Author: EarnForex.com, based on MetaTrader 4 indicator by Carl Sanders
If you're trading in the markets, you know how crucial it is to read price action effectively. One of the best tools at your disposal is the Japanese candlestick patterns, which can give you valuable insights into market sentiment. This indicator displays these patterns directly on your MetaTrader 5 charts, making your trading decisions a whole lot easier.
I stumbled upon this indicator while searching on Google, specifically on "Earnforex.com," and decided to customize it a bit by tweaking some colors. While not every pattern indicates a change in market direction, I've found that focusing on the HRM4 and SS4 patterns really helps my trading. Below, you'll find a rundown of the key patterns included in this indicator.
You also have the option to change colors and enable or disable alerts, so you can tailor it to fit your trading style!
Bearish Patterns
- SS 2,3,4 = Shooting Star
- E_star = Evening Star
- E_Doji = Evening Doji Star
- DCC = Dark Cloud Cover
- S_E = Bearish Engulfing Pattern
Bullish Patterns
- HRM 2,3,4 = Bullish Hammer
- M_Star = Morning Star
- M_Doji = Morning Doji Star
- P_L = Piercing Line
- L_E = Bullish Engulfing Pattern
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