Candlestick Reversal Dashboard Indicator - Complete User Guide & Trading Manual (MT4 & MT5)

Candlestick Reversal Dashboard Indicator - Complete User Guide & Trading Manual (MT4 & MT5)

Introduction

The Candlestick Reversal Dashboard Indicator is a professional multi-symbol, multi-timeframe scanning tool that automates the detection of 14 classic candlestick reversal patterns. It monitors up to 20 instruments across nine timeframes and presents every confirmed pattern in a compact, interactive six-column dashboard.

Key Features:

• 14 Candlestick Patterns: Single-candle, two-candle, and three-candle reversal formations using body/shadow ratio analysis
• Trend Confirmation: Validates each pattern against prior price direction using a configurable look-back period
• Multi-Symbol & Multi-Timeframe: Watch up to 20 instruments across M1 through Monthly
• Non-Repainting Signals: Patterns confirmed only on fully closed candles -- signals never disappear
• Yellow Rectangle Highlighting: Pattern candle(s) highlighted with yellow rectangles and labeled
• 6-Column Dashboard: Symbol, Timeframe, Direction, Pattern, Age, and Chart navigation
• 4-Channel Alerts: Popup, sound, email, and push notifications
• Pattern Toggles: Enable or disable each of the 9 pattern categories independently

Download the indicator:

• MetaTrader 4: Candlestick Reversal Dashboard MT4
• MetaTrader 5: Candlestick Reversal Dashboard MT5

TIP: Always combine candlestick reversal signals with proper position sizing and risk management -- never risk more than 1-2% of your account on a single trade.

Understanding Candlestick Reversal Patterns

Candlestick reversal patterns signal a potential change in price direction based on the relationship between a candle's open, high, low, and close -- specifically body-to-shadow ratios and multi-candle relationships -- combined with preceding trend context. Unlike harmonic or Fibonacci-based indicators, no swing-point geometry is involved. The dashboard detects 14 patterns across three categories:

Single-Candle Patterns (4): Identified from one bar's body and shadow proportions. Fastest signals.

Two-Candle Patterns (6): Identified from two consecutive bars -- one candle engulfing, piercing, or contained within the other.

Three-Candle Patterns (4): Identified from a three-bar sequence showing a decisive momentum shift.

All 14 Patterns

Pattern	Category	Signal	Description
Hammer	Single	Bullish (BUY)	Small body at the top, long lower shadow (at least 2x body). Found after a downtrend
Inverted Hammer	Single	Bullish (BUY)	Small body at the bottom, long upper shadow. Found after a downtrend
Shooting Star	Single	Bearish (SELL)	Small body at the bottom, long upper shadow. Found after an uptrend
Hanging Man	Single	Bearish (SELL)	Small body at the top, long lower shadow. Found after an uptrend
Bullish Engulfing	Two-Candle	Bullish (BUY)	Large bullish candle completely engulfs the prior bearish candle's body
Bearish Engulfing	Two-Candle	Bearish (SELL)	Large bearish candle completely engulfs the prior bullish candle's body
Piercing Line	Two-Candle	Bullish (BUY)	Bullish candle opens below prior low, closes above the midpoint of the prior bearish candle
Dark Cloud Cover	Two-Candle	Bearish (SELL)	Bearish candle opens above prior high, closes below the midpoint of the prior bullish candle
Bullish Harami	Two-Candle	Bullish (BUY)	Small bullish candle contained within the prior large bearish candle's body
Bearish Harami	Two-Candle	Bearish (SELL)	Small bearish candle contained within the prior large bullish candle's body
Morning Star	Three-Candle	Bullish (BUY)	Bearish candle, followed by a small-bodied candle, followed by a strong bullish candle
Evening Star	Three-Candle	Bearish (SELL)	Bullish candle, followed by a small-bodied candle, followed by a strong bearish candle
Three White Soldiers	Three-Candle	Bullish (BUY)	Three consecutive bullish candles, each closing higher than the last
Three Black Crows	Three-Candle	Bearish (SELL)	Three consecutive bearish candles, each closing lower than the last

NOTE: Every pattern requires trend confirmation. A bullish reversal pattern is only valid after a downtrend, and a bearish reversal pattern is only valid after an uptrend. The look-back period for trend determination is controlled by the TrendBars parameter (default: 5).

