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Candlestick Pattern Scanner and Detector

40 USD

Demo downloaded: 6

Published: 20 June 2024

Current version: 1.2

Candlestick Pattern Scanner and Detector

Indicators
Abdulhadi Darwish
Version: 1.2
Updated: 4 July 2024
Activations: 10

The Candlestick Pattern Detector is an advanced MetaTrader 4 indicator designed to identify and highlight candlestick patterns on your charts. Currently, the indicator detects one specific candlestick pattern - the pinbar, known for its significance in technical analysis and trading strategies. This tool provides traders with visual cues, making it easier to spot potential market reversals or continuations.

Features:

Customizable Colors: Users can customize the colors of the bullish and bearish pinbar arrows for better visual distinction.
Adjustable Arrow Size: The size of the arrows marking the patterns can be adjusted to fit your charting preferences.

How It Works:

The Candlestick Pattern Detector scans the chart for specific pinbar formations based on defined criteria such as the proportion of the candle body to its wicks and its relative position within the market trend. When a pattern is identified, the indicator marks it with a colored arrow (green for bullish pinbars, red for bearish pinbars), directly on the candlestick.

Parameters:

Bullish Arrow Color: Customizable color for bullish pinbars.
Bearish Arrow Color: Customizable color for bearish pinbars.
Arrow Size: Adjustable size of the arrows marking the patterns.

Important Note:

The candlestick patterns detected by this indicator are NOT direct buy or sell signals. They are meant to highlight potential areas of interest based on historical price action patterns. Traders should use this tool in conjunction with other analysis methods and risk management strategies to make informed trading decisions.

Enhance your trading with the Candlestick Pattern Detector and gain a clearer understanding of market dynamics through powerful candlestick pattern recognition.

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Version 1.2 2024.07.04

Alerts added.