Candlestick Pattern Indicator

[Enivid]

Discuss Candlestick Pattern Indicator (a simple indicator for MT4 and MT5 to detect Japanese candle chart patterns) in this thread. You can ask any questions about this free MetaTrader indicator here.

 

[niceno]

Hi everyone,

A couple of days back, I started to use the Candlestick Pattern Indicator for MT4 and MT5 downloaded from this site, namely from here: https://www.earnforex.com/metatrader-indicators/candlestick-pattern-indicator/

However, I think I have found an error in the include file "MQLTA Candlestick Patterns.mqh". If you go to line 149, inside the function "IsTweezerTop", you will see that it checks as following:

if(IsInvertedHammer(Instrument,TimeFrame,j) && IsShootingStar(Instrument,TimeFrame,i)

which makes no sense, because these two single-channel patterns have their boddies down and shadows on top, opposite of what Tweezer Top should look. If you check the sister function "IsTweezerBottom", you will see the opposite. Namely line 164 reads:

if(IsHangingMan(Instrument,TimeFrame,j) && IsHammer(Instrument,TimeFrame,i)

which, like above makes no sense.

I believe these two lines should be swapped with one another. If you have doubts, try to run this candlestick indicator as it is, and it will find no Tweezer patterns. If you swap the lines as I suggested above, you will find them.


Cheers

 

[Enivid]

I don't think that's an error. This definitely depends on how you define a tweezer top/bottom, but we go the definition that has the top with the upper shadows and bottom with the lower shadows. See our candlestick patterns cheat sheet.

As you can see, the indicator does detect tweezer tops and bottoms when it finds such a pattern.
Here is an example for the tops:

And here is the example for the bottom:

 

[niceno]

Thanks for looking into this and, yes, you are right, my idea of top and bottom tweezers was wrong, quite the opposite from what you have in your "Cheat Sheet"

Cheers

 

[lei xu]

Dear author, I am a trader from China, I use this indicator on the MT4 software, but my English level is not good, many words can not be understood, so I would like to ask how to modify it to Chinese?

 

[Enivid]

View attachment 25757Dear author, I am a trader from China, I use this indicator on the MT4 software, but my English level is not good, many words can not be understood, so I would like to ask how to modify it to Chinese?

You can change all these strings to Chinese via the source code.
To change the input parameter names, you only need to modify the commentaries, not the actual variables.
The alert texts are found inside the NotifyPattern() function at line 167.
The pattern names are found inside the DetectPattern() function at line 188.

 

[ANDRE RESENDE]

Discuss Candlestick Pattern Indicator (a simple indicator for MT4 and MT5 to detect Japanese candle chart patterns) in this thread. You can ask any questions about this free MetaTrader indicator here.

Hello,

The download avaliable on web (https://www.earnforex.com/metatrader-indicators/candlestick-pattern-indicator/) is the last version of the indicator Tks a lot!

 

[ANDRE RESENDE]

Hello,

The download avaliable on web (https://www.earnforex.com/metatrader-indicators/candlestick-pattern-indicator/) is the last version of the indicator Tks a lot!

Sorry, is it a question. Is the indicator avaliable the Last versio ?

 

[Enivid]

Sorry, is it a question. Is the indicator avaliable the Last versio ?

Yes, that's the latest version of the indicator.

 

[ANDRE RESENDE]

Yes, that's the latest version of the indicator.

Tks Luca. Another point. I checked the Candlestick Patterns that is inside the indicator with the Candlestick Patterns cheat sheet avaliable on earnforex and some of them is missing. Any plans to update the indicator. Exemples that i couldnt find on indicator:

- Bullish Harami
- Bearish Harami
- Bullish Three Line Strike
- Bearish Three Line Strike
- Three Outside Up
- Three Outside Down

I didint know you work. Im very impressive of the quality that u delivery your knowlodge. Tks again.

 

[Enivid]

Tks Luca. Another point. I checked the Candlestick Patterns that is inside the indicator with the Candlestick Patterns cheat sheet avaliable on earnforex and some of them is missing. Any plans to update the indicator. Exemples that i couldnt find on indicator:

- Bullish Harami
- Bearish Harami
- Bullish Three Line Strike
- Bearish Three Line Strike
- Three Outside Up
- Three Outside Down

I didint know you work. Im very impressive of the quality that u delivery your knowlodge. Tks again.

Sorry, but I'm not Luca. We've bought this and other indicators from him some time ago and took over the development.

I will consider adding these patterns to the indicator, but I cannot promise that this will be done anytime soon.

 

[ANDRE RESENDE]

Sorry, but I'm not Luca. We've bought this and other indicators from him some time ago and took over the development.

I will consider adding these patterns to the indicator, but I cannot promise that this will be done anytime soon.

Would you consider charge me to adding these patterns to the indicador? I really like it. If yes, send me an email andre_korea@hotmail.com or we can talk on private.
Tks!

 

[Enivid]

Would you consider charge me to adding these patterns to the indicador? I really like it. If yes, send me an email andre_korea@hotmail.com or we can talk on private.
Tks!

No, sorry, we don't do custom coding orders. Please see this guide if you are interested in hiring someone to code stuff for you:
https://www.earnforex.com/custom-coding-service/

 

[ANDRE RESENDE]

No, sorry, we don't do custom coding orders. Please see this guide if you are interested in hiring someone to code stuff for you:
https://www.earnforex.com/custom-coding-service/

Tks a lot. One last question.

Since patterns need to identify a trend for their formation, does this indicator also identify the trend to confirm the formation of the pattern?

Ex.: to confirm Bullish Engulfing the indicator needs first confirm that the market is in downtrend. Does the indicator perform this analysis or simply present the pattern without performing the trend analysis?

Cheers

 

[Enivid]

Tks a lot. One last question.

Since patterns need to identify a trend for their formation, does this indicator also identify the trend to confirm the formation of the pattern?

Ex.: to confirm Bullish Engulfing the indicator needs first confirm that the market is in downtrend. Does the indicator perform this analysis or simply present the pattern without performing the trend analysis?

Cheers

No, it doesn't. It looks only on at the two candlesticks.