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

Example of Candlestick Pattern Indicator for MT4 and MT5

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.

Another Example of Candlestick Pattern Indicator for MT4 and MT5 with Some Patterns Detected

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.

MT4 Candlestick Pattern Detector Indicator on GBP/JPY Currency Pair

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.

MT4 Candlestick Pattern Indicator Detecting Formations on EUR/USD 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.

➥ Download MQLTA MT4 Pattern Detector with Alert

MT4 Candlestick Pattern Indicator Installation

To install MT4 Candlestick Pattern Indicator, please follow the instructions below:

  1. Download the indicator archive file.
  2. Open the MetaTrader 4 data folder (via File→Open Data Folder).
  3. Open the MQL4 Folder.
  4. Copy all the folders from the archive directly to the MQL4 folder.
  5. 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.

➥ Download MQLTA MT5 Pattern Detector with Alert

MT5 Candlestick Pattern Installation

To install the MT5 Candlestick Pattern Indicator please follow the instructions below:

  1. Download the indicator archive file.
  2. Open the MetaTrader 5 data folder (via File→Open Data Folder).
  3. Open the MQL5 Folder.
  4. Copy all the folders from the archive directly to the MQL5 folder.
  5. 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.

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.

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