bearish Pattern: Show bearish patterns
- Custom Color Lines (Bearish Harmonic): Set the line color for bearish harmonic patterns
- Custom Color Lines (Bullish Harmonic): Set the line color for bullish harmonic patterns
- Custom Color of Text: Set the color for texts and labels
Conclusion
The Alternate Shark Harmonic Pattern Indicator was developed to analyze trends and identify potential price reversal zones in financial markets.
It can be used across various markets, including Forex, cryptocurrencies, stocks, indices, and commodities. Moreover, the indicator offers advanced customization options, allowing traders to adjust how lines are displayed and fine tune other features to suit their trading strategies.
What is the Alternate Shark Indicator?
This tool is an indicator for identifying the alternate shark pattern on charts and helps forecast market trend reversals.
How does the Alternate Harmonic Pattern Shark Indicator identify reversal points?
It uses precise Fibonacci ratios between the five key points: X, A, B, C, and D.