Price Pattern

The Price Pattern indicator for MT4 is a price action tool that detects and displays specific price pattern formations in the market. Price patterns often signal potential trend continuation or reversal of instruments in the financial trading industry. So, traders can use the indicator for better market analysis and to make objective trading decisions.

Features of the Price Pattern Indicator for MT4

The indicator highlights common price patterns such as the Double Tops/Bottom, Head and Shoulders, Rising/Falling Wedge, and Triangles. It displays these patterns on the chart to help traders interpret price action and identify potential trading opportunities with less hassle.

Furthermore, the indicator highlights price patterns that suggest potential bullish moves in light-green color, while patterns in light-coral color represent bearish moves.

This helps traders distinguish between bullish and bearish price patterns for possible upward or downward moves at a glance.

What’s more, the Price Pattern indicator for MT4 has a different alert notification system to notify traders when specific patterns are formed. It notifies traders of price patterns via screen popups, push messages, and email.

Benefits of Using the Indicator

• Trade Entry and Exit: The indicator helps traders to make informed BUY/SELL trading decisions or exit. For example, traders can look for an opportunity to buy an instrument when the indicator detects and highlights the Double Bottom pattern, especially at a support or resistance zone.
• Back-testing Capability: Traders can use the indicator to backtest how the price reacted when a specific price pattern forms. This gives traders insights into how and when to apply the patterns to increase their winning rates.

Indicator Settings Description

The indicator comes with the following customizable settings:

Price proximity Percent: Determines the minimum price distance for pattern analysis.

Fill Patterns with Color: Enables/Disables the pattern to be filled.

Display Head and Shoulder: Enables/Disables the display of the Head and Shoulder pattern.

Display Reverse Head and Shoulder Pattern: Enables/Disables the display of reverse Head and Shoulder Pattern.

Display Double Top pattern: Enables/Disables the display of the Double Top pattern.

Display Double Bottom Pattern: Enables/Disables the display of the Double Bottom Pattern.

Display Triple Top Pattern: Enables/Disables the display of the Triple Top pattern.

Display Triple Bottom Pattern: Enables/Disables the display of the Triple Bottom pattern.

Display Triangle Pattern: Enables/Disables the display of the Triangle pattern.

Display Rising Wedge pattern: Enables/Disables the display of the Rising Wedge pattern.

Display Falling Wedge Pattern: Enables/Disables the display of the Falling Wedge pattern.

Maximum number of bars for pattern: Determines the maximum number of candlesticks for pattern analysis.

Display Swings: Enables/Disables the display of the swing point.

Depth: Defines the minimum number of candlesticks to identify a price pattern.

Deviation: Determines the deviation for pattern recognition.

Backstep: Determines the minimum distance between pattern peaks and troughs.

Bull pattern color: Determines the color for bullish patterns.

Bear pattern color: Determines the color for bearish patterns.

Forming pattern color: Determines the color to display forming patterns.

Line style: Determines the line style to display the price pattern.

LabelFontSize: Defines the font size to label the patterns.

LabelColor: Defines the color to display the recognized patterns.

AlertTitle: Determines the title of the alert.

PopupAlerts: Enables/Disables pop-up alert on the chart.

EmailAlerts: Enables/Disables alert notification via email.

PushAlerts: Enables/Disables alert notification via push message.

SoundAlerts: Enables/Disables alert sound.