Candles Patterns Indicator for MetaTrader© 5

MT4 Multi-Time Period Chart Indicator

Candles Patterns indicator simplifies the search for patterns. You don’t need to peer in every bar. Candles Patterns will take care of it. All you need to do is monitor all of his signals and make the right choice.

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Works on MetaTrader© 5.

$ 59

The idea behind the indicator

It is the information indicator which displays candle patterns on the chart. It works at any trading instrument 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 adviser will circle the square on this pattern.

Indicator simplifies the search for patterns and you don’t need to peer in every bar. Candles Patterns will take care of it. All you need to do is monitor all of his 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. It was done to ensure that the user could change the maximum appearance to his needs and preferences.

First, there are patterns of display parameters on history:

Common parameters – these are the general parameters to be used in every pattern.

Every pattern has its parameters that help to outline it’s of each other:

Visualization

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

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

Installation

This indicator installs in the MT5© in a standard way. After the indicator's installation, it needs to be dragged on the currency pair chart with which you want to work. 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. Then signals are obtained the most accurately.

How to work with indicator?

The indicator searches the patterns that the user chose in settings. After pattern finding, he 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 would be a right decision for beginners, they won’t have to look at the chart always, and it helps to remember all of these patterns faster. This indicator will also be useful for skilled traders, because they can determine the destination 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 candle looks like a cross, an upside-down cross, or a «plus» symbol.

The Doji appearance in the candle analysis shows the market uncertainty. It’s like a tug-of-war between bulls and bears;

Dark cloud cover

It is the bear reversal pattern of the candle analysis. The first candle is a bull's candle with a big body, and the second one is the bear with an open price that is higher than the close price and the close price that is lower than the midpoint of the body of the previous candle.

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

Dragonfly doji

It is the Doji candle with a long lower shadow and the missing higher. This pattern is one of the turn trend’s 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

Similar to the dragonfly Doji, this doji has a very long higher shadow and is almost missing lower. The signal to the trend 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 bull and bear. The bear engulfing pattern has arisen on the upward trend while the bull 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's strength is fully completed, and the trend's turn is happening with a strong dynamic.

Evening star

It is the bear reversal pattern of the candle analysis. The bull candle with a massive body has arisen on the upward trend, then 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 economically when the general positive 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 important occasion that should have the beneficial consequences that were expected.

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