Alternative Shark Harmonic Pattern Indicator on TradingView - free - [TFlab]

The Alternative Shark Harmonic Pattern Indicator is one of the advanced tools in technical analysis that helps traders automatically detect harmonic patterns and the well-known Shark Pattern on price charts.

Due to the complexity of the Shark harmonic patterns and the difficulty of manually identifying them precisely, this indicator serves as a valuable tool for both professional and beginner traders. Focusing on the Shark Pattern, this indicator uses key Fibonacci ratios, including 0.886, 1.13, and 1.618, to precisely identify patterns.

Indicator Table

Indicator in an Uptrend

The price chart of the EUR/USD currency pair in the 30-minute timeframe illustrates the formation of the Shark Harmonic Pattern at the end of a downtrend. Upon completion at point D and confirmation, this pattern serves as a strong signal for a trend reversal.

After the pattern is fully formed, the price reverses from the downtrend, and a buy signal (green arrow) is issued for entry into a long trade.

Indicator in a Downtrend

The price chart of the GBP/USD currency pair in the 1-hour timeframe shows the formation of the Shark Harmonic Pattern after the end of an uptrend.

Upon completion of the pattern, it acts as a key reversal point. When the price returns to point D, the reversal is confirmed, and the indicator issues a sell signal (red arrow) for entering a short trade.

Indicator Settings

• ZigZag Pivot Period: The period for calculating pivot points (default set to 3);
• Show Valid Format: Enable/disable the display of valid patterns;
• Show Formation Last Pivot Confirm: Enable/disable the display of the last pivot confirmation;
• Period of Formation Last Pivot: Period for calculating the last pivot confirmation;
• Show Bullish Pattern: Enable the display of bullish patterns;
• Show Bearish Pattern: Enable the display of bearish patterns;
• Color Bullish Pattern: Set the color for bullish patterns;
• Color Bearish Pattern: Set the color for bearish patterns;
• Width Line: Thickness of pattern lines (default set to 1);
• Label Size: Size of text labels on the chart;
• Switching Colors Theme Mode: Toggle color mode;
• Alert: Issue an alert upon pattern formation;
• Alert Name: Custom name for alerts;
• Message Frequency: Send a message upon pattern formation;
• Show Alert Time by Time Zone: Display alert time based on time zone.

Conclusion

This indicator assists traders in identifying the Alternative Shark Harmonic Pattern, which is used to locate price reversal zones in financial markets. These ratios help traders identify key points, such as the beginning of a price reversal or the continuation of a trend.

By graphically displaying harmonic patterns on the chart, traders can utilize the indicator's signals to profit.