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Candlestick Detector

$0.00

This free indicator will find any of the common candlestick patterns. It can also display a reliability score based on the candle pattern's success history.

What this Indicator Does

The indicator will detect and highlight the following candlestick patterns on any Metatrader chart:

dark cloud
doji
dragonfly doji
falling three
gravestone doji
bearish engulfing
bullish engulfing
evening star
hammer
inverted hammer
harami
morning star
piercing line
rising three
shooting star
three inside
three black crows
three white soldiers
tweezer bottom
tweezer top

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

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 1: Bearish engulfing patterns
Figure 1: Bearish engulfing patterns © forexop
Figure 2: Evening star patterns
Figure 2: Evening star patterns © forexop
Figure 3: Dark cloud
Figure 3: Dark cloud © forexop

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.