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Candlestick Detector

$149.00

This indicator will find any of the common candlestick patterns. It can also display a reliability score by learning the candle pattern’s success history.

What this Indicator Does

The indicator will detect the following candlestick patterns on any Metatrader chart and calculate it’s reliability in that market:

dark cloud
doji
dragonfly doji
falling three
gravestone doji
bearish engulfing
bullish engulfing
Marubozu
Closing marubozu
Opening marubozu
evening star
hammer
inverted hammer
harami
morning star
piercing line
three inside
rising three
shooting star
three black crows
three white soldiers
tweezer bottom
tweezer top
Bullish breakaway
Bearish breakaway
Falling window
Rising window

Learning by Example

The indicator uses machine learning to learn the success rates of each pattern for a particular chart, time frame and date range. The probability of the market moving up or down is calculated and displayed for each occurrence. This lets you see how reliable any technique is under real conditions and will allow you to find trade entries where the risk/reward is to your advantage.

Figure 1: Reversal probabilities
Figure 1: Reversal probabilities © forexop

This data will give a good indication of when to use a pattern and when treat it with more caution. Or even see where it’s more advantageous to trade in the opposite direction as a contrarian.

The time span over which the reliability score is calculated can be set by changing the “Bars for correction period” input.

How to use the Tool

The tool has a few inputs that allow it to be configured as needed. The input screen is below.

Figure 1: Input screen
Figure 1: Input screen © forexop

Inputs

The most important of the inputs is the pattern type, which is the first select box and the tolerance. The tolerance determines the quality of the patterns that are displayed. A lower tolerance will filter out all but the strongest patterns. A high tolerance will display more patterns, including borderline cases that don’t meet the stricter criteria.

The tool can create alerts to notify you when a new pattern is detected. These can be displayed in the terminal or sent to your phone or email address.

Examples

Figure 2: Bearish engulfing patterns
Figure 2: Bearish engulfing patterns © forexop
Figure 3: Evening star patterns
Figure 3: Evening star patterns © forexop
Figure 4: Dark cloud
Figure 4: Dark cloud © forexop

Compatible with Metatrader 4 and Metatrader 5.