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.
If you trade using the MetaTrader 4 terminal, then you can download the full analogue of the "Candle Pattern Finder for MT4" indicator
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*)
- OutSide Bar
- 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
- Rising Three Methods / Falling Three Methods
- Marubozu (including Closing/Opening Marubozu)
- Meeting Lines
- Harami, including Harami Cross
- Doji, including Evening/Morning Doji Star
- Thrusting Line
* - "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.
- Three languages are supported: English, Russian and Portuguese (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).
If you want to scan candlestick patterns for all instruments and timeframes at once, then pay attention to the "Candle Pattern Dashboard for MT5" indicator
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)
- Enable OutSide Bar pattern (Disable / Enable)
- 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 Marubozu (including Closing/Opening Marubozu) (Disable / Enable)
- Enable Meeting Lines pattern (Disable / Enable)
- Enable Harami pattern (Disable / Harami shadows can walk out of shadows of a prev.candle / Harami shadows can not go beyond the shadow of the prev.candle)
- Doji patterns (Disable / Single Doji candle (without confirmation) / Doji candle with confirmation (is Morning/Evening Doji Star)
- Thrusting Line
Alerts, E-mail, Push-messages
- 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
1. Reversal Outside Bars only - a signal only if the direction of the "Outside Bar" candle is opposite to the direction of the previous candle
2. All Outside Bars - signals on all "Outside Bar" candles
- Improved trend detection algorithm.
In the Harami model, you can now change the sensitivity to the signal (the shadows of the Harami candlestick can protrude beyond the shadows of the previous candles)
This is relevant for trading exchange instruments.
Use the "Patterns direction" parameter ("UP only" / "DOWN only" / "UP and DOWN")
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.