Chart pattern recognition indicator mt4 Introduction:
Whenever someone is interested in forex trading, the first thing they do to start forex is to learn the forex chart patterns. And learning chart patterns from resources available online and offline is one thing, but detecting chart patterns on accurate charts is different. That’s why you will need a chart pattern recognition indicator for mt4 if your strategies rely on chart patterns.
It doesn’t matter if you are a pro or a beginner. You can always use this indicator to correctly draw the chart patterns and then combine it with other hands to carve out a perfect trading strategy.
Working of Chart pattern recognition indicator
This indicator is programmed to detect the chart patterns as soon as they are formed in real-time. The good thing about this indicator is that you can directly see which patterns are starting on the charts. This indicator will place the chart pattern abbreviation on top of the candle where the design is created. The complete form of that pattern is written on the top left for reference.
Chart pattern indicator usage:
As we can see in the picture below
Applying the indicator on your charts will start putting the short forms of the chart patterns on candles where the pattern is formed.
But you should always keep in mind that it’s always risky to trade only based on patterns. Because sometimes you might see the bearish signal in lower timeframes. But, on a higher timeframe, the actual direction of the market is bullish.
So selling in a bullish market is considered very risky.
That’s why you should always confirm the overall trend in the market if you are trading at lower time frames, as intraday traders do.
As we have seen, chart pattern recognition indicator mt4 is a fantastic indicator. It can potentially hours and hours of work by finding the chart patterns for you. If you use it with another good indicator, you can devise a pretty good trading strategy.
Don’t forget to checkout our other amazing forex indicators for mt4Download indicator