Installation Guide

For MetaTrader 4

1. Locate  Candlestick_Reversal_Dashboard.ex4  in your downloads
2. Open MetaTrader 4 and click File > Open Data Folder
3. Navigate to  MQL4 > Indicators  and copy the file there
4. Press Ctrl+N to open the Navigator, right-click "Indicators" and select Refresh

Path:  C:\Users\[YourName]\AppData\Roaming\MetaQuotes\Terminal\[ID]\MQL4\Indicators\

For MetaTrader 5

1. The indicator installs automatically via the MQL5 Market after purchase
2. Press Ctrl+N and expand Indicators > Market to find it

Adding to a Chart

1. Double-click the indicator in the Navigator, or drag and drop onto any chart
2. Adjust settings as needed and click OK

After applying, you will see:

• Dashboard Panel: Separate window below your chart showing all detected patterns
• Chart Visualization: Yellow rectangles highlighting the pattern candle(s), pattern name label, and BUY/SELL arrows

NOTE: Attach the indicator to a chart of one of the monitored symbols to see the pattern visualization on that pair.

Dashboard Overview

The dashboard displays in a separate indicator window below your main chart. It presents all detected candlestick reversal patterns in a scrollable table with six columns:

Column	Description
Symbol	Instrument where the pattern was detected (e.g., EURUSD)
TF	Chart timeframe (M5, M15, H1, H4, D1, etc.)
Direction	Green = Bullish/BUY, Red = Bearish/SELL
Pattern	Pattern name (e.g., "Hammer", "Bull Engulfing", "Morning Star"); "---" when no pattern
Age	Bars since the pattern completed (signal freshness)
Chart	Click to navigate to that symbol and timeframe

Using the Dashboard

• Scrolling: Use the scrollbar on the right side to view more rows when there are more signals than visible rows
• Quick Navigation: Click any row's "Chart" button to instantly switch your main chart to that symbol and timeframe
• Color Coding: Green background tint for Bullish patterns, Red for Bearish
• Fresh Signals: Look for patterns with low Age values (1-3 bars) for the most recent setups
• Visible Rows: The number of simultaneously visible rows is configurable (default: 12)

TIP: Use the dashboard to quickly scan all your markets for candlestick reversals. When you spot an interesting pattern, click the Chart button to inspect the candle formation visually and confirm the setup before making a trading decision.

Input Parameters Reference

Dashboard Settings

Parameter	Default	Description
Symbols	EURUSD,GBPUSD,USDCAD,USDJPY	Comma-separated symbols to monitor (up to 20)
Prefix	(empty)	Broker prefix, e.g., "m." for m.EURUSD
Suffix	(empty)	Broker suffix, e.g., ".r" for EURUSD.r
Enable M1	false	Toggle M1 scanning
Enable M5	true	Toggle M5 scanning
Enable M15	true	Toggle M15 scanning
Enable M30	true	Toggle M30 scanning
Enable H1	true	Toggle H1 scanning
Enable H4	true	Toggle H4 scanning
Enable D1	true	Toggle D1 scanning
Enable W1	true	Toggle W1 scanning
Enable MN	false	Toggle Monthly scanning
VisibleRows	12	Rows displayed in dashboard at once

Pattern Detection Settings

Parameter	Default	Description
ShadowBodyRatio	2.0	Minimum shadow-to-body ratio for Hammer, Shooting Star, etc. Shadow must be at least 2x the body
EngulfMinRatio	1.0	Minimum ratio the engulfing body must exceed the prior body. 1.0 = at least equal size
PiercingMinPct	50.0	Minimum penetration percentage for Piercing Line / Dark Cloud Cover
HaramiMaxPct	50.0	Maximum inner-candle body size relative to outer candle for Harami patterns
StarMaxBodyPct	30.0	Maximum middle-candle body as percentage of first candle for Morning/Evening Star
TrendBars	5	Preceding bars used to confirm trend direction before pattern validation
MaxHistoryBars	100	Historical bars to scan per symbol-timeframe combination

Pattern Filter Toggles

Parameter	Default	Description
DetectHammer	true	Enable/disable Hammer detection
DetectInvHammer	true	Enable/disable Inverted Hammer detection
DetectShootStar	true	Enable/disable Shooting Star detection
DetectHangMan	true	Enable/disable Hanging Man detection
DetectEngulfing	true	Enable/disable Bullish Engulfing and Bearish Engulfing detection
DetectPiercing	true	Enable/disable Piercing Line and Dark Cloud Cover detection
DetectHarami	true	Enable/disable Bullish Harami and Bearish Harami detection
DetectStar	true	Enable/disable Morning Star and Evening Star detection
DetectSoldiers	true	Enable/disable Three White Soldiers and Three Black Crows detection

TIP: If you find the dashboard is too noisy, disable the pattern types you do not trade. For example, setting DetectHarami to  false  removes both Bullish and Bearish Harami signals from the scan, letting you focus on the patterns you trust most.

