The indicator that traders automatically detect candlestick patterns, like the Inside bar and Engulfing candles on the charts, automatically as soon as they are formed at the latest candle’s close, is called the Candlestick Pattern indicator.
If you look at naked charts, it would be harder to predict whether the market will go up and down. That’s why there are candlestick patterns. Because using these patterns, you get an idea about the overall trend in the market. You can forecast the market to a certain degree. But detecting the candlestick patterns manually on charts is also a time-consuming task. Also, memorizing the tiny details of each candlestick pattern is impossible. The solution to this issue is you can use the candlestick patterns indicator.
Working of Candlestick Pattern Indicator:
To use the indicator, you have to apply it to your mt4 charts.
Once applied, the indicator will automatically detect and label the candlestick patterns found on the charts based on the settings.
This indicator can detect 32 candlestick patterns, saving you time and effort.
Settings of the indicator:
Inside the indicator settings, you can change the candlestick patterns you want it to detect.
You can also activate the alerts feature. The indicator will notify you by email and a desktop notification as soon as it detects a new candlestick pattern in real-time charts. It will help to take action promptly.
Trading Strategy For Candlestick Pattern Indicator:
Even though you can get an overall idea about the trend by seeing the formation of a candlestick pattern, it is advised not to trade each pattern you find on the charts. It would help if you only took trades when you found the candlestick patterns forming at a critical level in the past.
It will act as a confluence and increase a trade’s winning probability.
For example, suppose you see a bearish engulfing candlestick pattern forming at a resistance level, and the price is already overbought. In that case, this is an excellent opportunity of taking a short position.
Conclusion:
The candlestick patterns indicator is an excellent indicator for the beginner as well as experienced traders. Because if you can save time by automating the pattern detection process, you can spend more time optimizing your strategy.
To download the indicator, please click the link below.
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