Candlestick Pattern Detector

Features of the Candlestick Pattern Detector Indicator

The Candlestick Pattern Detector Indicator for MT5 is one of the best Metatrader indicator for automatically identifying candlestick patterns. Additionally, you can set the indicator to identify particular patterns as well as bearish or bullish ones. Therefore, forex traders have the option to concentrate only on trading extremely profitable patterns or to concentrate on patterns based on a specific trend direction.

How the Indicator Can Benefit You

Since the indicator finds and shows patterns automatically, it is very useful for new forex traders. This indicator enables new traders to become comfortable and develop the ability to recognize candlestick patterns with their eyes. More experienced forex traders can use the indicator signals to determine ideal entry and exit positions. Moreover, they can apply the pattern to any trading method.

You can use these candlestick patterns to enter trades. However, the success rate of candlestick patterns varies. Therefore, it is better to wait for many candlestick patterns to validate the signal before buying or selling. After entering a position, choose the best stop loss and take profit levels based on past swing highs and lows, the risk-to-reward ratio, or both.

Indicator Setting Description

Candles to scan: Number of candles to scan.

Detect Bullish Patterns: Detects the bullish patterns.

Detect Bearish Patterns: Detects the bearish patterns.

Detect Uncertain Patterns: Detects the uncertain patterns.

The Pattern detector indicator for MT5 enables the following patterns if set to TRUE.

Doji: This function enables/disables the identification of this pattern.

Doji dragonfly: This function enables/disables the identification of this pattern.

Doji gravestone: This function enables/disables the identification of this pattern.

Spinning top bullish: This function enables/disables the identification of this pattern.

Spinning top bearish: This function enables/disables the identification of this pattern.

Marubozu bullish: This function enables/disables the identification of this pattern.

Marubozu bearish: This function enables/disables the identification of this pattern.

Hammer: This function enables/disables the identification of this pattern.

Hanging man: This function enables/disables the identification of this pattern..

Inverted hammer: This function enables/disables the identification of this pattern.

Shooting star: This function enables/disables the identification of this pattern.

Engulfing bull: This function enables/disables the identification of this pattern.

Engulfing bear: This function enables/disables the identification of this pattern.

Tweezer top: This function enables/disables the identification of this pattern.

Tweezer bottom: This function enables/disables the identification of this pattern.

Three white soldiers: This function enables/disables the identification of this pattern.

Three black crowns: This function enables/disables the identification of this pattern.

Three inside up: This function enables/disables the identification of this pattern.

Three inside down: This function enables/disables the identification of this pattern.

Morning star: This function enables/disables the identification of this pattern.

Evening star: This function enables/disables the identification of this pattern.

Font Size: Font size to show the candlestick pattern name.

Font Color Bullish patterns: Color for displaying bullish patterns.

Font Color Bearish patterns: Color for displaying bearish candlestick patterns.

Font Color Uncertain patterns: Color for displaying uncertain patterns in the chart.

Enable Notifications Feature: Enables the notifications.

Send Alert Notification: Sends Alert.

Send Notification to Mobile: Sends a push notification to mobile.

Send Notification via Email: Emails notifications.

Horizontal spacing for the control panel: Location of the panel in the chart.

Vertical spacing for the control panel: Adjusts the panel in the chart.