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Pet D Indicator
MT5
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Patterns

The Patterns Indicator for MT5 is the best Forex indicator that identifies various patterns in the financial market. The Pattern Indicator MT5 is easy to use and can be a valuable tool for any forex trader.

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Description

Candlestick price patterns tell a story of the underlying market behavior. So, Forex traders often use patterns as the foundation of technical analysis or during trade execution/exit.

Therefore, the Patterns indicator is a MetaTrader 5 (MT5) technical tool built with algorithms that detect various chart patterns automatically. Unlike other indicators that identify a few chart patterns, this indicator detects virtually all the candlestick chart patterns in the financial markets.

The indicator would be valuable to beginners/intermediate and advanced Forex traders to understand the market conditions at virtually every point. Therefore, it can help traders to make objective analyses and find optimal trade entry/exit zones.

Features of the Indicator

The algorithms of the Pattern indicator for MT5 detect price chart patterns in real-time. Besides, it is suited for multiple timeframe detection of various chart patterns. Finally, the inbuilt parameters are fully customizable. Traders can enable/disable patterns that the indicator can detect and display.

Benefits of Using the Patterns Indicator

  • Time-Saving: The indicator automatically scans the chart for patterns, helping traders save time and increase efficiency.
  • Objective Analysis: The identified patterns can help traders in making an objective analysis of the market to make informed decisions.
  • Learning Aid: The indicator can also serve as a learning aid to bring beginner traders to speed in recognizing different patterns.

Indicator Description Settings

The indicator comes with the following customizable settings:

Enables one-bar patterns: Enables/Disables the display of one-bar patterns.

Enables Two-bar patterns: Enables/Disables the display of two-bar patterns (e.g., bullish engulfing).

Enables Three-bar patterns: Enables/Disables the display of three-bar patterns

Maximum of pips distance between…: Distance between the candlestick and the pattern.

Show pattern descriptions: Enables/Disables the display pattern description.

Font size: Determines font size to display text.

Text color: Determines text color to display text.

Font name: Determines the font name.

Double inside pattern: Enables/Disables the display of a double inside line pattern.

Inside pattern: Enables/Disables the display of inside/outside pattern.

Pin up/Down pattern: Enables/Disables the display of pin up/down pattern.

Pivot point reversal Up/Down pattern: Enables/Disables the display of pivot point reversal up/down pattern.

Double Bar Low/High with a Higher Close: Enables/Disables the display of double bar low/high that closes higher.

Close Price Reversal Up/Down Pattern: Enables/Disables the display of close reversal up/down pattern.

Neutral bar pattern: Enables/Disables the display of neutral bar pattern.

Force Bar Up/Down Pattern: Enables/Disables the display of the force bar up/down pattern.

Mirror Bar Pattern: Enables/Disables the display of mirror bar pattern.

Hammer Bar Pattern: Enables/Disables the display of the hammer bar pattern.

Shooting star pattern: Enables/Disables the display of shooting star pattern.

Evening/Morning Star Pattern: Enables/Disables the display of the evening/morning star pattern.

Bearish/Bullish Harami Pattern: Enables/Disables the display of bullish/bearish harami patterns.

Bearish/Bullish Harami Cross Pattern: Enables/Disables the display of bearish/bullish harami cross pattern.

Dark cloud cover pattern: Enables/Disables the display of dark cloud cover pattern.

Doji Star Pattern: Enables/Disables the display of the doji star pattern.

Engulfing Bearish/Bullish line pattern: Enables/Disables the display of engulfing bullish/bearish pattern.

Evening/Morning Doji Star Pattern: Enables/Disables the display of the evening/morning Doji Star pattern.

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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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