Japanese Candlestick Patterns
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Japanese Candlestick Patterns
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.
Description & Settings
EarnForex.com, Based on MetaTrader 4 indicator by: Carl Sanders
The indicator displays on charts the patterns created by the Japanese candlesticks.
The indicator was found through a google search "Earnforex.com" and I've changed some colors. Not all patterns represent a change of direction of the market. I find it useful to display on the chart only HRM4 and SS4. Below is the specification of all patterns.
It is possible to change colors and also enable or disable alerts.
Bearish patterns:
SS 2,3,4 = Shooting Star;
E_star = Evening Star;
E_Doji = Evening Doji Star;
DCC = Dark Cloud Pattern;
S_E = Bearish Engulfing Pattern.
Bullish patterns:
HRM 2,3,4 = Bullish Hammer;
M_Star = Morning Star;
M_Doji = Morning Doji Star;
P_L = Piercing Line Pattern;
L_E = Bullish Engulfing Pattern.
