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Candle Patterns

The Candle Patterns MT4 Indicator is the best Forex indicator for candlestick pattern recognition. Each pattern is displayed on the chart with a unique color code, making it easy to distinguish between them.

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Description

The Candle Patterns MT4 Indicator is a price action indicator that identifies specific patterns in the market. It is a powerful technical indicator that assists traders in deciphering the market sentiments and predicting potential price reversals and continuations.

Therefore, the indicator is an incredible tool for beginners and advanced Forex traders participating in the financial markets. It is a valuable trading asset that helps traders make informed decisions based on candlestick patterns, especially when formed at support/resistance zones.

Features of the Candle Patterns MT4 Indicator

  • Pattern Recognition: The indicator automatically identifies candlestick patterns, including hammer, doji, bullish/bearish engulfing, etc.
  • Chart-Friendly: The candlestick patterns displayed do not clog the chart, allowing space for technical analysis.
  • Customization Options: The indicator allows traders to customize the inbuilt parameter to display candlestick pattern formation (e.g., continuation pattern).
  • Email Alerts: The indicator enables traders to receive email notifications for specific candlestick pattern formation.

Benefits of Using the Indicator

  • Enhance Decision-Making: The Candle Patterns MT4 Indicator assists traders in making objective trading decisions. It can serve as a tool to identify potential trend reversal/continuation entry zones or exit points.
  • Time-Saving: The indicator automatically identifies different candlestick patterns on the chart, enhancing time efficiency.
  • Educational Value: The indicator can serve as an educational tool for novice traders in identifying and recognizing different candlestick formations.

Indicator Settings Description

The indicator comes with the following customizable settings:

Show strong reversal patterns: Enables/Disables the display of strong candlestick reversal patterns.

Show weak reversal patterns: Enables/Disables the display of weak candlestick reversal patterns.

Show continuation patterns: Enables/Disables the display of candlestick continuation patterns.

Show unclassified: Enables/Disables unrecognized candlesticks patterns.

View bars: Determines the maximum number of candlesticks displayed on the chart.

Sound alert: Enables/Disables sound alert notification.

Email alert: Enables/Disables sound alert notification.

Sell color: Determines the color for the sell arrow.

Buy color: Determines the color for the buy arrow.

Text color: Determines the color to display the text.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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