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Patterns On Chart

The Patterns on Chart MT5 indicator detects candlestick patterns on the chart. This indicator is very popular among traders because it helps to identify chart patterns quickly and accurately.

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Description

The Patterns on Chart MT5 indicator is a price action indicator that detects candlestick patterns on the chart. Candlestick patterns provide insights into the market conditions and potential direction, which makes the indicator a valuable asset for scalpers, day/intraday, and swing traders.

Features of the Patterns on Chart MT5 Indicator

The indicator is built with advanced pattern recognition algorithms to identify popular candlestick patterns on the chart. It identifies different patterns across multiple timeframes, labels them, and displays the direction of each identified pattern. This feature assists traders, especially beginners, to stay informed about the potential direction, helping traders make more informed trading decisions.

Moreover, the indicator’s parameters are customizable, allowing traders to customize the patterns it displays. Additionally, the indicator allows traders to set up customizable alerts when specific patterns are detected, enabling traders to keep a tab on the market even when they are off the chart.

Benefits of Using the Indicator

  • Enhances Pattern Recognition: The Patterns on Chart MT5 indicator makes it easy to identify candlestick patterns, making it a suitable tool for beginners and experienced traders.
  • Objective Analysis: The indicator automatically identifies candlestick patterns, which helps traders determine market conditions and trading opportunities. For example, the indicator can come in handy in assisting traders to identify potential market reversal or continuation setups when the price is at a support/resistance zone, thereby increasing trading efficiency.

Indicator Settings Description

The indicator comes with the following customizable settings:

UseExtraDigit: Enables/Disables extra digit feature in recognizing patterns for assets with extra digits.

Show_Alert: Enables/Disables alerts for identified candlestick patterns.

Display_ShootStar_2: Enables/Disables the display of shooting star candlestick pattern 2.

Show_ShootStar_Alert_2: Enables/Disables alerts on identified Shooting Star candlestick pattern 2.

Display_ShootStar_3: Enables/Disables the display of Shooting Star Pattern 3.

Show_ShootStar_Alert_3: Enables/Disables alerts on identified Shooting Star pattern 3.

Display_ShootStar_4: Enables/Disables the display of Shooting Star pattern 4.

Show_ShootStar_Alert­_4: Enables/Disables alerts on identified Shooting Star pattern 4.

Color_ShootStar: Determines the color to display the Shooting Star pattern.

Display_Hammer_2: Enables/Disables the display of Hammer pattern 2.

Show_Hammer_Alert_2: Enables/Disables alerts on identified Hammer pattern 2.

Display_Hammer_3: Enables/Disables the Hammer pattern 3.

Show_Hammer_Alert_3: Enables/Disables alerts on identified Hammer pattern3.

Display_Hammer_4: Display Hammer candlestick pattern 4.

Show_Hammer_Alert­_4: Enables/Disables alerts on identified hammer pattern 4.

Color_Hammer: Determines the color to display Hammer patterns.

Display_Doji: Enables/Disables the display of Doji patterns.

Display_Stars: Enables/Disables the display of Star patterns.

Show-Stars-Alert: Enables/Disables alerts on Star patterns.

Star_Body_Length: Determines the body length of the Star patterns.

Color_Star: Determines the color to display Star patterns.

Display_Dark_Cloud_Cover: Enables/Disables the display of Dark Cloud Cover patterns.

Show_DarkCC_Alert: Enables/Disables alerts on identified Dark Cloud Cover patterns.

Display_Piercing_Line: Enables/Disables the display of Piercing line patterns.

Show_Piercing_Line_Alert: Enables/Disables alerts on Piercing Line patterns.

Color_Piercing_Line: Determines the color to display Piercing Line patterns.

Display_Bearish_Engulfing: Enables/Disables the display of Bearish Engulfing patterns.

Show_Bearish_Engulfing_Alert: Enables/Disables alerts on Bearish Engulfing patterns.

Color_ Bearish_Engulfing: Determines the color to display Bearish Engulfing patterns.

Display_Bullish_Engulfing: Enables/Disables the display of Bullish Engulfing patterns.

Show_Bullish_Engulfing_Alert: Enables/Disables alerts on the identified Bullish Engulfing patterns.

Color_ Bullish_Engulfing: Determines the color to display Bullish Engulfing patterns.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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