Display Settings

Parameter	Default	Description
ShowPattern	true	Draw yellow rectangle highlighting and pattern labels on chart
ShowArrows	true	Display BUY/SELL arrows at the pattern location
BullishColor	Lime	Color for bullish (BUY) arrows and elements
BearishColor	Red	Color for bearish (SELL) arrows and elements
HighlightColor	Yellow	Color for the rectangle highlighting around pattern candles
ArrowSize	4	Entry arrow size (scale 1-5)
ArrowGap	0.5	Arrow distance from the candle high/low as an ATR multiplier

Alert Settings

Parameter	Default	Description
AlertTitle	Candlestick Reversal Dashboard	Title prefix for alert messages
Popup	true	Show popup dialog on new pattern detection
Sound	true	Play WAV sound on new pattern detection
SoundFile	alert2.wav	WAV file in the MT4/MT5 Sounds folder
Email	false	Send email on new pattern (requires email configuration)
Push	true	Send mobile push via the MT4/MT5 mobile app

IMPORTANT: Alerts fire only once per pattern per symbol-timeframe combination to prevent duplicate notifications. A new alert will only trigger when a different pattern forms or the same pattern appears on a new completed bar.

Chart Pattern Visualization

When a candlestick reversal pattern is detected on the current chart symbol and timeframe, the indicator draws the following visual elements:

Yellow Rectangle Highlighting

A yellow rectangle is drawn around each candle forming part of the detected pattern:

• Single-candle patterns (Hammer, Inverted Hammer, Shooting Star, Hanging Man): 1 rectangle
• Two-candle patterns (Engulfing, Piercing Line, Dark Cloud Cover, Harami): 2 rectangles
• Three-candle patterns (Morning Star, Evening Star, Three White Soldiers, Three Black Crows): 3 rectangles

Rectangles use the configurable HighlightColor (default: Yellow) and span from the candle's low to its high.

Pattern Name Label

A text label with the pattern name (e.g., "Hammer", "Bull Engulfing", "Evening Star") is placed near the highlighted candles in the BullishColor (Lime) or BearishColor (Red).

BUY / SELL Arrows

• Bullish (BUY): Upward arrow in Lime, placed below the pattern's lowest low
• Bearish (SELL): Downward arrow in Red, placed above the pattern's highest high

Arrow size (default: 4, scale 1-5) and distance from price (ArrowGap, default: 0.5 x ATR) are configurable.

TIP: For higher timeframes (H4, D1), increase ArrowGap to prevent arrows from overlapping with candles.

Alert Configuration

Alert Message Format

When a new pattern is detected, the alert message contains all essential information:

Candlestick Reversal Dashboard: EURUSD Hammer BULLISH (BUY) on H1

This tells you the symbol, pattern name, direction (BULLISH/BEARISH), action (BUY/SELL), and timeframe.

Setting Up Email Alerts

1. Go to Tools > Options > Email and configure your SMTP server
2. Send a test email to verify, then set Email to  true

Setting Up Push Notifications

1. Install the MetaTrader mobile app and find your MetaQuotes ID in Settings
2. In desktop MetaTrader, go to Tools > Options > Notifications and enter the ID
3. Click "Test" to verify, then set Push to  true

Alert Best Practices

• Keep Popup and Sound enabled for immediate desk notification
• Use Push for mobile alerts when away from the computer
• Email creates a useful log of all detected patterns
• Alerts fire once per pattern per symbol-timeframe to prevent duplicates

Trading Strategies

Strategy 1: Direct Entry on Pattern Signal

1. Watch for a new pattern on the dashboard with Age = 0-1 bars
2. Click Chart to view the candle formation and confirm it looks clean
3. Enter in the pattern's direction (BUY for bullish, SELL for bearish)
4. Stop Loss: Beyond the pattern's extreme -- below the lowest low (bullish) or above the highest high (bearish)
5. Take Profit: Target 1:1.5 or 1:2 risk-reward, or the nearest support/resistance level

Best entry price but higher false-signal risk. Works best with engulfing and hammer patterns.

