The indicator finds candlestick patterns on the chart based on the book by Gregory L. Morris “Japanese Candlesticks. A method for analyzing stocks and futures.”

When a pattern is detected, the indicator displays a message when the bar closes.

If you trade using the MetaTrader 5 terminal, you can download the full analog of the “Candle Pattern Finder for MT5″ indicator”

List of recognized patterns: Bullish / Bearish (possible parameter settings):

* – «No confirmation“: the signal occurs immediately when the bar forming the candlestick pattern is closed. «With confirmation” – the indicator is waiting for the next confirmation bar to close

** – «Low sensitivity” – the model is recognized in strict accordance with the description in the book by G. Morris. «High sensitivity” – additional criteria are used, taking into account the variety of possible options for models in the Forex market, which are not available in the stock market. This allowed us to increase the number of correct signals without increasing the number of false ones

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If you want to scan the candle patterns for all instruments and timeframes at the same time, then pay attention to the “Candle Pattern Dashboard for MT4″ indicator.”

Parameters of candle models

• Hammer and Shooting Star (Disable / Single bar (without confirm) / Bar with confirm) – “Hammer” and “Shooting Star”»
• Inverted Hammer and Hanging Man (Disable / Single bar (without confirm) / Bar with confirm) – “The Inverted Hammer” and ” The Hanged Man»
• Outside Bar (Disable / Enable) – ” External Bar»
• Engulfing pattern (Disable / High sensitivity / Low sensitivity) – “Absorption»
• Cloud pattern (Dark / Piercing Cloud) (Disable / High sensitivity / Low sensitivity) – “Gap in the clouds” and ” Dark clouds»
• Three White Soldiers/Identical Crows (Disable / High sensitivity / Low sensitivity) – “Three White Soldiers” and ” Three identical crows»
• Morning Star and Evening Star (Disable / Enable) – “Morning Star” and ” Evening Star»
• Rising/Falling Three Methods (Disable / Enable) – “The method of three rising” and ” The method of three falling»
• Meeting Lines pattern (Disable / Enable) – “Meeting candles»
• Harami pattern (Disable / Harami shadows can walk out of shadows of a prev.candle / Harami shadows can not go beyond the shadow of the prev.candle) – the “Harami” model (Disabled / the Harami shadows are the shadows of the background.Harami candles / shadows CANNOT be used as the shadows of the background.candles)
• Doji patterns (Disable / Single Doji candle (without confirm) / Doji candle with confirm (is Morning/Evening Doji Star) ) – Doji model (Off / candle-doji without confirmation / doji with confirmation isEvening Party/Morning doji Star)
• Thrusting Line (Disable / Enable) – model Thrusting line (“Push”)

Block of sound settings, E-mail and Push messages
Color Settings Block

Other Settings block

• Show Pattern Description – show description of models
• Language – the language of the messages (English and Russian)

You can try the demo version of the indicator here.

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