The FX Candlestick Patterns Signal forex indicator for Metatrader 4 scans for Maribuzo, Doji, Spinning Top, Hammer and some other interesting candlestick patterns on the activity chart.
Then the indicator provides buy and sell signal alerts when any of those candlestick patterns becomes tradable.
The indicator provides you with the following information:
- Candlestick pattern detected
- Direction: bullish or bearish
- Trigger price for entry
The EUR/CHF M5 chart below displays the FX Candlestick Patterns Signal Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the FX Candlestick Patterns Signal MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the FX Candlestick Patterns Signal tells you to do so.
Place a stop loss below the candlestick pattern or most recent support level.
Sell Signal: Open a sell trade when the FX Candlestick Patterns Signal tells you to do so.
Place a stop loss above the FX Candlestick Patterns Signal or most recent resistance level.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (corner position) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the FxCandlestickPatterns.mq4 indicator 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)