The Candle Alert indicator recognizes 27 main candlestick patterns.
|Indecision||Early Reversal||Decisive Reversal||Others|
|Doji||Hammer||Bullish Engulfing||Bullish Harami|
|Grave Stone||Shooting Star||Bearish Engulfing||Bearish Harami|
|Dragon Fly||Pricing||Morning Star||Bullish Yin Yang|
|Spinning top||Dark Cloud Cover||Evening Star||Bearish Yin Yang|
|Spinning Bottom||Doji Close Low||3 White Soldiers|
|Hanging Man||Doji Close High||3 Black Crows|
|Inverted Hammer||Tweezers Top||Bullish Inside Break Out Bar|
|Tweezers Bottom||Bearish Inside Break Out Bar|
Candle Alert can notify about the appearance of a determining candlestick.
This indicator can simultaneously be used in two modes:
Historical mode, which is looking for models on historical candlesticks. The number of those candlesticks is specified by the user. The indicator conceals them. Put 0 in the properties of the indicator to search among the candlesticks on the chart.
Trade mode, which is looking for models appearing with the last closed candlestick. When Candle Alert comes across that candlestick, it alerts about it or notifies via an email or a push notification if they have been enabled in the terminal settings.
One of the distinctive features of Candle Alert is its flexibility, which is necessary when working with Japanese candlesticks. It adapts the threshold value of the candlestick size, recognizes if recent movement was up or down to distinguish patterns unrelated due to their size or location with respect to previous bars.
Configuring this indicator is most flexible too. It allows either to select certain models for recognition or to set up a search of all models with only one parameter.
This indicator features methods of support and resistance, used in the SupportResistanceScreener indicator. It allows assessing the risk/reward ratio for the last pattern in the Trade Mode and spot models with unfavorable ratio less than 1:1.
Setup details are described in the "Discussion" tab.
A video demonstration of how to use Candle Alert is also available. You can use the CC function for translating the subtitles in Youtube.