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What is the shiny rate of chain fishing?

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In Pokemon X/Y you can fish consecutively and after so long get a shiny.
While I am chaining I have a Lileep with the Suction Cup Ability.
I caught a shiny after my 60th chain, but instead of stopping I continued and caught a second shiny at 95 chain.
Anyway, is there a formula that calculates the chances of catching a shiny after each chain?

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I got a shiny wailmer at 50 attempts and im on 89 and i still didnt get a shiny shellder or skrelp

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The Poké Radar returns in this generation after a generation of absence, and the Masuda method and Shiny Charm return as well. There are also two new mechanics to increase the Shiny rate: consecutive fishing and the Friend Safari. The exact rates at which some of these techniques increase the Shiny probability have not yet been conclusively determined.

Bulbapedia

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There are no exact figures. All that is known is that each hook increases your chances for a shiny, until it maxes out at one point.

There are also two new mechanics to increase the Shiny rate: consecutive fishing and the Friend Safari. The exact rates at which some of these techniques increase the Shiny probability have not yet been conclusively determined. Bulbapedia.

However, it has been speculated that these figures are the same as the Poke Radar's.

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It is based on the number of fish minus 1 applied to a complex formula. The first chain, fish 2, reduces the chain effect more than the second chain which reduces the chain just a bit more and so on.

What I have discovered is that the shiny rate ratio loses about 45 percent on chain one (fish 2), and then there is a percent of each consecutive bonus added after each fish until you have removed about 95 percent of the ratio at about chain 38 or so. It will cease to be substantial quite early on, but you will have great gains overall. At fish thirty eight you are looking at about 1 in 120 Pokemon, vs about 1 in 128 or so at fish 37 and 1 in 140 or so at 36. It seems to be a matter of multiple infinites, with one infinite being larger than the other.

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