Candlestick Pattern Indicator For MT4

Many traders use Price Action as entry and exit signal. Since the beginning of chart analysis traders have found several candlestick patterns that can indicate possible “behaviours” of the market. Candlestick Pattern Indicator For MT4 is an indicator that can detect many of these patterns and show them on screen or alert the traders about them.

What Is A Candlestick Pattern

Candlestick Patterns are specific candle formation that the trader can use to “read” the market sentiment.

Candlestick patterns can usually include one or more candles, typically up to 5 or 6 candles.

Traders learned with time how to read common candlestick formation, or patterns.

These are interpretations of market sentiment and usually predict some kind of reaction.

We can divide the Candlestick patterns in three main categories.

Depending on the more probable behaviour after they appear on chart:

  • Bullish
  • Bearish
  • Neutral

Many traders use candlestick patterns to enter and exit trades but it is important to use them carefully.

As you can see from many charts, in fact, Candlestick patterns use is more efficient when combined with other indicators and chart analysis.

What is Candlestick Pattern Indicator For MT4

Candlestick patterns can be recognised by the human eyes however there is no built-in indicator to detect them in Metatrader4.

Candlestick Pattern Indicator For MT4 can detect many 1, 2 and 3 candle candlestick patterns.

Once detected the indicator will place an arrow and a label on them to be more visible.

The indicator can also alert you when a new pattern is detected on a live chart.

Notification can be:

  • On Screen
  • Via Email
  • Via Mobile App.
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How to use Candlestick Pattern Indicator For MT4?

The Candlestick Pattern Indicator For MT4 is very easy to use.

Mount the indicator on chart selecting how many bars to analyse.

You can select what patterns to detect and the notification options, the indicator will do the rest.

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Conclusion

Since Candlestick patterns are very common in trading, Candlestick Pattern Detector Indicator for MT4 would be a useful addition to your trading toolbox.

2 thoughts on “Candlestick Pattern Indicator For MT4”

  1. Dobro vece!
    Moje ime je Pajazit Pejcinovic iz Bara, Crna Gora.
    sad sam procitao o detectoru,nesto sam razumijo,samo me interesuje kupovinom detektora jel dobijam postom kao neki istrument ili vi saljete aplikaciju koju nazivate detektorom.
    Interesujeme da li vi pomazete oko instaliranja i mini obuke kako koristiti detektor.
    Ja sam jedan od dosta njih koji nije veliki i dobar znalac da radi sa racunarom,i ja sam jedan od njih koji ne govori i ne pise Engleski jezik.
    Koliko ste vi voljni da pomognete u ovome sto vas pitam ili samo hocete da prodate robu a sta cu ja raditi vas ne dotice.
    Nadam se da ste me razumjeli ,odnosno moja pitanja
    Pozdrav !
    Pajazit
    Bar,Crna Gora

    • Hi Pajazit,
      I tried to translate the message, hope it helps…
      The Indicator is avalable to Buy/Download from Metatrader4 platform in the Market section.
      This indicator in particular detects the candlestick patterns and there is no training needed, all the options are quite simple.
      Let me know if you have more doubts.
      Luca

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