Many traders ask me for the detailed descriptions of the Japanese candlestick patterns that are detected by the MT4 indicator Pattern Recognition Master. So, here is the list of the patterns that it can recognize with the corresponding chart pictures and signal descriptions:
Bearish patterns
Shooting star. Can signal an end of the bullish trend. Should be confirmed by other patterns. The longer the shadow the stronger the signal.
Evening star. Acts as a stronger trend reversal signal. Note that the shadows should be very short and the body of the middle candle should not be large as well.
Evening doji star. Almost the same as previous, but some traders consider it a stronger signal.
Dark cloud pattern. The
Bearish engulfing pattern. This
Bullish patterns
Bullish hammer. Can signal an end of a bearish trend. Should be confirmed by other patterns. The longer the shadow the stronger the signal.
Morning star. Acts as a stronger trend reversal signal. Note that the shadows should be very short and the body of the middle candle should not be large as well.
Morning doji star. Almost the same as previous, but some traders consider it a stronger signal.
Piercing line pattern. The
Bullish engulfing pattern. This
If you have never heard about Pattern Recognition Master before and do not want to detect these patterns on your own, then you can simply download this wonderful indicator.
Thanks for this. I Really like the Pattern Recognition Master. By the way, what’s the significance of the numbers after some of the abbreviations, for example for Shooting Star, SS 1, 2, 3 etc?
Thanks, Dervish
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Andrei Reply:
March 11th, 2010 at 5:02 pm
Different types of patterns, depending on the relative length of the candle’s shadows.
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Thanks for the PRM. Really cool and I am sure will make life more simpler.
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admin Reply:
August 26th, 2011 at 8:02 pm
Let me know if you find it helpful.
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Thank you was looking for a summary of the most useful candlesticks patterns, these are fantastic.
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admin Reply:
March 31st, 2012 at 11:59 am
You are welcome.
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is there any way to move or delete the bearish/bullish labels & the text that follows it?
ex: SS 2,3,4-shooting star
E_Star – evening star
and all of the rest
thank you for your help
joe i
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admin Reply:
January 28th, 2013 at 6:37 pm
You can press Ctrl+B on your chart and delete any objects you don’t like.
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Can you set them as an ea to give you alert
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admin Reply:
May 7th, 2013 at 10:50 am
You don’t have to set it as an EA in order to get alerts. You may change the indicator’s code, so that it will issue alerts.
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I don’t see any harami patterns, I read some where that they were some of the most used. What pattern(s) would be considered most similar.
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Andriy Moraru Reply:
January 11th, 2014 at 5:15 pm
Harami pattern requires the second bar to have open significantly below or above the previous close, which is nearly impossible in Forex (except for weekly candles).
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May I know how can I delete all the description of the various patterns that are display on the top left corner ? It is blocking my other indicators.
Thank you
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Andriy Moraru Reply:
July 29th, 2015 at 6:45 am
Comment out or remove lines 109-120 in the source code and recompile.
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have latest version
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Andriy Moraru Reply:
February 16th, 2016 at 10:44 am
Hi Tony!
The latest version is available for downloading here:
https://www.earnforex.com/metatrader-indicators/Pattern-Recognition-Master/
Please let me know if you have any problems launching it.
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Hi
This Pattern Recognition is great!
I like to include BB2 criterion for Hammer and SS.
For example, adding AND condition into SS:
where New Condition is SS High must be greater than Upper BB2.
I tried but messed up the codes and didn’t get the result I want. FYI, newbie to MT4 and not proficient in coding.
Appreciate if you can advise to give me a head start.
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Andriy Moraru Reply:
February 13th, 2018 at 3:36 pm
If you already have BB2 assigned with the value from the indicator, then you just need to modify the condition to read:
If not, you have to read through the related help files and probably look at some indicators that use Bollinger Bands to find out how to use the indicator values in your code.
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I am going to share with you one very simple strategy based on a strong and easily noticeable candlestick pattern. They call it “Lucky Spike”. Everyone can learn it, use it and make money with it. There are traders who make a living trading just this pattern.
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