The indicator used to detect all of the most popular candlestick patterns on the trading charts is called the pattern recognition master indicator for mt4.
Pattern recognition master indicator introduction:
There are hundreds of trading patterns in forex. Whenever we try to learn some of them, we feel confident after going through some good resources. In theory, the patterns might look easy to detect. Still, when we start analyzing the charts closely to detect some trading patterns, we fall victim to analysis paralysis. Because the real-time charts are not as easy as the images in theory.
That’s where the pattern recognition master comes in. Using this indicator on the charts, we can sit back and watch while the indicator will notify us as soon as we find some pattern on the charts.
The pattern recognition master indicator has the following settings.
By modifying the settings, you can choose to show or hide specific candlestick patterns.
For example, if you select “true” for Display_Hammer_2, you will see the Hammer patterns on the charts. If you choose false, you will not see this pattern notification on the charts.
Similarly, you can also choose different colors and different text sizes.
Pattern recognition master indicator working:
The pattern recognition master indicator is programmed so that when you apply it to the charts, it will start doing the real-time calculation. As soon as a chart pattern qualifies to be accurate, it will display on the charts, and the indicator also has a feature to notify you. I like the notification option because if I am busy somewhere, I can still get notifications.
How to use the Pattern recognition master
You need to apply the indicator to the charts and choose which patterns you want to detect from settings. Once you have done the indicator will show all the patterns formed in the past and start to look for new ones in real-time.
The indicator will show the short form of the pattern detected where it is formed, and the complete form reference is displayed on the top left-hand side of the charts.
There is no doubt that pattern recognition master is a big timesaver. It’s precarious to trade only based on candlestick patterns. But you should be aware that candlestick patterns alone are not a trading strategy; they only give you information of what is happening on the charts. That’s why it is always recommended to combine it with other indicators like CCI Histogram MT4. So that you can get a better idea of real-time markets.Download indicator