Pattern Recognition Master MetaTrader indicator | FREE Forex Trading Indicator

Pattern Recognition Master MetaTrader indicator is the type of indicator that aids in routine work by labelling candlesticks on the chart with the names of corresponding patterns (such as doji or shooting star) where applicable. All you have to do is determine whether this chart pattern is bullish or bearish, look at the overall trend, and decide on your trading stance. To quickly determine the signal value of a recognised pattern, consult this list of Japanese candlestick patterns. This indicator is available for both the MT4 and MT5 platforms.

Input parameters

Show_Alert (default = true) — if set to true, shows the alerts when certain pattern is detected.
UseExtraDigit (default = false) — set it to true if your broker uses extra digit (pip) in the quotes.
Other parameters — turn on and off display of various patterns. It is not recommended to change them unless you do not want your MT4/MT5 to recognize some of the candlestick patterns.

Usage

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Pattern Recognition Master Indicator Example MetaTrader Chart

To begin, you should understand that this indicator only shows the patterns. The symbols are visible near the candlesticks, and the legend for the symbols is visible in the upper left corner of the screen. Second, you must understand how these patterns work and when one signals for a short position and when one signals for a long position. It is a very useful tool for experienced Japanese candlestick pattern traders, but it may be useless for many other traders. In any case, if you want MetaTrader to recognise candlestick patterns, this indicator should be your first port of call.