Pattern Indicator

Buy/Sell Signals Based From Candle Patterns

 

 

Installation: Open your MT4, scroll up to File>Open Data Folder>MQL4>Indicators and paste the EX4 file(s) there. Restart MT4.

 

How It Works

Japanese candlesticks are THE single most oldest indicator in trading charts. Before the millions of other indicators that have been developed over the years, the  candlestick patterns were the original way traders used to identify price movement. Candlestick trading alone can be a very useful addition to making the proper decisions or they can also be used as confirmation with your current system. One very good plus point to using Candlestick patterns is that they display the "current condition" of the market rather than a moving average that takes the past into considering the future. Japanese candlestick patterns will not and can NEVER repaint. In fact, these are the most solid indicators you can ever use. Since the indicator is based from the actual candle formation itself, it is impossible for it to repaint. The Element Forex team has done extensive research on candlestick patterns and have also tested them and they are excellent! The indicator below is very easy to use. A finger pointing down is a Sell signal and a finger pointing up is a Buy signal or you can see that if the signal is in blue writing, it is a buy signal and red means sell. These writings are the names of the current candlestick patterns. They have individual names and if you look at the legend to the left of the chart, you can identify them.

 

 

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