Many traders use price action and candlestick patterns to make trading decisions. There are many popular candlestick patterns. MT5 Candlestick Pattern Detector Indicator Metatrader can find the patterns and show them on chart.
What Is The MT5 Candlestick Pattern Indicator
Candlestick patterns are groups of candlestick that have a meaning for the trader.
These groups are usually two, three, four and five candles and indicate some form of action happening.
In many cases traders use these patterns to decide what to do next.
Candlestick Pattern Indicator for Metatrader is a plugin that allows you to see on chart the most common candlestick patterns.
The indicator scans the chart and detects popular patterns, also naming them with the popular naming convention.
Why Is The Candlestick Pattern Indicator Useful
The Candlestick Pattern Indicator can help in a few situations, the most common are:
- Entry Signals
- Exit Signals
- Trailing Stops
Traders who use price action are always on the look out for candlestick patterns.
Popular Candlestick Patterns are often the result of something happening in the market.
Candlestick patterns can provide better information when combined with other indicators.
MT5 Candlestick Pattern Detector Indicator is a great tool that makes things easy.
It can also alert the traders about patterns forming in the chart.
How To Download And Use The MT5 Candlestick Pattern
You can Download a FREE DEMO of the indicator with the link at the bottom of this page and install it following the below instructions.
The DEMO version only has full functionality in the AUDNZD pair.
The installation is very easy to perform, same is the use.
Once you run the Indicator you can set the parameters.
You can select with patterns to detect and how receive notifications
MT5 Candlestick Pattern Installation
To install the MT5 Candlestick Pattern Indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.