From emacs -Q with shell-script-mode:

This is what I want:

MULTIFORM=$(
    curl -k -A http://foo.com |
    grep -m1 multiform |
    tr '=' '\n' |
    tail -1 |
    cut -d "'" -f 2
         )
This is what I get:

MULTIFORM=$(
    curl -k -A http://foo.com |
        grep -m1 multiform |
        tr '=' '\n' |
        tail -1 |
        cut -d "'" -f 2
         )

No amount of fiddling with  M-x smie-config-set-indent or M-x
sh-learn-line-indent etc gets to the desired result.




In GNU Emacs 25.1.1 (x86_64-redhat-linux-gnu, GTK+ Version 3.20.6)
 of 2016-07-26 built on buildhw-08.phx2.fedoraproject.org
Windowing system distributor 'Fedora Project', version 11.0.11804000
System Description: Fedora release 24 (Twenty Four)

Configured using:
 'configure --build=x86_64-redhat-linux-gnu
 --host=x86_64-redhat-linux-gnu --program-prefix=
 --disable-dependency-tracking --prefix=/usr --exec-prefix=/usr
 --bindir=/usr/bin --sbindir=/usr/sbin --sysconfdir=/etc
 --datadir=/usr/share --includedir=/usr/include --libdir=/usr/lib64
 --libexecdir=/usr/libexec --localstatedir=/var
 --sharedstatedir=/var/lib --mandir=/usr/share/man
 --infodir=/usr/share/info --with-dbus --with-gif --with-jpeg --with-png
 --with-rsvg --with-tiff --with-xft --with-xpm --with-x-toolkit=gtk3
 --with-gpm=no --with-xwidgets build_alias=x86_64-redhat-linux-gnu
 host_alias=x86_64-redhat-linux-gnu 'CFLAGS=-DMAIL_USE_LOCKF -O2 -g
 -pipe -Wall -Werror=format-security -Wp,-D_FORTIFY_SOURCE=2
 -fexceptions -fstack-protector-strong --param=ssp-buffer-size=4
 -grecord-gcc-switches -specs=/usr/lib/rpm/redhat/redhat-hardened-cc1
 -m64 -mtune=generic' LDFLAGS=-Wl,-z,relro
 PKG_CONFIG_PATH=:/usr/lib64/pkgconfig:/usr/share/pkgconfig'

Configured features:
XPM JPEG TIFF GIF PNG RSVG IMAGEMAGICK SOUND DBUS GCONF GSETTINGS NOTIFY
ACL LIBSELINUX GNUTLS LIBXML2 FREETYPE M17N_FLT LIBOTF XFT ZLIB
TOOLKIT_SCROLL_BARS GTK3 X11 XWIDGETS

Important settings:
  value of $LC_ALL: en_AU.utf8
  value of $LANG: C
  locale-coding-system: utf-8-unix

Major mode: Lisp Interaction

Minor modes in effect:
  tooltip-mode: t
  global-eldoc-mode: t
  electric-indent-mode: t
  mouse-wheel-mode: t
  tool-bar-mode: t
  menu-bar-mode: t
  file-name-shadow-mode: t
  global-font-lock-mode: t
  font-lock-mode: t
  blink-cursor-mode: t
  auto-composition-mode: t
  auto-encryption-mode: t
  auto-compression-mode: t
  line-number-mode: t
  transient-mark-mode: t

Recent messages:
For information about GNU Emacs and the GNU system, type C-h C-a.
Making completion list...

Load-path shadows:
None found.

Features:
(shadow sort mail-extr emacsbug message dired format-spec rfc822 mml
mml-sec password-cache epg epg-config gnus-util mm-decode mm-bodies
mm-encode mail-parse rfc2231 mailabbrev gmm-utils mailheader sendmail
rfc2047 rfc2045 ietf-drums mm-util help-fns help-mode easymenu
cl-loaddefs pcase cl-lib mail-prsvr mail-utils time-date mule-util
tooltip eldoc electric uniquify ediff-hook vc-hooks lisp-float-type
mwheel x-win term/common-win x-dnd tool-bar dnd fontset image regexp-opt
fringe tabulated-list newcomment elisp-mode lisp-mode prog-mode register
page menu-bar rfn-eshadow timer select scroll-bar mouse jit-lock
font-lock syntax facemenu font-core frame cl-generic cham georgian
utf-8-lang misc-lang vietnamese tibetan thai tai-viet lao korean
japanese eucjp-ms cp51932 hebrew greek romanian slovak czech european
ethiopic indian cyrillic chinese charscript case-table epa-hook
jka-cmpr-hook help simple abbrev minibuffer cl-preloaded nadvice
loaddefs button faces cus-face macroexp files text-properties overlay
sha1 md5 base64 format env code-pages mule custom widget
hashtable-print-readable backquote dbusbind inotify dynamic-setting
system-font-setting font-render-setting xwidget-internal move-toolbar
gtk x-toolkit x multi-tty make-network-process emacs)

Memory information:
((conses 16 86609 5112)
 (symbols 48 19790 0)
 (miscs 40 51 121)
 (strings 32 14380 4747)
 (string-bytes 1 411864)
 (vectors 16 11743)
 (vector-slots 8 430768 5005)
 (floats 8 165 31)
 (intervals 56 264 0)
 (buffers 976 19)
 (heap 1024 28263 1014))