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In this article we will explain a custom indicator for Metatrader 4, called Pattern Recognition Master, which detects different price patterns in charts automatically, which save time for the trader and eliminates the possibility of ignoring patterns or confuse one price pattern with other. The Candlestick Recognition Master indicator for MT4 scans the forex market for the most popular bearish and bullish candlestick patterns.
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The indicator points out the candles on the chart with the names of the corresponding patterns (as Doji or Shooting Star) when applicable, ie when it finds a price formation. This is useful when the trader uses a trading system that depends on a single pattern and therefore he or she is only interested that the indicator points just to such price formation.

In this case the indicator display the symbols near the candles while the trader can see the legend for symbols in the upper left corner of the chart.
It identifies the following patterns: bullish hammer, morning star, morning doji star, piercing line pattern and bullish engulfing pattern, shooting star, evening star, evening doji star, dark cloud pattern and bearish engulfing pattern.
However, the identification of price patterns requires knowledge and practice, not all traders have the patience or the time to observe charts seaching for patterns that enable them to identify new opportunities. All the trader has to do is determine if the pattern found is bullish or bearish, check the general trend and decide what kind of action to take (we recommend using this tool with other indicators to confirm the signs). In addition, the trader must know how these patterns work and when they involve signals to buy or to sell.

For traders who base their strategies on Japanese candle patterns, this indicator can be a very useful tool.

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11.12.2013 | Author: admin

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