The Candle Alert indicator recognizes 27 main candle patterns.

The indicator can also notify you when a decisive candle appears.

The indicator can be used simultaneously in two modes:

Historical mode: searches for patterns on past candles, the number of history candles is specified by the user. The indicator marks them. Specify 0 in the indicator properties to search among all the candlesticks on the chart.

Trade mode: searches for patterns that appear with the last closed candle, the indicator will issue an alert for this candle, and can also send a notification by e-mail or push, if they are enabled in the terminal settings.

Details:

This indicator also has the flexibility that is necessary when working with Japanese candlesticks – it adapts the threshold values for the size of the candle, recognizes the recent movement down or up to distinguish between formations that are irrelevant due to their size or position relative to previous bars.

The indicator setting is also as flexible as possible. It allows you to select certain models for recognition, if necessary, or configure the search for all models with just one parameter. 

The indicator includes support and resistance recognition methods used in the SupportResistanceScreener indicator, so it can evaluate the risk-reward ratio for the last pattern (trade mode) and distinguish models with a poor ratio (less than 1:1).

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The details of the configuration are described on the “Discussion” tab.

A video showing how to use the indicator is also available. Use the CC translation feature in Youtube for subtitles. 

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