TDI Patterns SharkFin Indicator – Extras
This post contains the extra indicators for mql5 product:
TDI Patterns SharkFin Indicator
Additional TDI indicators:
This is a TDI Arrow Indicator for finding the Shark Fin Pattern. It will show an arrow in the current bar if RSI sharkfin is finished forming in previous bar.
What is Shark Fin TDI Pattern?
Upper Shark Fin: In TDI Indicator when Green RSI breaks above a certain level and also breaks upper Volatility band and then breaks below that level, then a shapre resembling a Shark’s fin is formed.
RSI follows the price. This pattern indicates that RSI rose suddenly and fell, means price will most likely keep falling further and so it’s a good time to make a SELL.
For BUY Signal, it’s an inverted shark fin.
To detect Sharkfins for multi timeframe and multi currency pairs, try the TDI Scanner Dashboard Indicator:
- RSI Settings: Period, Price, Line, Line Shift, Volatility bands, Price Type, Overbought, Oversold
- SharkFin Settings:
- SharkFin Levels: Upper and Lower RSI Levels
- Sharkfin UseVolBands: If set to false only use Upper and Lower SharkFin Levels
- MinLevelDist: Min distance from Upper/Lower Level, that RSI should reach for it to be a valid sharkfin
(example: If Upper Level is 63 and MinLevelDist is 10, then for a valid sharkfin the RSI should reach at least 73)
- MaxFinBars: Max bars within which the Sharkfin should get resolved.
(example: If MaxFinBars is 10 and if Upper Level is 63, then RSI should go above 63 and come below 63 within max 10 bars)
- MaxPastBars: Total previous bars for which SharkFin is calculated. Default 5000
- ShowAlerts: Show Popup alerts when SharkFin is detected or not
How to use it and Optimize settings?
Apply indicator to chart and also apply a TDI indicator. You’ll see Sharkfins forming in the TDI.
Change MinLevelDist and MaxFinBars values and see which types of Sharkfins you need to detect.
Keeping lower MinLevelDist and lower MaxFinBars is great for scalping. But for longer trading on higher frames set these values to higher. Otherwise you’ll get too many unreliable signals.
See screenshots for more information on how a sharkfin appears. See video tutorial for learning how to use it in depth.