The modified indicator that we present in this article was designed to detect harmonic patterns Shark on price charts Metatrader 4. This tool detects Shark bullish and bearish patterns and trace as shown by the following images. The pattern is drawn by the extreme values of ZigZag indicator (is included in this trading platform, so need not be installed).
After detecting the pattern, the indicator notifies the trader via a pop-up window, an email or a notification via mobile phone. The indicator highlights the process of pattern formation and not only the complete pattern, making it ideal for traders who prefer to get ahead and operate with price patterns forming.
In the first case, it is shown in outline triangles. After the pattern is completed, a potential investment area in the graph. The default settings are a bit extended to a larger number of patterns.
The indicator shows the bullish patterns color Shark and Shark bearish patterns of another color.These colors can be modified. The potential inversion zone is shown by arrows purple or blue indicating the possible market direction.
Examples of Shark patterns detected by this indicator
Example upward Shark harmonic pattern. MT4 platform of the broker GKFX
Shark bearish harmonic pattern
Indicator parameters
- zzDepth, zzDev, zzBack - ZigZag indicator parameters
- AB_min (ab / ax), AB_max (ab / ax) - minimum and maximum ratio of AB levels and AX
- BC_min (bc / ab), BC_max (bc / ab) - minimum and maximum ratio of AB and BC levels
- OC_min (bc / ob), OC_max (bc / ob) - minimum and maximum ratio of the BC level and OB
- bearColor - color bearish pattern
- bullColor - color bullish pattern
- CountBars - Restricts the number of bars that are to be processed by the display (reduces the initial download time)
- UseAlert - allows pop-up messages
- UseNotification - enables push notifications.
- UseMail - allows email notifications.
- prefix - text label for the measure objects on the chart (shows several values for these parameters when several indicators are applied in the graph)
- MessageAdd - line text added to notifications sent to the INDICATORS.
- ShowPreset - allows the pattern to be shown during training