this index finds candlestick patterns on the graph based on the book by Gregory L. Morris “Japanese Candlesticks. Method of analysis of futures and stocks”.

after a pattern is discovered, the index displays a message when the bar closes.

in the event that you trade using the MetaTrader 4 terminal, you can download the full analog of the “Candle Pattern Finder for MT4″ indicator”

List of recognized patterns: Bullish / Bearish (possible parameter configurations in parentheses):

* – «Without confirmation“: the signal occurs immediately upon the close of the bar that forms the candlestick pattern. «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 that take into account the variety of possible models in the Forex market that are not available in the stock market. This made it possible to increase the number of true signals without increasing the number of false ones

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If you want to scan candle patterns for all instruments and timeframes at the same time, then pay attention to the “Candle Pattern Dashboard for MT5“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) – “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) – “Lumen 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) – “Method of three rising” and ” Method of three falling»
• Meeting Lines pattern (Disable / Enable) – “Meeting candles»
• Harami pattern-Harami model(Disabled / Harami shadows are protruding behind the shadows of the preid.candles / Harami shadows can’T stand out for the shadows of the preid.candles)
• Doji patterns (Disable / Single Doji candle (without confirm) / Doji candle with confirm (is Morning/Evening Doji Star) ) – Dodge model (Off / candle-dodge without confirmation / dodge with confirmation isEvening/Morning Doji Star)
• Thrusting Line (Disable / Enable) – model of Thrusting line (“Push”)

Other settings

• Show Pattern Description – description of models
• Write signals to a log-file-allow the signal to be written to a file
• Name of the log file is the file name

You can try the demo version of the indicator here

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