The candlestick pattern indicator mt4 here is called the Pattern_Recognition_Master_v3a. I’ve looked around for mt4 candlestick pattern indicators but the ones that seem better than this are most likely going to burn a hole in your wallet…meaning, they are not free.
But believe me, this one here is by far the best free candlestick recognition mt4 indicator out there.
As a matter of fact, this indicator recognizes forex reversal candlestick patterns where you can use to trade reversals.
How The Candlestick Pattern Recognition Indicator Mt4 Works
Once you’ve download the candlestick pattern recognition indicator into your “indicators” folder, you need to place on the chart that you want this indicator to work.
On the top left hand corner of the chart, you will have the “key”. This is where it tells you what type of bullish or bearish reversal candlestick pattern is being displayed below or above the candlestick.
And if you look at the candlestick charts itself, you will bearish reversal candlesticks are always have their symbol written in red (like SS2) on the top and bullish on the bottom, written in blue (like HMR4).
How Many Bullish And Bearish Candlestick Patterns Can it Identify?
If you look at the chart above to the “key” section, you can see that this candlestick pattern indicator can identify 5 bullish and 5 bearish candlestick patterns.
Bearish Reversal Candlestick Patterns are shown in with red text with an finger yellow finger pointing down:
- Shooting star
- Evening star
- Evening doji star
- Dark cloud pattern
- Bearish engulfing pattern
Bullish Reversal Candlestick Patterns come with a dark blue text with a yellow finger pointing up:
- Bullish hammer
- Morning star
- Morning doji star
- Piercing line pattern
- Bullish engulfing pattern
Strategies Where The Candlestick Pattern Indicator MT4 Can Be Used
Any price action trading system that uses forex reversal candlestick patterns as buy and sell signals is a good candidate for this indicator. Here are a few that I’m going to list:
- trendline trading strategy
- trendline retest forex trading strategy
- support and resistance forex trading strategy
- diagonal channel forex trading strategy
- floor traders method forex trading strategy
Download the MT4 Candlestick Pattern Indicator
Finally, here’s the download link: Pattern_Recognition_Master_v3a.