Check Mark Pattern
Info
The Check Mark Pattern is a Indicator for MetaTrader 4 that the check mark pattern is a technical analysis tool used to predict the type of the next candle: bullish or bearish. This pattern is plotted similarly to the 'Three Inside Up/Down' pattern, requiring both a price chart and an additional indicator, typically an oscillator.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Check Mark Pattern
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The check mark pattern is a technical analysis tool used to predict the type of the next candle: bullish or bearish.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Adaptive Market Structure Trading System - another powerful indicator for MetaTrader 4 traders.
The check mark pattern is a technical analysis tool used to predict the type of the next candle: bullish or bearish.Also recommended: Mr. Wave: Market Trend Visualization - similar indicator with strong performance on MetaTrader 4.
This pattern is plotted similarly to the 'Three Inside Up/Down' pattern, requiring both a price chart and an additional indicator, typically an oscillator.
The pattern is formed using the three most recent bars. Connect the close prices of these bars by lines, and on the oscillator chart, highlight the three latest values. If checkmarks with different vertical orientations are formed on both charts, the check mark pattern is identified. A local minimum on the oscillator chart indicates a bullish pattern (blue), while a local maximum suggests a bearish pattern (red).
For a more detailed explanation of this indicator, refer to the relevant article.
You may also like: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.10"
#property strict
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_color1 clrdodgerblue
#property indicator_level1 0.0
enum enum_yesno.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.