CandleScope
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CandleScope Pro Demo – Candlestick Pattern Indicator
CandleScope Pro Demo is a powerful and easy-to-use indicator for MetaTrader 5 that automatically detects and labels the most popular candlestick patterns directly on your chart. This tool is designed to help traders of all levels quickly identify key reversal and continuation signals, improving decision-making and trading accuracy.
Key Features:
- Automatic Detection: Instantly scans and highlights the following candlestick patterns:
- Doji
- Spinning Top
- Inside Bar
- Harami
- Piercing Line
- Dark Cloud Cover
- Visual Alerts: Each pattern is marked with a clear arrow and a label for easy recognition.
- Customizable Appearance: Choose your preferred colors, arrow styles, and label settings.
- Works on All Timeframes and Symbols: Suitable for Forex, stocks, indices, and commodities.
- Lightweight and Fast: Optimized for minimal impact on platform performance.
How to Use:
- Attach the indicator to any chart and timeframe.
- Watch as patterns are automatically detected and labeled in real time.
- Use the visual signals to enhance your technical analysis and trading strategies.
How CandleScope Pro Demo Works
1. Pattern Detection
- The indicator scans recent candles on any timeframe.
- It detects common candlestick patterns:
- Bullish (Buy) Patterns: Piercing Line, Harami (when bullish), etc.
- Bearish (Sell) Patterns: Dark Cloud Cover, Harami (when bearish), etc.
- Neutral/reversal patterns: Doji, Spinning Top, Inside Bar.
2. Visual Signals
- When a pattern is detected, the indicator:
- Draws an arrow on the chart at the candle.
- Adds a label with the pattern name above or below the candle.
3. Timeframe Flexibility
- The indicator works on any timeframe (M1, M5, H1, D1, etc.).
- On short-term timeframes (like M1, M5), signals are for quick trades (scalping/intraday).
- On long-term timeframes (like H4, D1, W1), signals are for swing or position trades.
How to Use for Buy/Sell, Short/Long Term
- Buy (Bullish) Signal:
When you see a green/lime arrow and label (Piercing Line, bullish Harami), consider buying. - Sell (Bearish) Signal:
When you see a red arrow and label (Dark Cloud Cover, bearish Harami), consider selling. - Short-Term Trading:
Use the indicator on lower timeframes (M1, M5, M15). Enter and exit trades quickly based on the signals. - Long-Term Trading:
Use the indicator on higher timeframes (H4, D1, W1). Wait for strong patterns and hold trades longer.
Who is it for?
- Day traders, swing traders, and investors who use candlestick analysis.
- Beginners learning price action and candlestick patterns.
- Experienced traders seeking to automate pattern recognition.
- Please let me know if you have used it, drop your comment.
Note:
This is a demo version. The full version includes more advanced patterns, alerts, and customization options.
Visit CandleScope Pro Full Version for more features.
