The Doji Detector MT4 indicator scans for Doji candlestick patterns and displays them on the Metatrader 4 chart.
A green Doji Detector bar represents the Doji candlestick trading pattern.
The Doji candlestick displays an indecision between buyers and sellers in the market.
The candlestick pattern is often found at the bottom or top of trends and could signal a possible trend reversal or trend continuation.
A Doji candlestick pattern needs to be used in conjunction with other technical indicators or price action.
For instance, use the Doji Detector MT4 indicator together with the support & resistance Alert forex indicator or with a moving average.
The EUR/USD 15-Minute chart below displays the Doji Detector Metatrader 4 Forex indicator in action.
Basic Trading Signals
No real trading signals from the Doji Detector MT4 forex indicator. As was presented above, it needs to be used in agreement with other analysis tools.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (alert, signal position) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the doji-detector.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)