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