The Doji Detector Metatrader 4 Forex indicator identifies all Doji candlestick patterns on the MT4 chart.
The Doji candlestick pattern forms when the candlestick’s open price and close price are almost equal.
It will draw a green bar underneath the main chart when a Doji candlestick pattern has been identified.
Key Takeaways
- A green bar that appears underneath the main chart represents a Doji candlestick pattern.
- Works for any currency pair and time frame.
- Does not repaint.
- Utilize Doji candlestick patterns for scalping, day trading and swing trading.
Feel free to explore the Doji Detector indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “doji-detector.ex4” Metatrader 4 indicator
Indicator Example Chart (EUR/USD H1 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Doji Detector MT4 Forex Indicator
Buy Signal: Initiate a buy trade when the trend turns back up after the Doji candlestick pattern has been identified by the Doji Detector indicator.
Set your stop loss below the previous swing low (support), or use your own favorite stop loss method.
Take your profit at a fixed profit target, or use your own favorite take profit method.
Alternatively, close the buy trade for a reward/risk ratio of 1.5 or more.
Sell Signal: Initiate a sell trade when the trend turns back down after the Doji candlestick pattern has been identified by the Doji Detector indicator.
Set your stop loss above the previous swing high (resistance), or use your own favorite stop loss method.
Take your profit at a fixed profit target, or use your own favorite take profit method.
Alternatively, close the sell trade for a reward/risk ratio of 1.5 or more.
Download This Forex Indicator Now
Download the “doji-detector.ex4” MT4 indicator
Adjustable Parameters
Signal color, signal position, MT4 alert, email alert, colors, width, style.
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
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