Strategy 2: Confirmation Entry

1. Note the pattern when it appears (e.g., Hammer on EURUSD H1)
2. Bullish: Wait for the next candle to close above the pattern candle's high
3. Bearish: Wait for the next candle to close below the pattern candle's low
4. Enter after the confirmation candle closes
5. Stop Loss: Below the pattern low (bullish) or above the pattern high (bearish)
6. Take Profit: 1:2 risk-reward target or trail using ATR

Slightly worse entry price but significantly fewer false signals.

Strategy 3: Multi-Timeframe Confluence

1. Scan the dashboard for a symbol appearing in multiple rows with the same direction (e.g., GBPUSD bullish on both M30 and H1)
2. Use the higher timeframe pattern for directional bias
3. Enter on the lower timeframe pattern for a tighter stop loss
4. Target the nearest key level visible on the higher timeframe chart

TIP: Multi-timeframe confluence is one of the strongest filters for candlestick reversal trading. When the dashboard shows the same direction on two or more timeframes for a symbol, the probability of a genuine reversal increases significantly.

Pattern Detection Tuning

Adjusting Detection Sensitivity by Trading Style

ShadowBodyRatio (affects Hammer, Inverted Hammer, Shooting Star, Hanging Man):

Style	Value	Effect
Strict	2.5 - 3.0	Requires very long shadows relative to body. Fewer but textbook-quality patterns
Default	2.0	Standard definition. Good balance of frequency and quality
Relaxed	1.5	Accepts shorter shadows. More patterns but includes weaker formations

EngulfMinRatio (affects Bullish Engulfing, Bearish Engulfing):

Style	Value	Effect
Strict	1.3 - 1.5	Engulfing candle must be 30-50% larger than the prior candle's body
Default	1.0	Engulfing candle must at least match the prior candle's body size
Relaxed	0.8	Allows near-engulfing patterns. More signals but weaker formations

PiercingMinPct (affects Piercing Line, Dark Cloud Cover):

Style	Value	Effect
Strict	60.0 - 67.0	Second candle must penetrate at least 60-67% into the first candle's body
Default	50.0	Classic definition: at least 50% penetration
Relaxed	40.0	Accepts shallower penetration. More patterns with lower conviction

HaramiMaxPct (affects Bullish Harami, Bearish Harami):

Style	Value	Effect
Strict	30.0 - 35.0	Inner candle must be very small relative to outer candle
Default	50.0	Inner candle can be up to half the outer candle's body
Relaxed	65.0 - 75.0	Allows larger inner candles. More harami signals

StarMaxBodyPct (affects Morning Star, Evening Star):

Style	Value	Effect
Strict	15.0 - 20.0	Middle candle must have a very small body (near doji)
Default	30.0	Middle candle body can be up to 30% of the first candle's body
Relaxed	40.0 - 50.0	Accepts larger middle candles. More star patterns

Recommendations by Instrument Type

• Major Forex (EURUSD, GBPUSD, USDJPY): Default settings work well
• Minor/Exotic Forex: Slightly relaxed (ShadowBodyRatio 1.5-1.8) due to wider spreads
• Gold/Silver: Default or slightly strict (ShadowBodyRatio 2.0-2.5)
• Crypto (BTCUSD, ETHUSD): Relaxed (ShadowBodyRatio 1.5, EngulfMinRatio 0.8) due to volatility
• Indices (US500, US30): Default settings

TrendBars Setting

Value	Effect	Best For
3	Short trend look-back, more patterns	Scalping, catching minor reversals
5 (default)	Balanced trend confirmation	Day trading, most scenarios
8-10	Requires a well-established trend before confirming reversals	Swing trading, higher timeframes

Broker Symbol Configuration

Many brokers add prefixes or suffixes to symbol names. If your broker's EURUSD appears differently in Market Watch, configure the Prefix and/or Suffix parameters:

Common Examples

Broker Symbol	Prefix	Suffix
EURUSD	(empty)	(empty)
m.EURUSD	m.	(empty)
EURUSD.r	(empty)	.r
xEURUSD.pro	x	.pro
EURUSD_SB	(empty)	_SB

How to Configure

1. Open Market Watch (Ctrl+M) and note the exact symbol name (e.g., "m.EURUSD")
2. Identify the prefix (before "EURUSD") and the suffix (after "EURUSD")
3. Enter the prefix in the Prefix parameter and the suffix in the Suffix parameter
4. In the Symbols parameter, enter base names without prefix or suffix:  EURUSD,GBPUSD,USDJPY

The indicator automatically combines Prefix + base name + Suffix to find the correct symbols in your terminal.

