The CandleStick Pattern Indicator is designed to identify candlestick patterns and alert the trader through integrated alerts. Candlestick patterns are formed by a combination of one or more candlesticks, which show the price action during a particular time period. They are often used to predict potential changes in trend direction or momentum, as well as to confirm existing trends. The indicator will recognize popular patterns such as Hammer, Hangman, Engulfing, Shooting Star, Tweezer Tops, Tweezer Bottoms, Bear doji, Bull doji and many more.
The Candlestick Pattern MT4 indicator is a technical tool that can help traders identify these patterns and make more informed trading decisions. This indicator scans the price chart for specific candlestick patterns and displays them on the chart, making them easy to spot. When a candlestick pattern is recognized, the CandleStick Pattern Indicator displays its name on the chart, marks it with an arrow, and also notifies the trader with a sound signal.
One of the benefits of using the Candlestick Pattern indicator is that it can help traders identify patterns that they may have otherwise missed. This can be particularly useful in fast-moving markets or when trading multiple assets simultaneously.
The Candlestick Pattern MT4 indicator can also help traders confirm existing trends or reversals. For example, if the indicator displays a Bullish Engulfing pattern, this could indicate a potential trend reversal from a bearish to a bullish trend.
Another benefit of using the Candlestick Pattern indicator is that it can help traders set their stop-loss and take-profit levels more effectively. By identifying potential trend reversals or continuations, traders can set their stop-losses at appropriate levels to limit their risk and their take-profits at levels that maximize their potential profits.
The CandleStick Pattern Indicator belongs to the category of informational indicators and displays candlestick patterns on the price chart of a currency pair. The indicator works on any trading instrument available in the MetaTrader 4 platform. To use the Candlestick Pattern MT4 indicator, traders simply need to download and install the indicator onto their MT4 platform. Once installed, the indicator will automatically scan the price chart for specific candlestick patterns and display them on the chart.
Traders can customize the settings of the Candlestick Pattern MT4 indicator to their preferences, including the types of patterns they want to display.
The settings of the CandleStick Pattern Indicator
- Show strong reversal patterns – show strong reversal patterns.
- Show weak reversal patterns – show weak reversal patterns.
- Show continuation patterns – show trend continuation patterns.
- Show Unclassified – show additional models.
- View Bars – the number of the last candles taken into account by the indicator.
- Sound Alert – sound signal when a new candlestick pattern appears.
- Email Alert – sending an email alert when a new candlestick pattern appears.
- Sell Color – color of the down arrow (bearish signals).
- Buy Color – up arrow color (bullish signals).
- Text Color – the color of the text (the name of the candlestick pattern) on the chart.
In conclusion, the Candlestick Pattern MT4 indicator is a valuable technical tool for traders who use candlestick charting techniques to analyze price movements. By helping traders identify patterns, confirm trends, and set their stop-loss and take-profit levels, this indicator can assist traders in making more informed and profitable trading decisions. The CandleStick Pattern Indicator can become one of the elements of a Forex strategy using candlestick analysis, and will also be useful for complex analysis of currency pair charts.
Features of CandleStick Pattern Indicator for MT4
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In CPIv1.5.zip file you will find:
- CPIv1.5.ex4
Download CandleStick Pattern Indicator for MT4 for free:
