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Price Action Candlestick Patterns

5

The CandlestickPatterns indicator for MetaTrader 4 (MT4) is a comprehensive tool designed to identify and highlight key candlestick patterns on trading charts. This highly customizable indicator allows traders to choose which patterns to display and how to present them, enhancing their ability to make informed trading decisions based on technical analysis.

Features

Customizable Candlestick Patterns

  • The indicator identifies 12 major candlestick patterns, both bullish and bearish.
  • Users can enable or disable specific patterns according to their trading strategy.

Pattern Detection

  • Bullish Patterns: Hammer, Bullish Engulfing, Morning Star, Three White Soldiers, Bullish Harami, Inverted Hammer.
  • Bearish Patterns: Shooting Star, Bearish Engulfing, Evening Star, Three Black Crows, Bearish Harami, Hanging Man.

Flexible Display Options

  • Each pattern is marked on the chart with arrows for easy identification.
  • Arrows are color-coded (blue for bullish patterns and red for bearish patterns) and can be customized in size and spacing.

Moving Average (MA) Integration

  • The indicator includes an optional moving average line that can be displayed on the chart.
  • The MA settings are fully adjustable, including period, method (SMA, EMA, etc.), timeframe, and applied price.

Alerts System

  • The indicator provides various alert options, including on-screen messages, sound alerts, push notifications, and email alerts.
  • Alerts can be configured to trigger when a specific number of patterns are detected, ensuring traders do not miss significant trading signals.

Usability

The CandlestickPatterns indicator is an invaluable tool for traders who rely on candlestick pattern analysis for their trading decisions. Its flexibility and customization options make it suitable for various trading styles and strategies, from day trading to long-term investing.

Traders can easily integrate this indicator into their existing trading systems, leveraging its pattern detection capabilities to identify potential market reversals, continuations, and other significant price movements. The built-in alerts system ensures that traders are promptly notified of important signals, allowing them to act quickly in fast-moving markets.

Overall, the CandlestickPatterns indicator provides a clear and concise visual representation of key candlestick patterns, aiding traders in their technical analysis and helping to improve their trading performance.

Multiple Pattern Detection

The CandlestickPatterns indicator is designed to identify and highlight multiple candlestick patterns simultaneously. This functionality is particularly useful when several patterns converge on the same candle, indicating a stronger signal.

Key Features of Multiple Pattern Detection

Convergence of Patterns

  • The indicator can show multiple patterns on a single candle, represented by arrows.
  • Blue arrows indicate bullish patterns, while red arrows signify bearish patterns.
  • When several arrows are displayed on the same candle, it suggests that multiple patterns have formed concurrently, strengthening the signal.

Enhanced Signal Strength

  • The convergence of patterns on a single candle close suggests a higher probability of a significant market move.
  • For instance, a candle may exhibit both a Bullish Engulfing pattern and a Morning Star, marked by two or more blue arrows. This confluence signals a stronger bullish sentiment.

Visual Representation

  • Arrows are placed above or below the candle to denote the detected patterns.
  • Multiple arrows on a single candle provide a clear visual cue of the confluence, making it easier for traders to spot and act upon.

Example Scenarios

Bullish Confluence

  • A candle closes with two blue arrows, indicating both a Hammer and a Bullish Harami pattern.
  • This dual confirmation suggests a strong potential for an upward price movement.

Bearish Confluence

  • A candle closes with three red arrows, indicating a Shooting Star, a Bearish Engulfing, and a Bearish Harami pattern.
  • This triple confirmation signals a significant likelihood of a downward price movement.

Mixed Patterns

  • On rarer occasions, a candle might show both bullish and bearish patterns, marked by both blue and red arrows.
  • This mixed signal indicates market indecision and potential volatility, prompting traders to exercise caution.

Input Parameters

  • ShowMA: Option to display the Moving Average on the chart.

    • true : Display the Moving Average.
    • false : Hide the Moving Average.
  • MA_Period: Number of bars used to calculate the Moving Average.

