Candle Pattern Finder MT5
This indicator searches for candlestick patterns. Its operation principle is based on Candlestick Charting Explained: Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris.
If a pattern is detected, the indicator displays a message at a bar closure.
This indicator is a complete analog of the Candle Pattern Finder indicator for MetaTrader 4
It recognizes the following patterns: Bullish/Bearish (possible settings in brackets):
- Hammer / Shooting Star (with or without confirmation*)
- Inverted Hammer / Hanging Man(with or without confirmation*)
- Engulfing (high or low sensibility**)
- Piercing Line / Dark Cloud Cover (high or low sensibility**)
- Three White Soldiers / Identical Three Crows (high or low sensibility**)
- Morning Star / Evening Star including Doji Star
- Rising Three Methods / Falling Three Methods
- Meeting Lines
- Harami, including Harami Cross
* - "Without confirmation" - a signal occurs straight at the closure of the bar that forms the candlestick pattern. "With confirmation" - the indicator waits for the next (confirming) bar closure.
** - "Low sensibility" - the pattern is recognized in strict conformity with the description from the book by Gregory L. Morris. "High sensibility" - uses additional criteria that take into account a variety of pattern options in the Forex market, which are not used on the stock market. This has increased the number of correct signals without increasing the number of false ones.
- The indicator implements virtually all candlestick patterns available for Forex from the book by G. Morris.
- The indicator is not tied to the size and shape of candlesticks, since it uses the intellectual recognition technique, which is similar to human perception - patterns are recognized so as a human eye would visually recognize them.
- You can choose to recognize separate candlestick patterns. Flexible settings for each pattern.
- Two languages are supported: English and Russian (the Language parameter). You can also add names of the candlestick patterns in your mother tongue (send me a private message).
- Sound and text notifications of pattern formation. Emails and push notifications to mobile devices (parameters ON/OFF-Mail and ON/OFF-Push).
Parameters of candlestick patterns
- Parameters of Hammer and Shooting Star (Disable / Single bar (without confirmation) / Bar with confirmation)
- Parameters of Inverted Hammer and Hanging Man (Disable / Single bar (without confirmation) / Bar with confirmation)
- Parameters of Engulfing pattern (Disable / High sensitivity / Low sensitivity)
- Parameters of Cloud pattern (Dark/Piercing Cloud) (Disable / High sensitivity / Low sensitivity)
- Parameters of Three White Soldiers/Identical Crows (Disable / High sensitivity / Low sensitivity)
- Enable Morning Star and Evening Star (Disable / Enable)
- Enable Rising/Falling Three Methods (Disable / Enable)
- Enable Meeting Lines pattern (Disable / Enable)
- Enable Harami pattern (Disable / Enable)
Notifications and Sound Settings
- ON/OFF – Sound when the signal sound signal
- File name of sound – name of the sound file
- ON/OFF - Alert – enable/disable in the terminal when signals emerge
- ON/OFF - Mail – sending emails
- ON/OFF - Push – sending push notifications to mobile devices
- Color of Up-model – color for the descriptions of bullish patterns
- Color of Down-model – color for the descriptions of bearish patterns
- Show Pattern Description
- Write signals to a log-file - enable writing signals to a file
- Name of the log-file
You can test the indicator's demo version here
Date | Time | Direction | Pattern | Open | High | Low | Close | Volume | Tick Volume
Date | Time - date and time of the signal bar
Direction - is the direction of the signal (Up/Down)
Pattern - is the name of the pattern
Open | High | Low | Close | Volume | Tick Volume - parameters of the signal bar
The file is written to the <Data folder>\MQL5\Files folder (or to the <test agent>\MQL5\Files folder, during testing)
The signal parameters are recorded in real time. Historical signals are not recorded.
To analyze historical signals, run the indicator in the tester.
2. Now the indicator is able to pass the EA not only the information on the candlestick pattern appearance, but also the type of the pattern using the global variables of the terminal.