Candlestick Pattern Indicator for MT4 and MT5

Many traders use price action as entry and exit signal. Since the beginning of chart analysis, traders have found several candlestick patterns that can indicate possible "behaviors" of the market. The Candlestick Pattern indicator is an indicator for MetaTrader platform that can detect many of these patterns and show them on screen or to alert traders about them.

It is somewhat similar to Pattern Recognition Master, though they detect slightly different sets of candle patterns. The Candlestick Pattern indicator also has a more modern look compared to Pattern Recognition Master.

What is a candlestick pattern?

Candlestick patterns are specific candle formations that the trader can use to "read" the market sentiment. Candlestick patterns can usually include one or more candles, typically up to five or six candles.

Traders learned with time how to read common candlestick formations or patterns. They are interpretations of market sentiment and usually predict some kind of reaction.

We can divide candlestick patterns into three main categories. Depending on the more probable behavior after they appear on chart:

• Bullish
• Bearish
• Neutral

Many traders use candlestick patterns to enter and exit trades, but it is important to use them carefully.

As you can see from many charts, in fact, candlestick patterns use is more efficient when combined with other indicators and chart analysis.

What is MetaTrader Candlestick Pattern indicator?

Candlestick patterns can be recognized by the human eyes, however, there is no built-in indicator to detect them in MetaTrader. The Candlestick Pattern indicator for MT4 and MT5 can detect many one-, two-, and three-candle candlestick patterns.

Once detected, the indicator will place an arrow and a label on them to be more visible.

The indicator can also alert you when a new pattern is detected on a live chart.

Notification can be:

• On-screen
• Via email
• Via mobile app

How to use Candlestick Pattern indicator?

The Candlestick Pattern indicator for MetaTrader is very easy to use.

Attach the indicator on chart and select how many bars to analyze.

You can select which patterns to detect and the notification options, the indicator will do the rest.

Japanese candlestick patterns detected by Candlestick Pattern indicator

There are probably hundreds of different candlestick patterns with at least some significance, but this Candlestick Pattern indicator for MetaTrader recognizes the following 27 Japanese candle patterns:

1. Doji
2. Dragonfly Doji
3. Gravestone Doji
4. Bullish Spinning Top
5. Bearish Spinning Top
6. Marubozu Up
7. Marubozu Down
8. Hammer
9. Hanging Man
10. Inverted Hammer
11. Shooting Star
12. Bullish Engulfing
13. Bearish Engulfing
14. Tweezer Top
15. Tweezer Bottom
16. Three White Soldiers
17. Three Black Crows
18. Three Inside Up
19. Three Inside Down
20. Morning Star
21. Evening Star
22. Bullish Harami
23. Bearish Harami
24. Bullish Three-Line Strike
25. Bearish Three-Line Strike
26. Three Outside Up
27. Three Outside Down

The patterns' numbers correspond to the values written by the indicator to its buffer #1 and returned by iCustom() calls to it.

MT4 Candlestick Pattern indicator

Many traders use price action and candlestick patterns to make trading decisions. There are many popular candlestick patterns. MT4 Candlestick Pattern Detector indicator MetaTrader can find the patterns and show them on chart.

What is MT4 Candlestick Pattern indicator?

Candlestick patterns are groups of candlesticks that are meaningful to traders. These groups are usually composed of two, three, four, or five candles and indicate some form of price action happening.

In many cases, traders use these patterns to decide what to do next.

The Candlestick Pattern indicator for MT4 is a plugin that allows you to see the most common candlestick patterns on your chart. The indicator scans the chart and detects popular patterns, marking them by following the popular naming convention.

Why is Candlestick Pattern indicator useful?

The Candlestick Pattern indicator can help in a few situations, the most common are:

• Entry signals
• Exit signals
• Confirmations
• Trailing stops

Traders who use price action are always on the lookout for candlestick patterns. Popular candlestick patterns are often the result of something happening in the market.

Candlestick patterns can provide better information when combined with other indicators. MT4 Candlestick Pattern Detector Indicator is a great tool that makes things easier.

It can also alert traders about patterns forming in the chart.

How to download and use MT4 Candlestick Pattern indicator?

You can download the indicator for free using the link below and install it by following the provided instructions.

The installation is very easy to perform. The same is true for using this tool.

Once you run the indicator you can set its input parameters. You can select which patterns to detect and how to receive notifications.

MT4 Candlestick Pattern indicator installation

To install MT4 Candlestick Pattern Indicator, please follow the instructions below:

1. Download the indicator archive file.
2. Open the MetaTrader 4 data folder (via File→Open Data Folder).
3. Open the MQL4 Folder.
4. Copy all the folders from the archive directly to the MQL4 folder.
5. Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

For more detailed instructions on how to perform the installation please visit this guide.

MT5 Candlestick Pattern indicator

What is MT5 Candlestick Pattern indicator?

The Candlestick Pattern indicator for MetaTrader 5 is a plugin that allows you to see the most common candlestick patterns on your MT5 chart. The indicator scans the chart and detects popular patterns, marking them with the popular naming convention. It has exactly the same features as the version of the indicator for MT4.

How to download and use MT5 Candlestick Pattern indicator?

You can download the indicator for free using the link below and install it by following the provided instructions.

MT5 Candlestick Pattern installation

To install the MT5 Candlestick Pattern indicator please follow the instructions below:

1. Download the indicator archive file.
2. Open the MetaTrader 5 data folder (via File→Open Data Folder).
3. Open the MQL5 Folder.
4. Copy all the folders from the archive directly to the MQL5 folder.
5. Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.

Using Candlestick Pattern indicator in expert advisors and other indicators

The presented Candlestick Pattern indicator can be called via iCustom() from expert advisors and other custom indicators. It offers two indicator buffers for output:

• Buffer #0 with the direction of the detected pattern: 0 = uncertain, 1 = bullish, -1 = bearish.
• Buffer #1 with the detected pattern's number — see above to check which number corresponds to which pattern.

This allows you to incorporate the Candlestick Pattern indicator in automated trading systems or to build advanced analytical tools based on Japanese candle patterns.

Conclusion

Since Japanese candlestick patterns are very common in trading, this Candlestick Pattern Detector indicator for MT4 and MT5 would be a useful addition to your trading toolbox.

Discussion

Do you have any suggestions or questions regarding this indicator? You can always discuss the Candlestick Pattern indicator with the other traders and MQL programmers on the indicators forums.

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Changelog

1.03 — 2024-09-23

• Added six new candlestick patterns for detection: Bullish Harami, Bearish Harami, Bullish Three-Line Strike, Bearish Three Line-Strike, Three Outside Up, and Three Outside Down.
• Added smart auto-updating label placement to adjust labels' proximity to the candles based on the current chart scale.
• Added panel scaling on hi-DPI screens.
• Added an option to choose the chart corner where the panel will be displayed.
• Added an input parameter to change the labels' font.
• Added an option to analyze the entire chart by setting the Candles to Scan parameter to zero.
• Added two consistent indicator buffers with the detected pattern's direction and number for use via iCustom().
• Optimized and revamped some code sections, which will make it easier for other coders to expand this indicator.