PZ Candlestick Patterns MT5
Are you a price action trader? The PZ Candlestick Patterns indicator recognizes over 30 Japanese Candlestick Patterns and highlights them beautifully on the chart. It detects all patterns regardless the noise taking place on the market, and is simply one of those indicators price action traders can't live without.
- Boost your technical analysis overnight
- Detect japanese candlestick patterns easily
- Trade reliable and universal reversal patterns
- Hop into established trends safely using continuation patterns
- It detects 1-bar, 2-bar, 3-bar and multi-bar patterns
- It detects reversal, continuation and weakness patterns
- Patterns can be enabled or disabled
- It implements email/sound/visual alerts
- The indicator is non-repainting
List of Candlestick Patterns Detected
- Break-Away (a.k.a Line Strikes) from 1 to 5 bars
- Fakey (a.k.a Hikkake)
- Counter Gap
- Three Soldiers / Three Crows
- Hammers / Shooting Star / Hanging Man
- Outside Up / Outside Down
- Inside Up / Inside Down
- Morning Star / Evening Star
- Piercing / Dark Cloud
- Belt Hold
- Rising Three / Falling Three from 1 to 5 bars
- Tasuki Gap
- Side by Side Gap
- Advance Block / Descend Block
- Squeeze Alert (a.k.a Master Candle)
When loading the indicator to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each parameter does.
Switch on/off the highlighting of patterns using the color of the bars.
Show or hide text labels displaying the name of the recognized patterns.
- BullLabel / BearLabel
Choose the color of the text labels for bullish and bearish patterns.
Show or hide boxes surrounding the recognized patterns.
- BullRectangle / BearRectangle
Choose the color of the rectangles for bullish and bearish patterns.
- 1-Bar Patterns
Switch on/off recognition of 1-bar patterns one by one: Hammers, Shooting Stars, Marubozus, Kickers, Windows and Dojis.
- 2-Bar Patterns
Switch on/off recognition of 2-bar patterns one by one: Engulfing, Harami, Piercing, Dark Cloud and Belt Hold.
- 3-bar Patterns
Switch on/off recognition of 3-bar patterns and beyond. Inside Up, Inside Down, Morning Star, Evening Star, Three Soldiers, Three Crows, Advance Blocks, Descend Blocks, Rising Three (and combinations), Tasuki Gaps, Side-By-Side Gaps, Counter Gaps, Deliberations, Squeeze Alerts, Fakey and Break-Away (and combinations).
This option only applies to reversal patterns. Since reversal patterns are only valid at the end of a trend, some kind of condition must be placed to display or ignore certain patterns. A Donchian Filter allows us to filter any reversal pattern using the highest/lowest of the desired last number of bars. The default behavior is to ignore bearish reversal patterns below the highest of the last four bars, and ignore bullish reversal patterns above the lowest of the last four bars. This parameter allows you to switch on/off this filter.
The desired number of bars to evaluate in order to display or ignore reversal patterns. (Only applies if the above option is enabled)
Reversal patterns often take place one after another as the market turns its direction, signaling the reversal more than once as the price evolves. For example, it is frequent to see reversals very similar to the following. A Bullish Hammer (Bar 1), followed by an Engulfing Pattern (Bar 2), an Outside Up Pattern (Day 3) and Three Soldiers (Day 4), being all of them redundant reversal patterns after the first hammer took place. If disabled, the RedundantReversals parameter eliminates this redundancy and hides future reversal patterns in the same direction after the first valid one. This feature is very useful if you are visually backtesting charts but not so much for live trading, since you want to receive as many signals as possible -or perhaps didn't trade the first hammer-. Make sure to enable this option for live trading, in order to see all opportunities and receive alerts.
Enable alerts, email alerts and/or sound alerts for the patterns enabled above.
Some Nitty-Gritty Details
- The indicator is evaluated bar by bar, not tick by tick.
- Colors, labels and rectangles are customizable.
- Patterns can be disabled or enabled.
- The indicator implements alerts.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.