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Pattern Recognition Master

The Pattern Recognition Master indicator displays candlestick patterns on the chart. Best pattern recognition indicator!

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Description

Every candlestick pattern on the MT4 chart tells a unique story in the financial market, especially when the price is at a vital zone. So, candlestick patterns are integrated with technical analysis or other indicators to make informed trading decisions on a financial instrument.

Therefore, the Pattern Recognition Master Indicator is a MetaTrader 4 (MT4) indicator that highlights different candlestick patterns on the chart. It identifies the bullish/bearish engulfing, doji, dark cloud cover, star, and bullish/bearish hammer.

Features of the Indicator

The Pattern Recognition Master indicator for MT4 automatically identifies candlestick chart patterns on multiple time frames. It is also integrated with an alert system to notify traders of any candlestick pattern formed.

Furthermore, the indicator also enables customization of the inbuilt parameters/settings. For instance, a trader can specify the candlestick pattern to be displayed/notified of.

Benefits of Using the Indicator

  1. Reduces Screen Time: The alert feature helps to save time spent on the chart by notifying traders when a candlestick pattern forms.
  2. Beginner-Friendly: The indicator would be invaluable for new forex traders in identifying different candlestick patterns.
  3. Enhances Better Decision Making: Finally, the identified candlesticks patterns are confluence that helps traders make better trading decisions.

Indicator Settings Description

 

The indicator comes with the following customizable parameters:

Show_Alert: Enables/Disables the alerts feature.

Display_ShootingStar_2: Enables/Disables the display of shooting star candlesticks pattern.

Show_ShootingStar_Alert_2: Enables/Disables alerts on shooting star candlesticks pattern.

Display_ShootingStar_3: Enables/Disables the display of shooting star candlesticks pattern.

Show_ShootingStar_Alert_3: Enables/Disables alerts on shooting star candlesticks pattern.

Display_ShootingStar_4: Enables/Disables the display of shooting star candlesticks pattern.

Show_ShootingStar_Alert_4: Enables/Disables alerts on shooting star candlesticks pattern.

Color_ShootStar: Color for shooting star candlesticks pattern.

Text_ShootStar: Enables/Disables text on shooting star candlesticks pattern.

Display_Hammer_2: Enables/Disables the display of Hammer candlesticks pattern.

Show_Hammer_Alert_2: Enables/Disables alerts on hammer candlesticks pattern.

Display_Hammer_3: Enables/Disables the display of Hammer candlesticks pattern.

Show_Hammer_Alert_3: Enables/Disables alerts on hammer candlesticks.

Display_Hammer_4: Enables/Disables the display of Hammer candlesticks.

Show_Hammer_Alert_4: Enables/Disables alerts on hammer candlesticks.

Color_Hammer: Color for hammer candlesticks.

Text_Hammer: Enables/Disables text on hammer candlesticks.

Display_Doji: Enables/Disables the display of doji candlesticks.

Show_Doji_Alert: Enables/Disables alerts on doji candlesticks.

Color_Doji: Color for doji candlesticks.

Text_Doji: Enables/Disables text on doji candlesticks.

Display_Stars: Enables/Disables the display of stars candlesticks.

Show_Stars_Alert: Enables/Disables alerts on stars.

Star_Body_Length: This defines the body length of the star.

Color_Star: Color for stars.

Text_Star: Enables/Disables text on stars.

Display_Dark_Cloud_Cover: Enables/Disables the display of dark cloud cover candlesticks.

Show_DCC_Alert: Enables/Disables alerts on dark cloud cover candlesticks.

Color_DCC: Color for dark cloud cover candlesticks.

Text_DCC: Enables/Disables text on dark cloud cover candlesticks.

Display_Piercing_Line: Enables/Disables the display of piercing line candlesticks.

Color_Percing_Line: Color for bullish engulfing candlesticks.

Text_Piercing_Line: Enables/Disables text on piercing line candlesticks.

Display_Bearish_Engulfing: Enables/Disables the display of bearish engulfing candlesticks.

Show_Bearish_Engulfing_Alert: Enables/Disables the recognition of bearish engulfing candlesticks.

Color_Bearish_Engulfing: Color for bearish engulfing candlesticks.

Text_Bearish_Engulfing: Enables/Disables text on bearish engulfing candlesticks.

Display_Bullish_Engulfing: Enables/Disables the display of bullish engulfing candlesticks.

Show_Bullish_Engulfing_Alert: Enables/Disables the recognition of bullish engulfing candlesticks.

Color_Bullish_Engulfing: Color for bullish engulfing candlesticks.

Text_Bullish_engulfing: Enables/Disables text on bullish engulfing candlesticks.

alertsMessages: Enables/Disables alerts via message.

alertsSound: Enables/Disables alerts sound.

alertsEmail: Enables/Disables alerts via email.

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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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