It is the candlestick pattern detector indicator used in MT5 and is the ideal Metatrader indicator for automatic identification of candlestick patterns. In addition, it can be customized to identify BEARISH as well as BULLISH patterns as well as specific patterns. Thus, forex traders can focus on trading high-return patterns rather than focusing on following certain trends.
In fact, the indicator is ideal for traders who are new to Forex, as it scans the market and displays patterns. The indicator will not be displayed until forex traders learn to adapt to it and learn to recognize patterns in candlesticks. However, advanced forex traders can use the pattern for any trading strategy to determine the most profitable entry and the best exit. In addition, the indicator is free to download and easy to install.
Candlestick Pattern Detector Indicator in MT5 Trading Setup
The chart shows how MT5’s Candlestick Pattern Detector indicator works. The indicator shows a bullish signal pattern in green. The bearish pattern is also shown in red with a brief explanation of the name of the pattern.
However, candlestick patterns differ in their validity. For best results, Forex traders can place buy-sell trades if several candlestick patterns appear to verify the signal. In addition, the optimal stop loss and profit for this technical trading strategy is determined at the trader’s discretion based on the risk/reward ratio or based on previous swing highs or lows.
In practical terms, it is you can actually use MT5’s Candlestick Pattern Detector indicator available for all intraday chart time frames as well as daily weekly monthly and daily chart sheets. For best results, candlestick patterns are formed as they approach resistance and support zones, with the channel providing additional confirmation. In addition, the indicator gives notice of the formation of candlestick patterns to help traders.
Summing up
Of course, Forex traders are able to use MT5’s candlestick pattern detection indicators in a variety of ways and use them to trade effectively. Although candlesticks are the best at detecting reversals, they produce the most effective results when used in conjunction with other indicators. Therefore, it is crucial to verify signals before using technical trading strategies. Moreover, Forex users can get this incredible indicator for free and install it easily.
