Many traders use Price Action as entry and exit signal. Since the beginning of chart analysis, traders have found several candlestick patterns that can indicate possible "behaviors" of the market. Candlestick Pattern indicator is an indicator for MetaTrader platform that can detect many of these patterns and show them on screen or to alert traders about them.
It is somewhat similar to Pattern Recognition Master, though they detect slightly different sets of candle patterns. Candlestick Pattern indicator also has a more modern look compared to Pattern Recognition Master.
Candlestick patterns are specific candle formations that the trader can use to "read" the market sentiment. Candlestick patterns can usually include one or more candles, typically up to five or six candles.
Traders learned with time how to read common candlestick formations or patterns. They are interpretations of market sentiment and usually predict some kind of reaction.
We can divide candlestick patterns into three main categories. Depending on the more probable behavior after they appear on chart:
Many traders use candlestick patterns to enter and exit trades, but it is important to use them carefully.
As you can see from many charts, in fact, candlestick patterns use is more efficient when combined with other indicators and chart analysis.
Candlestick patterns can be recognized by the human eyes, however, there is no built-in indicator to detect them in MetaTrader. Candlestick Pattern indicator for MT4 and MT5 can detect many one-, two- and three-candle candlestick patterns.
Once detected, the indicator will place an arrow and a label on them to be more visible.
The indicator can also alert you when a new pattern is detected on a live chart.
Notification can be:
The Candlestick Pattern indicator for MetaTrader is very easy to use.
Mount the indicator on chart selecting how many bars to analyze.
You can select which patterns to detect and the notification options, the indicator will do the rest.
Many traders use price action and candlestick patterns to make trading decisions. There are many popular candlestick patterns. MT4 Candlestick Pattern Detector indicator MetaTrader can find the patterns and show them on chart.
Candlestick patterns are groups of candlestick that have a meaning for the trader. These groups are usually composed of two, three, four, or five candles and indicate some form of price action happening.
In many cases traders use these patterns to decide what to do next.
Candlestick Pattern Indicator for MT4 is a plugin that allows you to see the most common candlestick patterns on your chart. The indicator scans the chart and detects popular patterns, marking them with the popular naming convention.
Candlestick Pattern Indicator can help in a few situations, the most common are:
Traders who use price action are always on the lookout for candlestick patterns. Popular candlestick patterns are often the result of something happening in the market.
Candlestick patterns can provide better information when combined with other indicators. MT4 Candlestick Pattern Detector Indicator is a great tool that makes things easy.
It can also alert traders about patterns forming in the chart.
You can download the indicator for free using the link below and install it by following the provided instructions.
The installation is very easy to perform. The same is true for using this tool.
Once you run the indicator you can set the parameters. You can select which patterns to detect and how to receive notifications.
➥ Download MQLTA MT4 Pattern Detector with Alert
To install MT4 Candlestick Pattern Indicator, please follow the instructions below:
For more detailed instructions on how to perform the installation please visit this article.
Candlestick Pattern Indicator for MetaTrader 5 is a plugin that allows you to see the most common candlestick patterns on your MT5 chart. The indicator scans the chart and detects popular patterns, marking them with the popular naming convention. It has exactly the same features as the version of the indicator for MT4.
You can download the indicator for free using the link below and install it by following the provided instructions.
➥ Download MQLTA MT5 Pattern Detector with Alert
To install the MT5 Candlestick Pattern Indicator please follow the instructions below:
Since candlestick patterns are very common in trading, Candlestick Pattern Detector indicator for MT4 and MT5 would be a useful addition to your trading toolbox.
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.