Alternative Shark Harmonic Pattern Indicator MT5 Free Download | Forex Indicators Download - MetaTrader 5 Resource

On July 2, 2025, in version 2, the indicator added alerts/notifications and signals functionality

The Alternating Shark Harmonic Pattern Indicator is a useful 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 Shark improves Fibonacci ratios and refines price structure movements , providing greater accuracy in predicting price reversals. Typically, price tends to change direction once the pattern on the chart is completed.

Alternating Harmonic Mode Shark Indicator Settings

Specifications Alternating Harmonic Mode Shark Indicator details are shown in the table below.

At a Glance: Alternate Patterns for Sharks

The Alternating Shark pattern consists of five points (X, A, B, C, D) , and the Fibonacci ratios between these points are defined as follows:

• The AB leg relative to XA is in the range 0.382 to 0.618
• The BC leg extends 1.13 to 1.618 of AB
• The CD leg is usually around 0.886 or 1.13 of BC

Bullish Pattern

Based on the 30-minute AUD/USD chart, a bullish alternative shark pattern (shown in pink ) is completed upon a trend reversal.

The structure has been finalized as "D," forming the Potential Reversal Zone (PRZ) . In this case, point "D" is a valid entry point for a buy trade .

Bearish Pattern

According to the 1 hour Binance Coin (BNB) chart, the Bearish Alternating Shark pattern (in dark blue ) completed in the defined area, triggering a downward price reaction .

The Bearish Shark pattern eventually completed at point "D," marking the PRZ , which caused the selling pressure to increase trend reversal .

Alternate Shark Harmonic Mode Indicator Settings

The configuration options for the Alternating Shark Harmonic Mode Indicator are shown below:

• Minimum Wave Length (Candles): The minimum number of candles required to form each wave
• Number of previous candles: The number of previous candles used to identify the wave
• Show Lines: Display pattern lines
• Break Pivot: Show/hide broken pivot lines on the chart
• Original Pivot to Broken Pivot (Pipette): Allowed distance between original pivot and damaged pivot
• Shift: Move pattern lines forward or backward on the chart
• Bullish Pattern: Shows a bullish pattern
• Bearish Pattern: Shows a bearish pattern
• Custom Color Line (Bearish Harmonic): Set the line color for the Bearish Harmonic pattern
• Custom Color Line (Bullish Harmonic): Set the line color for bullish harmonic patterns
• Custom text color: Set the color of text and labels

Conclusion

The Alternating Shark Harmonic Pattern Indicator was developed to analyze trends and identify potential price reversal areas in financial markets.

It can be used on a variety of markets, including Forex , cryptocurrencies , stocks , indices , and commodities . Moreover , the indicator offers advanced customization options , allowing traders to adjust how the lines are displayed and fine-tune other features to suit their trading strategies .