patterns
Info
The patterns is a Indicator for MetaTrader 5 that the indicator searches for thirty popular candlestick patterns and displays them on the price chart. the indicator can be configured to show separate patterns as well as groups: one-, two- and three-bar patterns.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use 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.
What this tool does
the indicator searches for thirty popular candlestick patterns and displays them on the price chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: nonparametric zig zag based on clyde lee patterns - another powerful indicator for MetaTrader 5 traders.
the indicator searches for thirty popular candlestick patterns and displays them on the price chart.
Also recommended: WCCI Patterns Indicator - similar indicator with strong performance on MetaTrader 5.
the indicator can be configured to show separate patterns as well as groups: one-, two- and three-bar patterns. you can enable or disable the display of each found pattern on the screen, as well as tooltips, containing chart period, pattern name and time.the indicator has 38 adjustable parameters, eight of which are as follows:
enable one-bar patterns
- enable or disable the display of one-bar patterns;
enable two-bar patterns
- enable or disable the display of two-bar patterns;
enable three-bar patterns
- enable or disable the display of three-bar patterns;
maximum of pips distance between equal prices
- the accuracy of the patterns (*);
show pattern descriptions
- show/hide pattern descriptions;
font size
- the font size for the description text;
texts color
- the color of the description;
font name
- the font name for the description text.
...
the other thirty parameters allow to individually enable or disable the search and display of patterns. * prices are considered equal if the difference between them is less than this number of points.
fig.1 one-bar candlestick patterns
fig.2 two-bar patterns
fig.3 three-bar patterns
You may also like: Japanese Candlestick Patterns Indicator for MetaTrader - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.