  • MA_Method: Method used to calculate the Moving Average. Options include:

    • Simple Moving Average (SMA)
    • Exponential Moving Average (EMA)
    • Smoothed Moving Average (SMMA)
    • Linear Weighted Moving Average (LWMA)
  • MA_Timeframe: Timeframe used to calculate the Moving Average. Options include:

    • 1 minute (M1)
    • 5 minutes (M5)
    • 15 minutes (M15)
    • 30 minutes (M30)
    • 1 hour (H1)
    • 4 hours (H4)
    • 1 day (D1)
    • 1 week (W1)
    • 1 month (MN1)
    • Current timeframe (default)
  • MA_Price: Price used to calculate the Moving Average. Options include:

    • Close price
    • Open price
    • High price
    • Low price
    • Median price ((High + Low) / 2)
    • Typical price ((High + Low + Close) / 3)
    • Weighted close price ((High + Low + Close + Close) / 4)
  • ShowHammer: Toggle the display of the Hammer candlestick pattern.

  • ShowBullishEngulfing: Toggle the display of the Bullish Engulfing candlestick pattern.

  • ShowMorningStar: Toggle the display of the Morning Star candlestick pattern.

  • ShowThreeWhiteSoldiers: Toggle the display of the Three White Soldiers candlestick pattern.

  • ShowBullishHarami: Toggle the display of the Bullish Harami candlestick pattern.

  • ShowInvertedHammer: Toggle the display of the Inverted Hammer candlestick pattern.

  • ShowShootingStar: Toggle the display of the Shooting Star candlestick pattern.

  • ShowBearishEngulfing: Toggle the display of the Bearish Engulfing candlestick pattern.

  • ShowEveningStar: Toggle the display of the Evening Star candlestick pattern.

  • ShowThreeBlackCrows: Toggle the display of the Three Black Crows candlestick pattern.

  • ShowBearishHarami: Toggle the display of the Bearish Harami candlestick pattern.

  • ShowHangingMan: Toggle the display of the Hanging Man candlestick pattern.

  • BullishArrowColor: Color of the arrows for bullish candlestick patterns.

  • BearishArrowColor: Color of the arrows for bearish candlestick patterns.

  • ArrowSize: Size of the arrows displayed on the chart.

  • ArrowSpacingPercentage: Spacing of the arrows as a percentage of the candle's range (high - low). For example, a value of 0.1 means the arrows will be spaced at 10% of the candle's range.

  • MinPatternNumber: Minimum number of patterns required before displaying arrows. This helps filter out less significant patterns.

  • AlertsOn: Toggle alerts for detected patterns.

  • AlertsMessage: Enable or disable message alerts.

  • AlertPush: Enable or disable push notifications for alerts.

  • AlertsSound: Enable or disable sound alerts.

  • AlertsEmail: Enable or disable email alerts.

Conclusion

The CandlestickPatterns indicator's ability to highlight multiple patterns on a single candle enhances its utility by providing stronger and more reliable signals. This feature is particularly valuable for traders who rely on technical analysis to make informed decisions, as it underscores the significance of the detected patterns and helps identify potential market turning points with greater confidence.



Reviews 2
Joerg Fiebiger
798
Joerg Fiebiger 2024.07.18 17:24 
 

I have tested the system extensively and it looks very good. Very good customer support from Davit!t

digitaltrading76
33
digitaltrading76 2024.07.11 14:23 
 

Just purchased Candlestick patterns indicator, looks promising to me, Highly recommended

