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Doji Candle Detection

The Doji Detector indicator for MT4 sans the financial market for Doji candlesticks. With the Doji Candle Detection Indicator for MT4, you can quickly and easily identify potential price reversal points and take advantage of profitable trading opportunities. Download for free! Try Now!

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Description

The Doji Detector indicator is a MetaTrader 4 (MT4) tool that scans the Forex market for Doji candlestick formation. A Doji is a cross-like pattern formed when the opening and closing prices of a candlestick are equal or very close.

Doji candlestick often suggests potential trend reversal, especially when it forms at a support/resistance zone. Thus, the indicator is an invaluable trading tool for technical analysis, which would help traders easily identify Doji candlesticks and make informed decisions. So, Forex traders can use the indicator to find trading opportunities or exit the market.

Features of the Doji Detector Indicator for MT4

The indicator is a multi-timeframe tool that signals a Doji candlestick formation with a histogram bar, below the main chart. In other words, it displays a histogram bar once the price prints a Doji candlestick. This helps traders to identify valid Doji candlesticks with less hassle.

Furthermore, the indicator has an alert system that pops up a screen notification or sends an email to notify traders when a Doji candlestick is detected. The alert features enable traders to keep a tab of Doji candlesticks formation, even while away from the chart.

Benefits of Using the Indicator

  • Enhances Trading Decisions: The indicator helps Forex traders to make objective analyses and informed trading decisions easily. For instance, a trader might consider closing or trailing an open position if the price prints a Doji at an untested support or resistance zone.
  • Time-Saving: The indicator saves traders the time it would take to scan the market for Doji candlesticks manually

Indicator Settings Description

The indicator comes with the following customizable settings:

Signal1Color: Determines the color of the signal bar.

Signal1Pos: Defines the position of the signal bar.

SignalText: This shows the signal text.

Signal1Character: Defines the signal mode.

MT4Alert: Enables/Disables pop-up alerts.

EmailAlert: Enables/Disables alerts via email.

EmailSubject: Determines the subject of the email alert.

LookBackforAlerts: Determines the minimum candlestick bars to detect a doji.

LabelCorner: Defines the corner 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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