If you are looking for a forex candlestick pattern indicator MT4, here’s one that I’ve found that is really good and it is called the Pattern_Recognition_Master_v3a.
It is a candlestick pattern recognition indicator. The candlestick pattern indicator download link is on the very bottom of this post.
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How The Forex Candlestick Pattern Indicator Works
How this candlestick pattern indicator works is pretty simple once you upload onto your MT4 chart:
- it automatically scans the charts no matter which timeframe you put it on and it will show you exactly where there are specific candlestick pattern formations such as the Evening Doji Star, Evening Star, Shooting Star, Bearish Engulfing Pattern,Dark Cloud Pattern, etc…
- The candlestick pattern indicator is very easy to interpret by the user, and on the top left hand corner you will see that it has all the key/legend of the candlestick patterns that it can show.
- then if a specific candlestick forms, it shows some abbreviated letters above or below the pattern and you can interpret these abbreviation through a legend which is found on the top left corner of your chart.
- in short, any abbreviated letters that form above a candlestick high indicates bearish candlestick patterns and any that forms below the low of a candlestick indicate that that specific candlestick is bullish.
See chart below for clarity:
How Many Candlestick Patterns Can It Show?
If you haven’t notice on the chart above, this candlestick pattern indicator can show both bullish and bearish reversal candlestick patterns.
If you look a the chart above, you can see that this reversal candlestick pattern indicator can show 5 bullish reversal candlestick and 5 bearish reversal candlesticks. So it can show a total of 10 candlestick patterns in all.
Here are the bearish reversal candlesticks this indicator can show:
- shooting star
- evening star
- evening doji star
- dark cloud pattern
- bearish engulfing pattern
Here are the bullish reversal candlestick pattern this candlestick indicator can show:
- bullish hammer
- morning star
- morning doji star
- piercing line pattern
- bullish engulfing pattern
How To Trade With The Reversal Candlestick Pattern Indicator?
There are many forex trading strategies on this forex website where the use of candlestick as a trade entry confirmation is imperative and will greatly assist you as a forex trader who is just starting out and finding it difficult to tell which candlestick is which.
That’s where the candlestick indicator comes in very handy. As mentioned previously, you can be trading in any timeframe using this candlestick pattern indicator and it will still show any reversal candlestick that forms in the timeframe your chart is on.
Here’s The Candlestick Pattern Indicator Download Link
Finally here’s your download link to the Candlestick pattern indicator called the Pattern Recognition Master Version 3a: Pattern_Recognition_Master_v3a