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MT4 Multi-timeframe Order Blocks detection indicator. Features - Fully customizable on chart control panel, provides complete interaction. - Hide and show control panel wherever you want. - Detect OBs on multiple timeframes. - Select OBs quantity to display. - Different OBs user interface. - Different filters on OBs. - OB proximity alert. - ADR High and Low lines. - Notification service (Screen alerts | Push notifications). Summary Order block is a market behavior that indicates order collection
AW Trend Predictor
AW Trading Software Limited
4.74 (39)
The combination of trend and breakdown levels in one system. An advanced indicator algorithm filters market noise, determines the trend, entry points, as well as possible exit levels. Indicator signals are recorded in a statistical module, which allows you to select the most suitable tools, showing the effectiveness of the signal history. The indicator calculates Take Profit and Stop Loss marks. Manual and instruction -> Here / MT5 version -> Here How to trade with the indicator:  Trading with T
Entry Points Pro
Yury Orlov
4.7 (226)
Top indicator for MT4 providing accurate signals to enter a trade without repainting! Watch  the video  (6:22) with an example of processing only one signal that paid off the indicator! It can be applied to any financial assets:  forex, cryptocurrencies, metals, stocks, indices.  MT5 version is here   It will provide pretty accurate trading signals and tell you when it's best to open a trade and close it. Most traders improve their trading results during the first trading week with the help of t
ICT, SMC, SMART MONEY CONCEPTS, SMART MONEY, Smart Money Concept, Support and Resistance, Trend Analysis, Price Action, Market Structure, Order Blocks, BOS/CHoCH,   Breaker Blocks ,  Momentum Shift, Supply&Demand Zone/Order Blocks , Strong Imbalance, HH/LL/HL/LH,    Fair Value Gap, FVG, Invert FVG, IFVG,  Premium  &   Discount   Zones, Fibonacci Retracement, OTE, Buy Side Liquidity, Sell Side Liquidity, BSL/SSL Taken, Equal Highs & Lows, MTF Dashboard, Multiple Time Frame, BigBar, HTF OB, HTF Ma
Currency Strength Exotics
Bernhard Schweigert
4.88 (33)
CURRENTLY 20% OFF ! Best Solution for any Newbie or Expert Trader! This Indicator is specialized to show currency strength for any symbols like Exotic Pairs Commodities, Indexes or Futures. Is first of its kind, any symbol can be added to the 9th line to show true currency strength of Gold, Silver, Oil, DAX, US30, MXN, TRY, CNH etc. This is a unique, high quality and affordable trading tool because we have incorporated a number of proprietary features and a new formula. Imagine how your trading
AT Forex Indicator MT4
Marzena Maria Szmit
5 (2)
The AT Forex Indicator MT4 is a sophisticated trading tool designed to provide traders with a comprehensive analysis of multiple currency pairs. This   powerful indicator   simplifies the complex nature of the forex market, making it accessible for both novice and experienced traders. AT Forex Indicator uses   advanced algorithms   to detect trends, patterns and is an essential tool for traders aiming to enhance their forex trading performance. With its robust features, ease of use, and reliabl
MTF Supply Demand Zones
Georgios Kalomoiropoulos
4.83 (23)
Next Generation Of Automated Supply And Demand Zones. New and Innovative Algorithm that Works At Any Chart. All Zones Are Being Created Dynamically According To Price Action Of The Market. AMAZING OFFER --> Activations from 5 to 20 for "MTF Supply Demand Zones" and "Automated Trendlines" If you get the MTF Supply Demand Zones you can join the " Trade Like Me " Video Series. It contains 14 Live Sessions where  i am placing trades on Forex, Stocks, Indices and Metals. You will be able to see
Indicator : RealValueIndicator Description : RealValueIndicator is a powerful tool designed specifically for trading on the EURUSD pair. This indicator analyzes all EUR and USD pairs, calculates their real currency strength values, and displays them as a single realistic value to give you a head start on price. This indicator will tell you moves before they happen if you use it right. RealValueIndicator allows you to get a quick and accurate overview of the EURUSD currency pair tops and bottoms,
ZeusArrow Smart Liquidity Finder  Smart Liquidity Finder is Ai controlled indicator based on the Idea of Your SL is My Entry. It scan and draws the major Liquidity areas on chart partitioning them with Premium and Discount Zone and allows you find the best possible trading setups and help you decide the perfect entry price to avoid getting your Stop Loss hunted . Now no more confusion about when to enter and where to enter. Benefit from this one of it's kind trading tool powered by Ai an trade
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MA Speedometer
Davit Beridze
4.71 (14)
Dashboard for Ma Speedometer:  https://www.mql5.com/en/market/product/116784 Non standard attitude to the standard moving average indicator. The essence of the indicator is to determine the strength and speed of the price direction by determining the tilt angle of the moving average. A point is taken on the fifteenth MA candle and a point on the last closed MA candle, a straight line is drawn between them, it is movable and on a hemisphere shows an angle of inclination from 90 degrees to -90.
