What this Indicator Does
The indicator will detect and highlight the following candlestick patterns on any Metatrader chart:
three black crows
three white soldiers
How to use the Tool
The tool has a few inputs that allow it to be configured as needed. The input screen is below.
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.
Candlestick Pattern Reliability
The licensed version of the software can display a reliability score of any pattern. This will give the probabilities of the market moving up or down in the period immediately following the pattern’s appearance. The scores are based on how reliable each pattern has been historically. This data will give a good indication of when to use a pattern and when treat it with more caution.
The time span over which the scores are calculated can be set by changing the “Bars for correction period” input.
Compatible with Metatrader 4 and Metatrader 5.