Candlestick Pattern Recognition Indicator for Metatrader 4

For everyone who like to use candlestick analysis for their trading, this little indicator show itself to be very handy little tool in your indicator collection. It automatically scans the charts, no matter on which timeframe you put it on and it will show you exactly where there are specific candlestick pattern formations such as the Shooting Star, Evening Star, Evening Doji Star, Dark Cloud Pattern, Bearish Engulfing Pattern etc… The indicator is very easy to interpret by the user, it shows some abbreviated letters above or below the pattern and you can interpret these abbreviation through a legend which is found on the top left corner of your chart.

The settings of the indicator is pretty straight-forward. It allows you to turn alert On(true) or Off(false). When Alert is set to TRUE, each time the indicator finds a new pattern, it will sound an alarm. As with any indicator, you cannot use these signals for themselves alone, you can add it with other indicators, for example trend indicators and mixed together, you can come up with a good trading system.

Candlesticks are pretty accurate though and if you develop yourself into this, it might prove to be a worthwhile investment.