excandles-v2: candlestick pattern indicator
Info
The excandles-v2: candlestick pattern indicator is a Script for MetaTrader 4 that excandles-v2 is an indicator that marks candlestick pattern combinations on the chart with arrows. this indicator is an evolution of the excandles indicator.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use excandles-v2: candlestick pattern indicator
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
excandles-v2 is an indicator that marks candlestick pattern combinations on the chart with arrows.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: live limit - another powerful script for MetaTrader 4 traders.
excandles-v2 is an indicator that marks candlestick pattern combinations on the chart with arrows. this indicator is an evolution of the excandles indicator.Also recommended: daily research - similar script with strong performance on MetaTrader 4.
new version differences:
1) simplified conditions for most combinations, resulting in more signals.
2) added trend filtering.
3) added the ability to limit the number of bars calculated (to keep the chart uncluttered and focused on the relevant part).
4) included codes for several new candlestick combinations.
indicator properties:
experiod - the number of bars used for trend filtering.
trendfilter - enables/disables the trend filter.
how_bars - the number of bars for calculation (0 means all bars).
regarding why most combinations are labeled as bullish and bearish engulfing: these are simply the most frequent combinations, and there is no error in this.
excandles-v2
You may also like: account history export - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 black
extern int experiod = 24;
extern bool trendfilter = true;
extern int how_bars = 0;
double ccodebuffer[];
int init().......
⚠ 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.