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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 5
lauro1956
4596
lauro1956 2024.07.25 09:58 
 

Compilation of candles there are many indicators. But this one adds intelligence and effectiveness. A new way of dealing with the subject

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ENIGMERA: The core of the market (If the demo of mql5.com doesn't working and you want to try Enigmera please message me.) Introduction This indicator and trading system is a remarkable approach to the financial markets . ENIGMERA uses the fractal cycles to accurately calculate support and resistance levels. It shows the authentic accumulation phase and gives direction and targets.  A system that works whether we are in a trend or a correction.   How does it operate? ENIGMERA comprises of fol
PZ Mean Reversion MT4
PZ TRADING SLU
2.33 (3)
Outperform traditional strategies: effective mean reversion for savvy traders Special Offer: Purchase now to receive free bonuses worth $90! (Read more for details) Unique indicator that implements a professional and quantitative approach to mean reversion trading. It capitalizes on the fact that the price diverts and returns to the mean in a predictable and measurable fashion, which allows for clear entry and exit rules that vastly outperform non-quantitative trading strategies. [ Installatio
Cycle Sniper
Elmira Memish
4.38 (32)
NEW YEAR SALE PRICE FOR LIMITED TIME!!! Please contact us after your purchase and we will send you the complimentary indicators to complete the system Cycle Sniper is not a holy grail but when you use it in a system which is explained in the videos, you will feel the difference. If you are not willing to focus on the charts designed with Cycle Sniper and other free tools we provide, we recommend not buying this indicator. We recommend watching the videos about the indiactor and system before pu
Gold Channel is a volatility-based indicator, developed with a specific timing algorithm for the XAUUSD pair, which consists of finding possible corrections in the market. This indicator shows two outer lines, an inner line (retracement line) and an arrow sign, where the theory of the channel is to help identify overbought and oversold conditions in the market. The market price will generally fall between the boundaries of the channel. If prices touch or move outside the channel it is a tra
GOLD Impulse with Alert
Bernhard Schweigert
4.5 (8)
This indicator is a super combination of our 2 products  Advanced Currency IMPULSE with ALERT  and  Currency Strength Exotics . It works for all time frames and shows graphically impulse of strength or weakness for the 8 main currencies plus one Symbol! This Indicator is specialized to show currency strength acceleration for any symbols like Gold, 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 accelerat
Quantum Currency Matrix Indicator
QUANTUM TRADING SOFTWARE LIMITED
Of all the four principle capital markets, the world of foreign exchange trading is the most complex and most difficult to master, unless of course you have the right tools! The reason for this complexity is not hard to understand. First currencies are traded in pairs. Each position is a judgment of the forces driving two independent markets. If the GBP/USD for example is bullish, is this being driven by strength in the pound, or weakness in the US dollar. Imagine if we had to do the same thing
PRO Renko System
Oleg Rodin
5 (23)
PRO Renko System is a highly accurate trading system specially designed for trading RENKO charts. The ARROWS and Trend Indicators DO NOT REPAINT! The system effectively neutralizes so called market noise giving you access to accurate reversal signals. The indicator is very easy to use and has only one parameter responsible for signal generation. You can easily adapt the tool to any trading instrument of your choice and the size of the renko bar. I am always ready to provide extra support to help
ECM Elite Channel is a volatility-based indicator, developed with a specific time algorithm, which consists of finding possible corrections in the market. This indicator shows two outer lines, an inner line (retracement line) and an arrow sign, where the channel theory is to help identify overbought and oversold conditions in the market. The market price will generally fall between the boundaries of the channel. If prices touch or move outside the channel, it's a trading opportunity. The
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You will get Huge Bonus in case of Full Purchase (not for Rent) contact me after purchase, Leave comment or DM me. Backtest and Read Overview Before buying Chart patterns have been a topic of debate among traders; some believe they are reliable signalers, while others do not. Our Chart Patterns All-in-One indicator displays various chart patterns to help you test these theories for yourself. The profitability of these patterns is not a reflection of the indicator's effectiveness but rather an ev
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
MA Speedometer
Davit Beridze
5 (6)
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.
This indicator is not a guarantee of profitability but is designed to provide valuable insights and reduce the time spent analyzing charts, allowing you to focus on what matters most—your time. The "Candle Info" indicator is designed to analyze and display specific candle formations directly on the chart within MetaTrader 4 (MT4). The indicator provides traders with visual cues about market sentiment by identifying various candle formations, such as Higher Highs, Lower Lows, Higher Lows, and
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.
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
MRA Index
Davit Beridze
5 (4)
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 vizu alis ation, it c an not be profit able with it, recommendations about Correct optimization process 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 pot
Period Cross RSI
Davit Beridze
5 (4)
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
FREE
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
FREE
MFI Modern PRO
Davit Beridze
4.9 (31)
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,
Adjustable Pin Bar
Davit Beridze
5 (1)
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
FREE
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
FREE
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 (4)
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
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
MA Speedometer MT5
Davit Beridze
5 (2)
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
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
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
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สุกิจฏิพันธ์
209
 

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Davit Beridze
7619
Reply from developer Davit Beridze 2024.07.27 14:42
you are welcome. thanks
danmar
1485
danmar 2024.07.25 15:13 
 

User didn't leave any comment to the rating

Davit Beridze
7619
Reply from developer Davit Beridze 2024.07.27 14:42
thanks
lauro1956
4596
lauro1956 2024.07.25 09:58 
 

Compilation of candles there are many indicators. But this one adds intelligence and effectiveness. A new way of dealing with the subject

Davit Beridze
7619
Reply from developer Davit Beridze 2024.07.27 14:41
thank you
Joerg Fiebiger
908
Joerg Fiebiger 2024.07.18 17:24 
 

User didn't leave any comment to the rating

Davit Beridze
7619
Reply from developer Davit Beridze 2024.07.27 14:41
you are welcome thanks
digitaltrading76
33
digitaltrading76 2024.07.11 14:23 
 

User didn't leave any comment to the rating

Davit Beridze
7619
Reply from developer Davit Beridze 2024.07.27 14:40
thanks
Reply to review
Version 1.10 2024.07.11
some patterns formation made easier