this index finds candlestick patterns on the chart based on the novel by Gregory L. Morris “Japanese Candlesticks. A way of analyzing stocks and futures.”

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

The indicator is a complete analog of the “Candle Pattern Finder demo” indicator for MetaTrader 4

List of established patterns: Bullish / Bearish (in parentheses, potential parameter settings):

** – «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 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) – “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) – “Method of three rising” and ” Method of three falling»
• Meeting Lines pattern (Disable / Enable) – “Meeting candles»
• Harami pattern – “Harami” model(Disabled / the Harami shadows stand for the shadows of the preid.Harami candles / shadows CANNOT be used as the shadows of the background.candles)
• Doji patterns (Disable / Single Doji (without confirm) / Doji with confirm (is Morning/Evening Doji Star) ) – Doji model (Off / candle-doji without confirmation / doji with confirmation – this isEvening Party/Morning doji Star)
• Thrusting Line (Disable / Enable) – model Thrusting line (“Push”)

Block of notifications and sound settings
Color Settings Block
Other settings

A limitation of the demo version:

The indicator is fully functional on the NZDUSD pair (history real-time signals). On other instruments, you can view signals only on the history (further 5 bars from the current one).

The full version is here.

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