Master Candle Mt5

Master Candle Pro is a customizable price-action indicator that automatically identifies Master Candles (Mother Candles), consolidation formations, and selected breakout and reversal patterns.

The indicator combines traditional Master Candle analysis with Body-Only detection, Fakey (Hikkake) patterns, Inside Pin Bars, Fakey Pin formations, and narrow-range compression analysis.

Developed with the assistance of Claude Opus AI, this updated version introduces expanded pattern recognition, additional detection settings, six coordinated color themes, and improved chart visualization.

Master Candle Detection

A Master Candle is a candle whose price range contains a specified number of subsequent candles. These formations can highlight periods of consolidation before a potential breakout.

• Adjustable minimum: Default 3 contained candles, excluding the mother candle.

• Adjustable maximum: Default 20 candles, with an unlimited option within available historical data.

• Traditional detection: Uses candle highs and lows, including wicks.

• Body-Only Containment: Tests the open and close of subsequent candles against the mother candle's high-low range, ignoring their wicks.

• Body-Only Boundaries: Uses the mother candle's open-close range for both boundaries and tests subsequent candle bodies against it. This is a separate detection method for body-based consolidation formations.

• Equal highs and lows: Optional acceptance of candles touching the boundaries.

• Nested setup filtering: Optionally suppresses overlapping Master Candle formations to reduce chart clutter.

• Closed-candle confirmation: Available to avoid relying on incomplete candle formations.

Additional Price-Action Patterns

Fakey (Hikkake) Detection

Identifies false breakouts in which price moves beyond a Master Candle boundary and subsequently closes back inside the range.

The indicator can distinguish bullish and bearish Fakey formations, with adjustable return periods, breakout buffers, and optional confirmation from a close beyond the opposite boundary.

Inside Pin Bar Detection

Recognizes pin bars appearing within an established Master Candle consolidation.

Pin bars are evaluated using their actual highs, lows, body size, and rejection wick. Both bullish and bearish rejection candles can be marked.

Adjustable wick and body percentage thresholds allow traders to refine the detection criteria.

Fakey Pin Detection

Identifies Fakey formations where the false-breakout candle is also a pin bar.

When enabled, these formations receive a separate Fakey Pin label, distinguishing them from standard Fakey signals.

ID/NR7 Compression Detection

ID (Inside Day/Inside Bar) means a candle is contained within the previous candle's range. NR7 (Narrowest Range of 7) means it has the smallest high-to-low range of the last seven candles.

Together, they identify tight volatility compression and a possible upcoming breakout, without predicting its direction.

The comparison period is adjustable, with seven candles as the default.

Chart Visualization

Master Candle Pro includes extensive appearance settings to keep price-action formations visible without unnecessarily obscuring the candles.

Six coordinated color themes

• White Blue

• White Charcoal

• White Emerald

• Dark Silver

• Dark Cyan

• Dark Gold

Other display options include:

• Optional shaded consolidation boxes with adjustable transparency.

• Native chart-anchored shading, designed to remain aligned with price and time while zooming and scrolling.

• Alternative transparent canvas shading for overlapping boxes.

• Custom upper and lower boundary colors, line styles, and thickness.

• Adjustable boundary extensions beyond the consolidation.

• Optional middle line at the center of the Master Candle range.

• Configurable text colors, font sizes, and label offsets.

• Optional Master Candle inscriptions, with separate pattern labels.

Alerts and Performance Controls

The indicator supports optional popup and sound alerts for newly confirmed Master Candles and detected pattern signals.

Historical processing and chart-object counts can be controlled using adjustable lookback periods and maximum displayed setups.

By default, the indicator scans up to 1,500 historical bars and displays up to 80 setups. With closed-candle confirmation enabled, routine calculations are performed when a new bar forms rather than on every incoming tick.

The default native shading mode uses chart-anchored objects and does not require a continuous redraw timer. The alternative canvas mode provides true transparency but may need additional redraw processing during chart navigation.

Trading Applications

Master Candle Pro can assist with:

• Identifying consolidation and potential breakout levels.

• Studying full-range versus body-only Master Candle formations.

• Recognizing false breakouts and possible price rejection.

• Locating Inside Pin Bar and Fakey Pin configurations.

• Identifying narrow-range volatility compression.

• Reviewing historical price-action formations across different instruments and timeframes.

Default settings emphasize Master Candle detection. Fakey, Inside Pin Bar, Fakey Pin, and compression recognition can be enabled individually according to the trader's preferred analysis.

Master Candle Pro is an analytical indicator, not an automated trading system. The detected patterns do not guarantee any particular price movement or trading result.