BHEURESKO PATTERN INDICATOR MT4
The Bheurekso Pattern Indicator for MT4 automatically recognizes all candlestick patterns and display them on the chart.
In the forex market, the Japanese candlestick is used basically to understand price action analysis. Every single, dual and triple candle formation has a specific meaning on the chart. These candle formations can be used to determine the bull or bear strength. Moreover, the candlestick formations can give a valuable clue whether there will be a price reversal or continuation. These candlestick formations can be easily identified by using the Bheurekso Pattern Indicator for MT4.
The foundation Bheurekso Pattern Indicator
- The Bheurekso Pattern Indicator for MT4 helps traders automatically identify every candlestick pattern that formed on the chart. This indicator scans all candles, recognizes and then displays any candle patterns formed on the chart. The candle displayed can be Bullish or Bearish Engulfing, Bullish or Bearish Harami, and so on.
The Bheurekso Pattern Indicator does not only display the chart pattern but also shows the support and resistance levels. These levels are shown with horizontal lines on the MT4 chart. This indicator also gives possible reversal signals and thus, an entry point (buy and sell entry).
- The diagram below is an overview of the Bheurekso Pattern Indicator on the MT4 chart.
- In the NZD/USD D1 chart, above, the Bheurekso Pattern Indicator displays the pattens formed, the support and resistance levels and the entry points. This indicator is the best tool for pure price action analysis. It gives the broader and detailed picture of market structure and behavior. This indicator works perfectly in all timeframes and in all market conditions.
Traders can use the Bheurekso Pattern Indicator solely to make a trading decision. Other indicators like MACD can also be used for more trading confirmation. Traders who will use this indicator must have full understanding of Japanese candlestick patterns to understand the scope of this indicator. For example, The Bullish Engulfing pattern is a two-candlestick reversal pattern that signals a strong upside move may be coming. On the other hand, the Bearish Engulfing pattern signals a strong move down is imminent.
Conclusion
- The Bheurekso Pattern Indicator for MT4 automatically recognizes all candlestick patterns and display them on the chart. This indicator also indicates support and resistance level as well as the best entry point. The indicator works in all market conditions and all timeframes.
Prior knowledge of Japanese candlestick anatomy will be encouraged before using this Indicator. Finally, this Indicator can be used along with any other technical indicators.
