Japanese Candlestick Recognition Indicator

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fxisland
3839
fxisland  

Attached is the Pattern Alert indicator, which I believe was developed for MT4 by Jason Robinson in 2005.

Sorry if it has been posted before. Just want to say that this is a good indicator.

As most of us know, Steve Nilson is credited with bringing Japanese Candlestick Charting to the West. His book, Japanese Candlestick Charting Techniques, is one of the great reads in financial trading. There has been a subsequent 2nd edition.

Also attached is a EUR/USD 1-Hour chart with the indicator working and labels triggered on the chart. The Japanese candlestick patterns are not meant to be a stand-alone system, so we must use other tools to verify.

Other tools/indicators may include a cross-over, oversold-overbought, and S/R such as fibs.

Almost all of the patterns are to identify potential reversals. 2 of the most popular are the "Engulfing" and the "Doji".

Perhaps a thread in the tutorial section is prudent.

Cheers

martin eshleman
293
martin eshleman  

Thanks for sharing. Candlestick patterns are an old, reliable and basic way to trade.

alexkyong
3
alexkyong  

thanks for sharing,, this is a good indicator

ForexNaija
45
ForexNaija  

A wonderful collection no doubt. A must for beginners. Must have it. Thanks

fxisland
3839
fxisland  

Here's another one, sorry if it's been posted before. More comprehensive group of patterns. I've been familiar with with candlestick patterns since the mid-1990's but having it automated with alert is very convenient.

ForexNaija
45
ForexNaija  

Thanks for this on too.

skybiz
3
skybiz  

Thank /

banjo
3
banjo  

My name is banjo. l am new to this wonderful site. l appreciate all the works you have done. Thank you all.

However, l tried the candlestick indicators posted here and none of them work . Please is there any ajustment l need to do. l need it. Thanks

fxisland
3839
fxisland  

Which folder are you dropping the indicators into (MT4 platform)?

martin eshleman
293
martin eshleman  
fxbaja:
Here's another one, sorry if it's been posted before. More comprehensive group of patterns. I've been familiar with with candlestick patterns since the mid-1990's but having it automated with alert is very convenient.

Thank you for this one. It seems to be working for me fine.

kapri65
4
kapri65  

Thanks for sharing,

Great indicator.

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