The Candlestick Patterns MT4 indicator identifies and displays the most popular candlestick patterns on the Metatrader 4 chart.
Candlestick patterns are widely used to identify profitable buy/sell trade entries and exits.
The Candlestick Patterns indicator displays the following patterns on the chart:
Bearish engulfing, three outside down, three inside down, dark cloud cover, three black crows, bullish engulfing, three outside up, display three inside up, display piercing line, three white soldiers, stars and harami.
- Displays the most popular candlestick patterns on the Forex chart.
- Use together with trend indicators and/or trading oscillators to get the most out of candlestick patterns.
- Works for scalping, day trading and swing trading.
Learn below how to open buy and sell trades with the Candlestick Patterns MT4 indicator.
Indicator Example Chart
Here’s an example (EUR/USD H4 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The Candlestick Patterns MT4 Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the underlying trend is up and a bullish candlestick pattern pops up on the screen.
Set stop loss 3 pips below support, or use your own favorite SL method.
Exit long trade whenever a bearish candlestick pattern pops up on the chart, or use your own favorite take profit method.
Sell Trigger: Open a sell trade when the underlying trend is down and a bearish candlestick pattern pops up on the screen.
Set stop loss 3 pips above resistance, or use your own favorite SL method.
Exit short trade whenever a bullish candlestick pattern pops up on the chart, or use your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Display bearish engulfing, display three outside down, display three inside down, display dark cloud cover, display three black crows, display bullish engulfing, display three outside up, display three inside up, display piercing line, display three white soldiers, display stars, display harami, show alerts, color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
It’s recommended to combine candlestick patterns with trend indicators, technical oscillators and price action strategies.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: candlestick pattern
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.