There is No use in the Testing Demo. You will understand nothing from running flashing numbers. It is a Dashboard. Just try to understand idea, get it and I will help in everything further. Symbols must be separated by commas (,) and entered into the parameters exactly as displayed by your broker to ensure they are recognized in the dashboard. These symbols will be used for analysis by the indicator. With one click open any pair any timeframe directly from dashboard The MA Speedometer Dashboar
MFI Modern PRO
Davit Beridze
4.94 (51)
Def ault settings   are just for visu alis ation, it c an not be profit able with it.  Get a Free EA as a Bonus when you Purchase the Indicator! Plus, Receive 4 Interesting Additional Indicators. Recommended set files for backtesting the indicator on recommended pairs are available in the comments section (last page). Please note that this product is exclusively sold on the MQL5 market. Any other sources offering it are scams, and the author bears no responsibility. To receive the bonus gifts,
MRA Index
Davit Beridze
5 (6)
You get Ea based on MRA Index for free as a Bonus in case of indicator purchase.  For sc alping I optimize sets on period of l ast 12 months  and use it next 1 month, this w ay it works very well ! Def ault settings   are just for visu alis ation, it c an not be profit able with it, recommended set files I sh are with buyers. The "MRA Index" forex indicator is a versatile tool that combines various technical elements to provide traders with valuable insights into potential market trends and entr
Filtered TMA Arrows
Davit Beridze
5 (2)
Check my p a id tools they   work  perfect please r ate Here is an Upgraded version with Bonus Ea in case of purchase it costs 30$ only and you get Ea as Bonus:  https://www.mql5.com/en/market/product/96835 This indicator is experimetal, it shows TMA channel arrows with Volatility filter built in to avoid lagging. Try to experiment with it, search for better conditions of use. It is possible to adjust different timeframes for TMA and for Volatility filter Same time on the current chart, so it ma
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Filtered TMA NRP
Davit Beridze
5 (1)
after getting indic ator cont act me for Bonus E a. Non Repaint TMA channel with special conditioned arrows on price cross of channel lines plus market Volatility factor, which makes product much more accurate than any usual tma channel indicators.  It is proven to be profitable with Ea built based on it which you will get as a BONUS in case of indicator purchase. Good luck.
Period Cross RSI
Davit Beridze
5 (3)
Check my p a id tools they   work  perfect! "Period Cross RSI" Is a New indicator idea that shows crosses of two RSI lines with different periods which creates ascending and descending zones for confirmation of long and short trading. This indicator is brend new and will be upgraded further, for now I recommend to use it as a confirmation, filter indicator for determination of long/short trading zones, not as a signaler indicator for now. Further upgrades can make it as a signaler indicator as w
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Adjustable Pin Bar
Davit Beridze
5 (4)
Check my p a id tools they   work  perfect please r ate Adjustable PIN BAR indicator is usefull tool alowing to search for pin bars you wish to find on the price chart, it has 2 parameters to filter out what type of pin bars you wish to search for: 1) MinTailProc 75% (default) which means to show pin bars that has minimum size of the Nose (Tail) as 75% of full candle size. If Upper Nose (Tail) size of the candle is minimum 75% of the candle size fully than candle is painted in RED. If Lower Nose
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MA Speedometer MT5
Davit Beridze
5 (3)
Non standard attitude to the standard moving average indicator. The essence of the indicator is to determine the strength and speed of the price direction by determining the tilt angle of the moving average. A point is taken on the fifteenth MA candle and a point on the last closed MA candle, a straight line is drawn between them, it is movable and on a hemisphere shows an angle of inclination from 90 degrees to -90. above 30 degrees is the buying area, below -30 degrees is the selling area. abo
RSI Entry Points is the upgrade of the standard RSI indicator to avoid lagging. Indicator draws the clouds and the arrows to have clear picture where price is and what to wait for. Why standard RSI is lagging? because mostly we do not use it correctly and it is with very weak visual flexibility, less informativity. With my current upgrade I tried to Fix both problems same time and I got much better results and more exact entries than standard RSI has. To make yourself sure check out the screens
Check my paid tools they work great and I share Ea's based on them for free please r ate The Dual Timeframe RSI (Relative Strength Index) indicator is a novel trading tool that allows traders to monitor RSI readings from two different timeframes on a single chart. This dual perspective enables traders to identify potential trend confirmations and divergences more effectively. For instance, a trader might use a 1-hour RSI alongside a daily RSI to ensure that short-term trades align with the bro
