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Candles Patterns Indicator for MetaTrader 5®

MT4 Multi-Time Period Chart Indicator

The Candles Patterns indicator simplifies the search for patterns. You do not need to peek in every bar. Candles Patterns will take care of it. All you need to do is monitor its signals and make the right choice.

Trading has never been so simple and exciting! We have created this indicator for youDo you want to try it?

Works on MetaTrader 5®

MetaTrader®, MetaTrader 5®, MT4®, MT5® are the registered trademarks of MetaQuotes Software Corp. | 4xDev.com is not associated with MetaQuotes Software Corp.

$ 100$ 59

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Download Demo Demo-version works on Strategy Tester only

The idea behind the indicator

It is the information indicator that displays candlestick patterns on the chart. It works on any trading tool that is available in MetaTrader 5®.

The Candles Patterns indicator shows its name on the chart to recognize the candle pattern. If that pattern has more than one candle, the advisor will circle the square on this pattern.

The indicator simplifies the search for patterns, and you do not need to peek in every bar. Candles Patterns will take care of it. All you need to do is monitor its signals and make the right choice.

Candles Patterns on the chart

Candles Patterns on the chart

Indicator parameters meanings

Input parameters

Input parameters

You can find plenty of parameters in Candles Patterns. They were created to ensure that the user could change the interface to his needs and preferences.

First of all, there are patterns of displaying the parameters on history:

Common parameters are the general options used in every pattern.

Every pattern has the parameters that help to outline it of each other:

Visualization

Visualization – parameter is responsible for pattern’s display on the chart

Visualization is a parameter that is responsible for pattern display on the chart;

Installation

This indicator should be installed in the MT5® in a standard way. After the installation, it needs to be dragged on the currency pair chart that you want to work with. It will be better to set the time interval from an hour (H1) or more. There will be more false signals on the smaller intervals. It would be best if the indicator will be used on the daily (D1) interval. In this case, signals are obtained the most accurately.

How to work with an indicator?

The indicator searches the patterns that the user chose in settings. After pattern finding, it points the name on the chart if the pattern consists of more than one candle, and it marks these candles in addition to better clarity.

This indicator is the right decision for beginners since they will not have to look at the chart constantly. Moreover, it helps to remember all of these patterns faster. Also, this indicator will be useful for skilled traders because they can determine the direction of the future trend based on the indicator’s signals more accurately.

The indicator can successfully determine more than 20 popular candle patterns.

The most popular are:

Doji

The candlestick looks like a cross, an upside-down cross, or a «plus» symbol.

The Doji appearance shows the market uncertainty in the candle analysis. It is similar to a tug-of-war between bulls and bears.

Dark cloud cover

It is the bearish reversal pattern of the candlestick analysis. The first candle is a bullish one with a big body. The second one is a bearish one with an opening price that is higher than the closing price. The closing price is lower than the midpoint of the previous candle’s body.

Such a model often appears when all of the positive is won back at the end of the news sudden speedy moves.

Dragonfly doji

It is the Doji candle with a long lower shadow and an absent upperone. This pattern is one of the trend turn signals. The bulls no longer have the strength to breach the opening level and further grow. The signal increased when there was a big upward candle before the advent of Doji.

Gravestone doji

This Dioji has a very long upper shadow and a short lower one. The trend signal turns up particularly strong if a downward candle preceded it with a massive body.

Engulfing pattern

It is the reversal pattern of the candle analysis that can be either bullish and bearish. The bearish engulfing pattern has arisen on the uptrend while the bullish engulfing pattern is downward. The first candle of the pattern is formed with a small body. The body of the second one fully covers or absorbs the body of the previous candle.

This situation shows that the previous trend strength is fully completed, and the trend turn is happening with a firm dynamic.

Evening star

It is the bearish reversal pattern of the candle analysis. The bull candle with a massive body has arisen on the uptrend. Then there is the gap and the second candle with a small body. The third candle is closed lower than the midpoint of the first candle’s body.

This candle analysis model is due to a sudden trader’s mood change when the generally positive economic move is interrupted by negative news. For higher time frames (Daily, Weekly), this behavior can testify for trading in a narrow range while waiting for the crucial occasion that should have the beneficial consequences that were expected.

Technical Requirements

There are some technical requirements that you need for loading and correct work of the indicator:

  • A computer that has all the necessary conditions for the MetaTrader 5® installing;

  • The desktop version of MetaTrader 5® installed on your computer;

  • The computer working hours should match with the trading hours. The MT5® platform must be launched;

  • The installed tool must be configured on the MT5® chart.

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Important information

All Products are provided “as is” without any warranties regarding effectiveness, performance, or suitability for particular purposes. The actual performance of the Products could be different from testing results and your expectations.

Please study carefully all information about the Products before purchasing.

The amounts paid for the Products are non-refundable.

4xDev assumes no liability for any direct or indirect losses resulting from the use of the Products.