Pattern Recognition Master MetaTrader indicator — the indicator that helps you with the routine work, marking the candlesticks on the mt4 chart with the names of the corresponding patterns (like doji or shooting star) where applicable. You must look if this chart pattern is bullish or bearish, check the general market trend, and decide your forex trading stance. You can refer to this list of forex Japanese chart candlestick patterns to quickly find the signal value of the recognized pattern. This forex indicator is available for both MT4 and MT5 versions of the charting platform.
- Show_Alert (main default = true) — if set to true, it shows the alerts when a certain chart pattern is detected.
- UseExtraDigit (main default = false) — set it to true if your forex broker uses an extra digit (pip) in the quotes.
- Other parameters — include turning on and off the display of various chart patterns. It is not recommended to change them unless you do not want your forex MT4/MT5 to recognize some of the candlestick chart patterns.
- FontFace (main default = “Times New Roman”) — the font face to use for display.
- ObjectPrefix (main default = “PRM-“) — prefix for mt4 chart objects for compatibility with other forex indicators.
First, you should understand that this forex indicator only indicates the patterns. You see the symbols near the chart candlesticks and the legend for the symbols in the upper left corner of the screen. Second, you need to know how these chart patterns work and when one signals for a short position and a long one. For the experienced Japanese chart candlestick patterns traders, it is a beneficial tool; for many other traders — it may prove useless. This indicator should be your go-to tool if you want MetaTrader to perform candlestick pattern recognition.
Download Pattern Recognition Master MT4 MT5
If you are interested in Japanese chart candlestick patterns, you might also be interested in our Candlestick Pattern indicator.
Warning! Please read the MetaTrader forex Indicators Tutorial if you do not know how to simply install this forex indicator.
Do you have anymore suggestions or questions regarding this forex indicator? You can always discuss Pattern Recognition Master with the other traders and MQL programmers on the indicators forums.