The Pattern Detector indicator available for MT4 is the ideal Metatrader indicator for detecting automatically detected pattern patterns on candlesticks. In addition, it can be modified to identify BEARISH and BULLISH patterns as well as specific patterns. As a result, Forex traders are able to focus on trading high-return patterns rather than focusing on patterns based on specific trends.
In fact, this indicator is ideal for traders who are new to the Forex market as it scans the market and displays patterns. It is a great learning method for new forex traders to get used to and develop their eyesight to recognize patterns in the candlesticks. However, advanced forex traders are able to incorporate the pattern into any trading strategy to determine the most profitable places to enter and leave. In addition, the indicator is free to download and easy to install.
Pattern detector indicator for MT4 setups for trading setups
The chart shows the pattern detector indicator for MT4 in action. The indicator shows a bullish pattern in green. It also shows a bearish pattern in red, as well as a simple explanation of the name of the candlestick pattern.
However, candlestick patterns differ in terms of success rate. For best results, Forex traders can place buy or sell orders when several candlestick patterns appear to confirm the signal. In addition, the optimal stop loss and profit for this trading strategy is determined at the trader’s discretion based on the risk-reward ratio, or on previous swing highs or lows.
In fact, this pattern detector indicator on MT4 is compatible with any intraday chart time frame, as well as daily monthly weekly and daily charts. To get the best results, candle patterns are formed close to resistance and support zones, with channels providing additional confirmation. In addition, the indicator gives warnings to help traders when candlesticks are forming.
Of course, Forex traders are able to use this pattern detector indicator to trade MT4 effectively in a variety of ways. Although candlesticks are the best at detecting reversals, they bring the most effective results when used together with different indicators. Therefore, it is crucial to confirm signals before using technical indicators in your trading strategy.