BHEURESKO PATTERN INDICATOR MT5
- Bheurekso Pattern Indicator for MT5 automatically recognizes all candle patterns and displays them on the chart.
In the forex market, Japanese candlesticks are mainly used to understand price action analysis. Each single, double and triple candle has a specific value on the chart. These candlestick formations can be used to determine the strength of bulls or bears. In addition, candlestick formation can provide a valuable clue as to whether the price will reverse or continue. These candlestick formations can be easily identified with the Bheurekso Pattern Indicator for MT5.
Bheurekso Pattern main indicator
- The Bheurekso Pattern Indicator for MT5 helps traders to automatically identify each candlestick pattern formed on the chart. This indicator scans all candles, recognizes and then displays any candle patterns formed on the chart. The displayed candlestick can be bullish or bearish engulfing, bullish or bearish harami, and so on.
The Bheurekso Pattern indicator not only displays a chart pattern but also shows support and resistance levels. These levels are shown as horizontal lines on the MT5 chart. This indicator also gives possible reversal signals and thus an entry point (buy and sell entry).
The chart below provides an overview of the Bheurekso Pattern indicator on an MT5 chart.
- In the EUR/USD M5 chart above, the Bheurekso Pattern indicator displays formed patterns, support and resistance levels, and entry points. This indicator is the best tool for pure price action analysis. It gives a broader and more detailed picture of the structure and behavior of the market. This indicator works great on all timeframes and in any market conditions.
Traders can use the Bheurekso Pattern indicator solely for making trading decisions. Other indicators such as the MACD can also be used for more trade confirmations. Traders who will use this indicator must have a complete understanding of Japanese candlestick patterns in order to understand the capabilities of this indicator. For example, a bullish engulfing pattern is a two-candlestick reversal pattern that signals a possible strong upward move. On the other hand, a bearish engulfing pattern signals the inevitability of a strong downward move.
Conclusion
- The Bheurekso Pattern Indicator for MT5 automatically recognizes all candle patterns and displays them on the chart. This indicator also indicates support and resistance levels as well as the best entry point. The indicator works in all market conditions and on all timeframes.
Prior knowledge of the anatomy of Japanese candlesticks is welcome before using this indicator. Finally, this indicator can be used along with any other technical indicators.
