Candlestick Pattern Indicator for MT4 and MT5
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.
What Is a Candlestick Pattern
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:
- Bullish
- Bearish
- Neutral
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.
What Is MetaTrader Candlestick Pattern Indicator
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:
- On-screen
- Via email
- Via mobile app
How to Use Candlestick Pattern Indicator?
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.
MT4 Candlestick Pattern Indicator
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.
What Is MT4 Candlestick Pattern Indicator
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.
Why Is Candlestick Pattern Indicator Useful
Candlestick Pattern Indicator can help in a few situations, the most common are:
- Entry signals
- Exit signals
- Trailing stops
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.
How to Download and Use MT4 Candlestick Pattern Indicator
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.
MT4 Candlestick Pattern Indicator Installation
To install MT4 Candlestick Pattern Indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 4 data folder (via File→Open Data Folder).
- Open the MQL4 Folder.
- Copy all the folders from the archive directly to the MQL4 folder.
- Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
For more detailed instructions on how to perform the installation please visit this article.
MT5 Candlestick Pattern Indicator
What Is MT5 Candlestick Pattern Indicator
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.
How to Download and Use MT5 Candlestick Pattern Indicator
You can download the indicator for free using the link below and install it by following the provided instructions.
MT5 Candlestick Pattern Installation
To install the MT5 Candlestick Pattern Indicator please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 5 data folder (via File→Open Data Folder).
- Open the MQL5 Folder.
- Copy all the folders from the archive directly to the MQL5 folder.
- Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Conclusion
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.
Discussion
Do you have any suggestions or questions regarding this indicator? You can always discuss the Candlestick Pattern indicator with the other traders and MQL programmers on the indicators forums.
