Key Candlepatterns

Key Candlepatterns

Platform: MetaTrader 5
Type: Custom Indicator
Display: Chart Window (Candlestick Overlay)

Functions:

• Detects and color-codes specific candlestick patterns based on candle shape, relative position, and ATR filters.

• Candles receive distinct colors depending on type (e.g. inside bar, outside bar, engulfing, hammer, shooting star, etc.).

• Visual patterns can help traders identify where buyers or sellers are likely active.

• Turning points (e.g., hammer followed by confirmation) are highlighted with arrows.

• Includes support/resistance zones, ATR, EMA, and high/low ranges.

• Outputs multiple buffers:

  • Candlestick color classification

  • ATR and true range

  • Local highs/lows (support and resistance)

  • Turning point markers

  • Trigger strength signals

Input Parameters:

• TurningPointLookback (default: 14)
  Number of candles used to check for repeat confirmation of key candles (double signals).

• AtrPeriod (default: 5)
  Period for average true range used to validate volatility.

How It Works:

• Candles are classified by structure (e.g., inside bar, engulfing, hammer).

• Each type is assigned a specific color for visual recognition.

• A sequence of key candles can form recognizable patterns that signal buyer or seller pressure.

• The system tracks recent turning points and shows arrows when a reversal is likely.

• Helps traders identify localized support/resistance and behavioral shifts in price action.