Classic Candlestick Patterns Scanner
- Indicators
- Version: 2.20
- Activations: 15
Classic Candlestick Patterns Scanner
- This indicator automatically detects classic candlestick patterns on both the live chart and its historical data. The name of each detected pattern is displayed at the corresponding location on the chart together with an arrow. You can also choose to display the pattern's stop-loss (invalidation) level and receive a notification on your mobile device or directly in the MetaTrader terminal whenever a new active pattern is detected.
- Patterns are categorized and marked according to their direction (bullish or bearish) and their function (reversal or momentum/continuation).
- For convenient operation, the indicator includes a dedicated management panel. Without opening the indicator's settings window, you can use the panel to choose which patterns should be detected, enable or disable stop-loss lines, turn notifications on or off, and control other settings.
- The panel can be moved to any position on the chart, resized, or minimized. You can choose between a dark or light theme and customize its fonts and colors to your preference, while the indicator remains highly responsive and lightweight.
Pattern Definitions and Sources
The definitions and calculations used for the patterns are based on multiple references, including the following books:
Steve Nison, Japanese Candlestick Charting Techniques, 2001.
Gregory Morris, Candlestick Charting Explained, 2006.
Michael C. Thomsett, Candlestick Charting: Profiting from Effective Stock Chart Analysis, 2017
23 Candlestick Patterns
The indicator detects 23 different candlestick patterns. Additional patterns may also be added to the collection in the future based on user requests.Bullish Reversal Patterns
- Hammer
- Inverted Hammer
- Morning Star
- Dragonfly Doji
- Piercing Line
- Bullish Engulfing
- Bullish Harami
- Tweezer Bottom
- Hanging Man
- Shooting Star
- Evening Star
- Gravestone Doji
- Dark Cloud Cover
- Bearish Engulfing
- Bearish Harami
- Tweezer Top
- Three White Soldiers
- Bullish Marubozu
- Bullish King
- Three Black Crows
- Bearish Marubozu
- Bearish King
- Doji
Why Candlestick Patterns Matter
Candlestick patterns can be used not only as a standalone trading system, but also as a confirmation tool within many other trading approaches. In many trading styles, candlestick formations serve as a final confirmation signal, particularly patterns such as the Hammer, Shooting Star, and Engulfing, which can be especially useful in momentum- and divergence-based approaches.
They can also complement approaches based on Supply & Demand, ICT, SMC, and similar methodologies. For example, setups involving FVGs or Liquidity Grabs may be accompanied by candlestick formations such as King, Marubozu, Three White Soldiers, Three Black Crows, Hammer, or Inverted Hammer.
Key Features
- Detection of 23 classic candlestick patterns
- Interactive management panel for enabling or disabling individual patterns according to your needs
- Optional display of pattern stop-loss / invalidation levels
- Notifications when a new active pattern forms on the chart
- Option to restrict reversal-pattern detection to formations occurring near recent highs and lows
- No repainting
- Suitable for all timeframes and all symbols
