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2014.06.02 11:50
Indicators

Japanese Candlestick Patterns - indicator for MetaTrader 5

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Published by:
Ronnie Mansolillo
Views:
13123
Rating:
votes: 33

Real author:

EarnForex.com, Based on MetaTrader 4 indicator by: Carl Sanders

The indicator displays on charts the patterns created by the Japanese candlesticks.

The indicator was found through a google search "Earnforex.com" and I've changed some colors. Not all patterns represent a change of direction of the market. I find it useful to display on the chart only HRM4 and SS4. Below is the specification of all patterns.

It is possible to change colors and also enable or disable alerts.

Bearish patterns:

  • SS 2,3,4 = Shooting Star;
  • E_star = Evening Star;
  • E_Doji = Evening Doji Star;
  • DCC = Dark Cloud Pattern;
  • S_E = Bearish Engulfing Pattern.

Bullish patterns:

  • HRM 2,3,4 = Bullish Hammer;
  • M_Star = Morning Star;
  • M_Doji = Morning Doji Star;
  • P_L = Piercing Line Pattern;
  • L_E = Bullish Engulfing Pattern.

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