Detecting and Trading Shark Harmonic Patterns with Fibonacci Rules

Summary

This article describes an MQL5 system for detecting bullish and bearish Shark harmonic patterns and trading potential reversals near their final pivot. It identifies swing points X, A, B, C, and D, then checks retracement and extension ratios against configurable Fibonacci ranges and tolerances. Pivot width and ratio thresholds let users adjust how strictly the system recognizes formations.

The proposed Expert Advisor can visualize the pattern with chart objects and place trades with selectable stop-loss methods and take-profit levels tied to the pattern structure. The article says the system was backtested, but the provided text contains no readable report figures or performance statistics, so it offers little evidence for profitability or robustness. Pivot confirmation can also arrive after a turning point, and results will depend on market, timeframe, parameter settings, and execution assumptions; the pattern rules are a framework to evaluate rather than proof of an edge.

Key ideas

• The Shark pattern is defined by five alternating swing pivots and Fibonacci retracement and extension constraints.
• Pivot detection and ratio tolerances determine which formations qualify.
• The system can enter at the final pivot and configure stop loss and take profit from fixed or pattern-based levels.
• Chart drawings provide a visual representation of the pivots and trade levels.
• The article mentions backtesting but provides no usable performance figures in the supplied text.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.