Many traders use Price Action as an entry and exit signal. Since the beginning of mt4 chart analysis, traders have found several chart candlestick patterns that can indicate possible “behaviors” of the forex market. The Candlestick Pattern forex indicator is an indicator for the MetaTrader platform. It can detect many of these chart patterns and show them on screen or alert forex traders about them.
It is somewhat similar to the forex Pattern Recognition Master indicator, though they detect slightly different sets of candle patterns. The Candlestick Pattern indicator has a more modern look than Pattern Recognition Master.
What Is a Candlestick Pattern
Candlestick patterns are specific candle formations that traders can use to “read” the market sentiment. Candlestick patterns usually include one or more candles, typically up to five or six.
Traders learned how to read common chart candlestick formations or chart patterns with time. They are interpretations of forex market sentiment and usually predict some reaction.
We can divide chart candlestick patterns into three main simple categories. Depending on the more probable behavior after they appear on the chart:
Many traders use chart candlestick patterns to enter and exit trades, but it is essential to use them carefully.
As you can see from many charts, candlestick patterns are more efficient when combined with other indicators and chart analysis.
What Is MetaTrader Candlestick Pattern Indicator
The human eyes can recognize candlestick patterns. However, there is no built-in indicator to detect them in forex MetaTrader. Candlestick Patterns indicator for MT4 and MT5 can see many one-, two- and three-candle candlestick chart patterns.
Once detected, the forex indicator will place an arrow and a label on them to be more visible.
The indicator can also alert you when a new chart pattern is detected on a live chart.
Notification can be:
- Via email
- Via mobile app
How to Use Candlestick Pattern Indicator?
The Candlestick Pattern indicator for MetaTrader is straightforward to use.
Mount the indicator on the chart, selecting how many bars to analyze.
You can select which chart patterns to detect and the notification options; the indicator will do the rest.
MT4 Candlestick Pattern Indicator
Many forex traders use price action and candlestick chart patterns to make trading decisions. There are many popular chart candlestick patterns. MT4 Candlestick Pattern Detector forex indicator MetaTrader can find the patterns and show them on the chart.
What Is MT4 Candlestick Pattern Indicator
Candlestick patterns are groups of candlesticks that have a meaning for the forex trader. These groups are usually composed of two, three, four, or five chart candles and indicate some form of price action.
Forex traders often use these patterns to decide what to do next. Candlestick Pattern Forex Indicator for MT4 is a plugin that allows you to see the most common chart candlestick patterns on your chart. The indicator scans the mt4 chart and detects popular patterns, marking them with the popular naming convention.
Why Is Candlestick Pattern Indicator Useful
Candlestick chart Pattern Indicator can help in a few situations; the most common are:
- Entry chart signals
- Exit signals
- Trailing stops
Traders who use market price action are always looking for chart candlestick patterns. Popular chart candlestick patterns are often the result of something happening in the forex market.
Candlestick chart patterns can provide better information when combined with other forex indicators. MT4 Candlestick Pattern Detector forex Indicator is a great tool that makes things easy.
It can also alert forex traders about patterns forming in the chart.
How to Download and Use MT4 Candlestick Pattern Indicator
You can download the forex indicator for free using the link below and install it by following the instructions.
The installation is straightforward to perform. The same is true for using this indicator.
Once you run the forex indicator, you can set the setting parameters. You can select which chart patterns to detect and how to receive notifications.
➥ Download MQLTA MT4 Pattern Detector with Alert
MT4 Candlestick Pattern Indicator Installation
To install the MT4 Candlestick Pattern forex Indicator, please follow the instructions below:
- Download the forex indicator archive file.
- Open the MetaTrader 4 data new folder (via File→Open Data Folder).
- Open the MQL4 new Folder.
- Copy all the new folders from the archive directly to the MQL4 folder.
- Restart forex MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
For more detailed instructions on performing 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 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 instructions.
➥ Download MQLTA MT5 Pattern Detector with Alert
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.
Since candlestick patterns are prevalent in trading, the Candlestick Pattern Detector indicator for MT4 and MT5 would be a valuable addition to your trading toolbox.
You can open a trading account with any MT4 Forex brokers to freely use the presented indicator for MetaTrader 4. If you want to use an MT5 version of the indicator shown here, you must open an account with a broker that offers MetaTrader 5.