Candles Indicator for MT5
A visualization system for favorite candlesticks price action patterns.
Once attached, indicator will automatically mark next patterns on the chart:
- Pinocchio bar - a small-body bar with a long 'nose', very well-known reverse pattern;
- Inside bar - a bar whose range lies inside the range of the previous bar. It represents market incertitude;
- Outside bar - a bar whose range exceeds the range of the previous bar. It represents market incertitude;
- Rails pattern - two consequent opposite bars with almost equal, larger bodies. A reverse pattern, which actually coincides with a Pinocchio bar pattern from a higher timeframe;
- Master candle pattern - the fiver of candles, where four subsequent candles have their ranges inside the range of the fifth - Master candle. This pattern represents market consolidation, especially on a lesser timeframe.
- Gap - a gap between close and open prices of consequent bars, which should not be overlooked.
This indicator was developed with high performance requirements in mind.