Introduction to the FX Candlestick Patterns Signal Indicator
The FX Candlestick Patterns Signal indicator scans for the Maribozu, Doji, Spinning Top, Hammer, and some other interesting candlestick patterns occurring on the activity chart.
It also provides buy and sell signal alerts when any of those candlestick patterns become tradable.
The FX Candlestick Patterns Signal indicator provides traders with the following information:
- Candlestick pattern detected
- Direction: bullish or bearish
- Trigger price for entry point
- Bid and Ask price
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
Trading Rules Explanation
Signals provided by the FX Candlestick Patterns Signal are really intuitive and will not cause you difficulties. Simply follow the suggestions below.
Buy Entry: Open a long trade when the FX Candlestick Patterns Signal indicator tells you to do so. Place your stop loss a few pips below the last swing low.
Sell Entry: Open a short trade the FX Candlestick Patterns Signal indicator tells you to do so. Place your stop loss a few pips above the swing high.
Exit Trade / Take Profit: Use your own preferred method of trade exit.
How to set up the FX Candlestick Patterns Signal indicator in MT4?
Copy and paste the FxCandlestickPatterns.ex4 or FxCandlestickPatterns.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The FX Candlestick Patterns Signal indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
FX Candlestick Patterns Signal Indicator Free Download
To download the FX Candlestick Patterns Signal Indicator for Metatrader 4 (MT4) for free just click the button below: