CANDLE PATTERNS INDICATOR MT5

• The Pattern Detector indicator is best suited for trading the  MT4 market using automatic candlestick pattern detection. Shows BULL and BEAR patterns.

The Candlestick Pattern Detector Indicator for MT5 is the best Metatrader indicator for automatic detection of candlestick patterns. Moreover, the indicator can be customized to detect BEARISH or BULLISH patterns and individual patterns. As a result forex traders can focus on trading highly rewarding patterns only or focus on patterns based on a particular trend direction.

• Indeed, the indicator is best suitable for new forex traders as it automatically scans and displays the pattern. Until the new forex traders get acquainted and train their eyes to spot the candlestick patterns. But, Advanced forex traders can incorporate the pattern in any trading strategy to identify the best entry and exit points.

Candlestick Pattern Detector Indicator For MT5 Trading Setup

• The above EURUSD H1 chart shows the Candlestick Pattern Detector Indicator for MT5 in action. The indicator displays the BULLISH pattern signals in GREEN. While displaying BEARISH pattern signals in RED with a clear description of the candlestick pattern name.
• Nevertheless, candlestick patterns vary in their success rate. So, for best results, forex traders can place BUY or SELL trade if multiple candlestick patterns are present to validate the signal. Moreover, the best stop loss and take profit for this technical trading strategy is at the trader’s discretion as per the risk and reward ratio or based on previous swing high or low.
• In fact, the Candlestick Pattern Detector Indicator for MT5 works on all intraday chart timeframes and daily, weekly and monthly charts. For best results, candlestick patterns formed near support and resistance zones, channels add additional confirmation. Moreover, the indicator provides alerts upon candlestick pattern formations to assist the trader.

Conclusion

• Obviously, forex traders can use the Candlestick Pattern Detector Indicator for MT5 in various ways and trade them successfully. Though candlesticks perform best in identifying reversals, they provide best results in confluence with other indicators. So it is important to confirm the signals before applying a technical trading strategy.