TIP: If your dashboard shows "---" for all entries, the most common cause is incorrect symbol names. Check Market Watch and verify your Prefix/Suffix settings match your broker's naming convention.

Troubleshooting

No Patterns Appearing on the Dashboard

1. Wrong symbol names: Verify symbols match your broker's naming in Market Watch (Ctrl+M). Set Prefix and Suffix correctly
2. Symbols not loaded: Add missing symbols via Market Watch > right-click > Symbols
3. All pattern toggles disabled: Check that at least one Detect parameter is set to  true
4. MaxHistoryBars too low: Increase from 100 to 200-500 to scan more history

Too Many Patterns Cluttering the Dashboard

1. Disable less reliable or less frequently traded pattern types using the Pattern Filter Toggles
2. Increase detection strictness: raise ShadowBodyRatio to 2.5, EngulfMinRatio to 1.3, lower HaramiMaxPct to 35
3. Disable lower timeframes (M1, M5) where noise-driven patterns are more common
4. Reduce the number of monitored symbols to focus on your core watch list

Patterns Not Matching What You See on the Chart

1. The indicator uses mathematical thresholds (ShadowBodyRatio, EngulfMinRatio, etc.) that may differ from a subjective visual assessment
2. Verify the TrendBars value matches your visual sense of the trend
3. Ensure the chart timeframe and symbol match the dashboard row you are comparing

Alerts Not Working

1. Popup not appearing: Verify Popup is set to  true  and MetaTrader allows alerts (Tools > Options > Events)
2. No sound: Confirm the SoundFile (alert2.wav) exists in the MetaTrader Sounds folder
3. Email not received: Configure your SMTP settings in Tools > Options > Email first, then test with the "Test" button
4. Push not received: Verify your MetaQuotes ID is entered in Tools > Options > Notifications and test it

FAQ

Q: How does this differ from harmonic pattern indicators? A: Harmonic indicators detect five-point XABCD structures validated by Fibonacci ratios. This dashboard analyzes candle body-to-shadow ratios and multi-candle relationships (engulfing, piercing, harami) with trend context. No Fibonacci ratios or swing-point geometry are involved. The two approaches complement each other well.

Q: Which patterns are most reliable? A: Engulfing patterns and Morning/Evening Star are generally the most reliable due to strong momentum shifts. Hammer and Shooting Star work well with next-candle confirmation. Three White Soldiers and Three Black Crows are reliable on higher timeframes.

Q: Why use trend confirmation? A: A Hammer at the bottom of a downtrend is meaningful; the same shape mid-uptrend is not. TrendBars ensures bullish patterns only appear after downtrends and bearish patterns only after uptrends.

Q: Does it work on all timeframes? A: Yes, from M1 to Monthly. M15-H1 suits day trading; H4-D1 suits swing trading with fewer but higher-conviction patterns.

Q: Can I disable specific patterns? A: Yes. Each category has its own toggle. Set DetectHarami to  false  to disable both Bullish and Bearish Harami, or DetectSoldiers to  false  to disable Three White Soldiers and Three Black Crows.

Q: What does non-repainting mean? A: Patterns are confirmed only after the forming candle(s) fully close. Once a signal appears, it never disappears or changes.

Q: What is the ShadowBodyRatio? A: The minimum ratio between a candle's shadow length and its body for single-candle patterns. A value of 2.0 means the shadow must be at least 2x the body. Higher values = fewer, more textbook patterns.

Q: MT4 vs MT5 differences? A: Both use identical detection logic. The MT5 version uses handle-based calculations and  input group  organization. Functionality and output are the same.

Q: Why are some visible patterns not detected? A: The indicator uses strict mathematical thresholds. Common reasons: (1) shadow-to-body ratio below ShadowBodyRatio, (2) engulfing candle too small per EngulfMinRatio, (3) preceding trend does not confirm the required direction, or (4) the pattern category is toggled off.

Download the indicator:

• MetaTrader 4: Candlestick Reversal Dashboard MT4
• MetaTrader 5: Candlestick Reversal Dashboard MT5

CONTACT & SUPPORT

• Email: info@forexobroker.com
• Questions: Use the Comments section on the product page or send a private message
• Bug Reports: Please include your broker name, account type, and a screenshot

• ✅ All MQL Tools:  https://www.mql5.com/en/users/forexobroker/ ✅

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