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Volatility Arrows
Davit Beridze
5 (1)
Indicator shows buy/sell arrows depending on volatility factor. Indicator does not repaint! It works on any pair and any timeframe. It is well tested through strategy builders and shows quite interesting results as a good filter indicator and as independent signaler as well (check the screenshots). It is possible to search for a lot of interesting parameters for profitable trading, some of which are shown on the screenshots. There are next inputs in indicator settings: N-volatility period; Level
Steady Ranger EA
Davit Beridze
3 (2)
B acktest with set files from comments section (L a st comment) with method open price only. Watch video and Turn ON Subtitles when watching! This EA contains Few stop out levels built in what makes it much safer than any other method! Never pay attention to the Stereotips. Any method can be risky if you use them without a Sense. Steady Ranger EA is an advanced automated channel trading system with potential to find out hundreds of profitable set files according to the back tests. This EA is n
RSI Entry Points
Davit Beridze
5 (6)
RSI Entry Points is the upgrade of the standard RSI indicator to avoid lagging. Indicator draws the clouds and the arrows to have clear picture where price is and what to wait for. Why standard RSI is lagging? because mostly we do not use it correctly and it is with very weak visual flexibility, less informative. With my current upgrade I tried to Fix both problems same time and I got much better results and more exact entries than standard RSI has. I Made RSI line Dynamic, it gets more flexible
This EA is Created just for RSI Entry points Indicator ( https://www.mql5.com/en/market/product/67581 Test, to show indicators profitable parameters and to give potential buyers possibility to backtest indicator Entries. EA opens Buy orders on Buy Arrows and Sell orders on Sell Arrows of the indicator, orders are closed on opposite signals. EA is not created for Live automated trading, thats not the goal to sell EA, but any ways if you like it and need it, you can rent. Default settings are f
Re ad First Before Testing. This Ea goes as a Bonus to  MFI Modern PRO indicator users only. Set files generated  after upgrade you can check in comments section. This Expert advisor is based on MFI Modern PRO indicator   https://www.mql5.com/en/market/product/80765 just to  give possibility to indicator users for fastly test the indicator Before buying. In comments section recommended set files are uploaded by which you can prove yourself that backtest data from indicator overview are real. Thi
MA Revolution
Davit Beridze
5 (1)
MA Revolution is upgraded version of standard Moving   A verage. With the current upgrade moving average line got more sensitive with different market conditions. It gets more flexible by decreasing default period step by step while market is sharp and incrasing period back to default period step by step while market is normal again. testing of the ide a shows th at this upgr aded version gives much more acur acy for detecting m arket direction, ch anges in direction are shown much e arly th an
Laguerre Scrat
Davit Beridze
5 (1)
In case you get Laguerre S crat indicator, you will get Laguerre Scrat Ea as a Gift. To get Ea  and det a iled m anu al PDF contact me PM. Default settings are for usd/cad H4 For St able Long term Profits Laguerre Scrat is a trading system based on 4 indicator combinations in the shape of one indicator. Laguerre indicator (upgraded), CCI, Bollinger bands and market volatility factor. It generates arrows in the indicator window and nuts on the price chart, doubling arrows for a better view where
Fiter
Davit Beridze
5 (1)
Indicator customers will get Ea based on Fiter indicator for free as a Bonus. (watch video to see Ea in action) Fiter is EMA+ATR*RSI hibrid yellow line combined with Moving average red line, cross of which gives much smoother results than two simple Ma cross usage in trading. Effectiveness is proven by backtest and comparison with two simple Ma crosses. History shows that this method Fits with different market conditions and it can be boldly used in real manual trading for determining big trend
Indicator shows buy/sell arrows depending on volatility factor. Indicator does not repaint! It works on any pair and any timeframe. It is well tested through strategy builders and shows quite interesting results as a good filter indicator and as independent signaler as well (check the screenshots). It is possible to search for a lot of interesting parameters for profitable trading, some of which are shown on the screenshots. There are next inputs in indicator settings: N-volatility period; Level
Filter:
Joerg Fiebiger
798
Joerg Fiebiger 2024.07.18 17:24 
 

I have tested the system extensively and it looks very good. Very good customer support from Davit!t

digitaltrading76
33
digitaltrading76 2024.07.11 14:23 
 

Just purchased Candlestick patterns indicator, looks promising to me, Highly recommended

Reply to review
Version 1.10 2024.07.11
some patterns formation made easier