Forex Traders use Pattern Detector Indicator to detect candlestick patterns automatically on mt4 charts. The patterns that this indicator detects include all significant bullish and bearish patterns. This allows the traders to pay more attention to the technical analysis of the market and saves plenty of time.
If you are a new trader, you will mainly find this helpful because it will automatically scan the charts and display the areas where the candlestick patterns are forming. So you don’t have to remember every little detail to validate if pattern.
Working of Pattern Detector Indicator:
After applying the indicator to mt4 charts, the indicator will display the names of the candlestick patterns on the candles where a specific pattern is detected. It also plots an arrow indicating the candles on which it finds the pattern.
If the indicator finds a Bullish pattern on the chart, it uses green colour to display the signal text, and if it detects a bearish candlestick pattern, it uses red colour text to display the signal.
The Pattern detector indicator for mt4 works on all the time frames and can assist the traders in technical analysis.
Settings of the indicator:
In the settings of this indicator, we can find the following options.
Trading strategy:
This pattern detector indicator points out candlestick patterns whenever it detects the pattern. The success ratio of different candlestick patterns varies according to the market structure behind those patterns. That is why you should use the pattern detector indicator with other indicators to increase your chances of winning. One such good indicator pattern recognition Pattern recognition master indicator. You can apply both indicators on the charts and cross verify the signals generated by both indicators.
Final Comments:
This Indicator is a great tool that traders can use and take advantage of.
To download the indicator for free you can click on the below link