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Pattern Recognition Master for Japanese Candlesticks

November 5, 2008 (Last updated on May 3, 2009) by

The Japanese candlesticks is a nice tool of trading for any chart-trader. Some Forex traders prefer to trade on the bare charts without adding any indicators. The candlestick patterns are used as the entry and exit symbols in many cases. But it’s not an easy task to constantly recognize those Shooting Stars, various Dojis, Hammers, etc. Pattern Recognition Master is a nice tool to help the chart-traders to automatically recognize candlestick patterns, leaving the traders only with the choices of the actual trading. You can download this MetaTrader indicator from my site for free. It was created by Jason Robinson, Carl Sanders and Hartono Setiono.

When you attach it to your MT4 chart each candle that represents some candlestick pattern will be marked with the symbol. A legend for the symbols is located in the top left corner of the chart and you can easily find out which patter is represented by the specific symbol. Now, all you have to do is to buy after the strong bullish patterns and sell on the strong bearish patterns.

27 Responses to “Pattern Recognition Master for Japanese Candlesticks”

  1. Mostafa

    Dear,
    Thanks for this good effort but would you like to tell me how can i use it as indicator as i do not know the programming so please send me ready indicator not the code as i can not use it
    thanks for help

    Reply

  2. Andrei

    Mostafa,
    It’s a ready indicator, just save it to your MetaTrader experts/indicators/ folder, compile with MQL editor and it will be available in your custom indicators menu.

    Reply

  3. Martin

    I am impressed. So far this is the best free candlestick pattern indicator I have found. I like how it can recognize has the hammer and Doji patterns. Thank you!

    Reply

  4. Architect

    hello
    I found this indicator very useful, and wanted to convert to EA. I have try to locate Jason Robinson by his website but its unavailable. Do you have any other way to contact him, as I would like to ask him to write an ea base on this indicator.
    Thanks

    Reply

  5. Andrei

    Architect,
    Unfortunately I don’t know the author of this indicator. But I don’t think that it’s hard to turn it into EA if you have some experience in MQL. Just modify its code to send teh orders when some chart patterns are detected.

    Reply

  6. frank

    Hello
    what time frame works best with the candlestick pattern indicator?
    Thanks

    Reply

    Andrei Reply:

    Any timeframe is good for that indicator.

    Reply

  7. Hidayat

    I could not find the file. It’s only text when I click the download link above.Any help will be appreciated.Thanks.

    Reply

  8. Andrei

    Hidayat, actually it’s a mq4 file that you call “only text”. You can save it on your disk and use in MetaTrader. If you are more comfortable with downloading zipped files then you can use this link:
    https://www.earnforex.com/mt4_forex_indicators/Pattern_Recognition_Master_v3.zip

    Reply

  9. Becky

    I downloaded your indicator and am having difficulty. I copied it to the Metatrader experts/indicators/ folder and compiled it. Then I tested it on a currency pair. I opened the chart that was tested but it only shows a black screen with candlesticks and no labels or indicators. Is there something that I need to do to show the indicators?

    Reply

    Andrei Reply:

    What do you mean by “tested it”? In a strategy tester? Indicators can’t and shouldn’t be tested there! You only have to copy it to experts/indicators/ folder, compile and then attach to the chart. That’s all. It then should display properly. If it doesn’t look for any errors in the Log.

    Reply

  10. Howard Adams

    Hi Andrei

    The Candlestick indicator works fine but fails to show a lot of the doji’s I believe the problem is my data feed has 5 decimal places for most pairs and 3 for Japanies pairs which reduces the sensitivity of the O==C filter by a factor of 10. Is there anyway I can lose the last decimal point from O = Open[shift1]; in the code please? This should solve the problem.

    Regards, Howard

    Reply

    Andrei Reply:

    I think it’s possible. I’ll try to update it soon.

    Reply

    Andrei Reply:

    I’ve updated this indicator. Redownload the new version. You’ll have to set UseExtraDigit input parameter to “true” if you have extra digit in the broker’s quotes.

    Reply

  11. Jan

    Hi Andrei,

    Really good indicator, very usefull. Some of the yellow dots don’t have a name to them, are these candles that nearly made a pattern? Also would it be possible to add an email alert?

    Regards
    Jan

    Reply

  12. MrP

    I agree Jan! Please Andrei, can email alert be added? So that a list of new patterns would be sent through the email regardless of time frame, so 1H would be sent every hour, 4H would be sent every 4 hours, simply depending the chart indicator is on, but with possibility that all of them would arrive in one email only.

    Reply

    Andrei Reply:

    Do you mean one pattern – one e-mail? BTW, you are much more likely to receive the modification if you ask on our Forum:
    Pattern Recognition Master Discussion Thread

    Reply

  13. MrP

    No, i would like that just Hammer and Shooting Star to be emailed (or whichever I choose), but that they arrive summarized in one email. If I have 20 pairs open and (let’s assume) Hammer appears on some and Shooting Star on some of them, I would like to receive one email in total. Not 20 emails. I will ask the same question on Discussion thread. Thank you!!

    Reply

    Andrei Reply:

    Heh… For that the indicator has to be completely rewritten (to work with multiple currency pairs, while attached only to one, or otherwise it can’t coordinate between different pairs.)

    Reply

  14. MrP

    I understand, so it can be done, but a lot of efforts would have to be put in. OK, if I pay you, what would your estimate be – how much would this cost?

    Another question: Could it be done that instead of sending the email, results are published automatically on my web page?

    Can you contact me privaty, please, if you would be interested?

    Reply

    Andrei Reply:

    Sorry, but I don’t do coding for money. Ask on forums for that.

    Reply

  15. Markus

    Ok, this is cool. But, it would be cooler if you could get it to trade automaticly on these candle signals. And automaticly lets say buy 1 lot on a buy signal. put a SL bellow closest support (or perhaps the bottom of the signal candle is easier) and TP 0.5 lots at closest resistance. (This way you break even if the trade fails after first resistance at the same time you give it room to move) After that keep take 0.1 lots as it passes through the remaining resistances.
    After 2nd resistance is hit SL should probably be moved to the buy level.

    Reply

    admin Reply:

    You’ll need an EA for that, not an indicator.

    Reply

  16. miftahul

    @Markus: use iCustom in the Metaeditor programming to make EA based on the indicator.

    Reply

    admin Reply:

    Pattern Recognition Master uses objects instead of the indicator buffers to display the main part of its data, so it won’t be possible to use it with iCustom from an EA. In this case it’d be probably easier to modify an indicator code into an EA.

    Reply

  17. Taiwo

    this doea not work on new mt4 build 600. can we have a new version of this indicator

    Reply

    Andriy Moraru Reply:

    It works well on MT4 Build 625. What happens when you try using this indicator?

    Reply

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