Madshark Algo Manual
Madshark Algo is a set of two indicators: a signal indicator and an auxiliary oscillator. Quite interesting tools that will be perfect for beginner traders.
Shark Trend is a trend indicator, with 4 optional filters and detection of the best signals, which it marks "Smart".
The signal indicator has a lot of additional auxiliary functionality, such as volume profile, orderblocks, trend lines, trend cloud, support and resistance zones, table with information on different timeframes. Also in the latest versions there are elements of SmartMoney concept (orderblocks, LL, LH, HL,HH).
By default, the indicator has "Consolidation signals filter" enabled - a powerful filter against sideways signals. Thanks to this, Shark Algo Premium does not give signals in different directions while the indicator is sideways (the main problem of most trend indicators).
Adding to the chart
Basic settings
Location, size and design of the dashboard. Everything is intuitive.
Show signals - enables and disables signals on the chart.
Strategy. Normal - standard working mode of the indicator. Confirmed - currently under development. TrendScalper (for traders familiar with scalping) - draws MAs of different periods and their intersections.
Sensivity - sensitivity of signals. The higher it is, the less signals on the chart, but they are more reliable.
Consolidation signals filter - does not pass signals on low-volatility flat market.
Smart signals only - displays maximally filtered signals on the chart.
Candle colors - colors candles in the color of the current signal.
Momentum candles - highlighting impulse candles. According to technical analysis, suggests further movement in the direction of impulse.
Enable trailing stop-loss - pulls up the stop-loss when moving towards the target. Percentage of triggering is selected in the checkbox below.
Enable Swing High's & Swings Low's - displays local price highs and lows on the chart.
Enable tare profit/ stop loss areas - displays profit taking and stop loss areas on the chart. Distances to TP can be adjusted independently.
Take Profit labels - displays TP price on the chart.
Show Trend cloud - enable a simplified version of the Ichimoku cloud.
Trend cloud period - selection of data range for calculation. new - analog of mid term.
Trend only signals - skips only those signals that coincide in direction with the cloud.
Fast trend cloud - enable custom cloud calculation range. The period is selected in the window on the right.
Enable Auto Trendlines - enable display of the trend channel on the chart.
Trend channel source - select the mechanics of charting.
Trend channel loopback - select the building range (number of counted candlesticks).
Auto support and Resistance settings
Enable or disable the display of support and resistance levels. Line Style and Line Width - customize their design.
Enable or disable consolidation zone display
Loopback period - search range for consolidation zones
Min Consolidation Length - minimum range length for consolidation zone identification
Toggle Order Block - enable/disable the display of orderblocks.
Hide gray boxes - enable/disable display of previously defined orderblocks.
MSB trigger - selects the mechanics of orderblock detection.
Plot demand boxes - display areas of customer interest.
Delay to count test of demand box - the number of candles that are in the order block for it to be considered tested.
Delay to count filling of demand box - the number of candles in the order box for it to be considered completely filled.
Dim tested demand boxes - hide tested demand boxes.
Stop plotting filled demand boxes - do not display filled demand boxes on the chart.
Shark volume profile - enables displaying the volume profile on the chart.
Offset - distance of the histogram to the chart.
Loockback - select a range for data analysis.
Numbers of levels - number of columns in the histogram.
Example of trading by signals
After receiving the signal we make a decision to enter the deal. In addition to the signal, the fact that the oscillator shows a downward movement and crossing of the median is a confirming factor for shorting. Also, the volume profile tells us that at the moment the volumes for selling are higher than for buying.
If the decision to enter the deal is made, we set a stoploss either according to the indicator recommendation (indicated on the label) or logical (for the nearest high). You can set take profit orders at once, or, when moving in the right direction, gradually move stoploss first to breakeven, then to profit (trailing stop).
Profit can also be fixed evenly when each TP is reached (do not forget to transfer the deal to breakeven).
In the screenshot on TP2 you can completely exit the trade, as the oscillator has detected a bullish divergence.
If you have any questions about how to use it: https://t.me/MaxAlgoAdmin
Purchase a subscription and learn more about the project: https://t.me/maxalgo_bot
Our website: https://maxxalgo.com/