The "Candle Pattern Finder" indicator for Metatrader 4
The indicator finds candlestick patterns based on Gregory L. Morris "Candlestick Charting Explained: Timeless Techniques for Trading Stocks and Futures".
If a pattern is detected, the indicator displays a message at a bar closure.
It recognizes the following patterns: Bullish/Bearish (possible settings in brackets):
- Hammer / Shooting Star (with or without confirmation*)
- Inverted Hammer / Hanging Man (with or without confirmation*)
- Engulfing (high or low sensibility**)
- Piercing Line / Dark Cloud Cover (high or low sensibility**)
- Three White Soldiers / Identical Three Crows (high or low sensibility**)
- Morning Star / Evening Star including Doji Star
- Rising Three Methods / Falling Three Methods
- Meeting Lines
- Harami, including Harami Cross
* - "Without confirmation" - a signal occurs straight at the closure of the bar that forms the candlestick pattern.
"With confirmation" - the indicator waits for the next (confirming) bar closure.
** - "Low sensibility" - the pattern is recognized in strict conformity with the description from the book by Gregory L. Morris.
"High sensibility" - uses additional criteria that take into account a variety of pattern options in the Forex market, which are not used on the stock market. This has increased the number of correct signals without increasing the number of false ones.
- The indicator implements virtually all candlestick patterns available for Forex from the book by G. Morris.
- The indicator is not tied to the size and shape of candlesticks, since it uses the intellectual recognition technique, which is similar to human perception - patterns are recognized so as a human eye would visually recognize them.
- You can choose to recognize separate candlestick patterns. Flexible settings for each pattern.
- Two languages are supported: English and Russian (the Language parameter). You can also add names of the candlestick patterns in your mother tongue (send me a private message).
- Sound and text notifications of pattern formation. Emails and push notifications to mobile devices (parameters ON/OFF-Mail and ON/OFF-Push).
You can try the version of the "Candle Pattern Finder" indicator for MetaTrader 5 trading platform