The candlestick pattern forex indicator mt4 here is called the Pattern_Recognition_Master_v3a. I’ve looked around for forex mt4 candlestick pattern forex indicators, but the ones that seem better than this are likely going to burn a hole in your big wallet. Meaning they are not cheap or free.
But believe us, this one here is by far the very best free candlestick recognition mt4 indicator out there.
This indicator recognizes forex reversal candlestick chart patterns where you can use to trade reversals.
How The Candlestick Chart Pattern Recognition Indicator Mt4 Works
Once you’ve downloaded the candlestick pattern recognition forex indicator into your “indicators” folder, you need to place on the mt4 chart that you want this indicator to work.
On the top left-hand corner of the chart, you will have the “key.” This is where it tells what type of bullish or bearish reversal candlestick chart pattern is being displayed below or above the chart candlestick.
And if you look closely at the candlestick charts themselves, you will bearish reversal candlesticks always have their symbol written in red (like shown) on the top and bullish on the bottom, written in blue (like shown).
How Many Bullish And Bearish Candlestick Chart Patterns Can it Identify?
Looking at the chart above to the “key” section, you can see that this candlestick pattern indicator can identify five bullish and five bearish candlestick patterns.
Bearish Reversal Candlestick chart Patterns are shown in with red text with a finger yellow finger pointing down:
- Evening star
- Shooting star
- Dark cloud pattern
- Evening Doji star
- Evening star
- Bearish engulfing pattern
Bullish Reversal Candlestick chart Patterns come with a dark blue text with a yellow finger pointing up:
- Bullish hammer
- Morning star
- Morning Doji star
- Piercing line pattern
- Bullish engulfing pattern
Strategies Where Can Use The Candlestick Pattern Indicator MT4
Any price action forex trading system that uses forex reversal candlestick chart patterns as buying and sell signals is a great candidate for this indicator. Here are a few that I’m going to list:
- Forex Market Gap Trading Strategy
- 20 Pips A Day Forex Trading Strategy
- Forex Pullback Trading Strategy
- Forex Open Scalping Strategy