Pattern Recognition Indicator MT5

The Pattern Recognition Indicator MT5 is an invaluable forex tool designed to detect candlestick patterns on your charts as they emerge. This indicator is specifically developed to automatically identify and highlight candlestick patterns in real-time on your live charts. Free download is available.

Sounds interesting? Let’s take a closer look at it.

Pattern Recognition Indicator: Introduction

MT5 Indicator Overview

The download link of the Pattern Recognition MT5 indicator is placed at the bottom of this post – once you’re done, your Metatrader 5 trading chart should look similar to the example below.

The Pattern Recognition indicator provides information about the candlestick patterns present on your charts. It accomplishes this by promptly labeling newly formed patterns with concise names. In the top left corner of the chart, the indicator also displays the corresponding meaning of each letter in white text. For example, the indicator denotes a bearish engulfing candlestick pattern as “S_E” and a piercing line candlestick pattern as “PrcLn.”

To make the most of the indicator, it is crucial to understand the individual candlestick patterns and how they can be utilized in forex trading. It is important not to rely solely on this indicator but instead combine it with other forex market indicators and structures to gain a clearer understanding of the currency pair’s direction.

Pattern Recognition Usage Explained

For example, let’s consider a bearish engulfing candlestick pattern, which typically indicates a downtrend. However, it may occur within a significant uptrend. Taking a sell position in a bullish market trend poses considerable risk since it means trading against the prevailing trend.

Therefore, before entering a bearish trade following a bearish engulfing pattern, a trader must first confirm that the market is indeed in a downtrend. Ideally, other forex trading tools such as indicators and market structures like resistance and support levels should also support the trade. However, such ideal circumstances are rare in forex trading, so it becomes crucial to follow your own trading rules when entering trades.

MT5 Indicators: Download and Installation Instructions

Download the Pattern Recognition Indicator MT5.rar archive at the bottom of this post, unpack it, then copy and paste the pattern-recognition.ex5 or pattern-recognition.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Indicator Summary

The MT5 Pattern Recognition indicator for MetaTrader is a preferred tool among traders who incorporate candlestick patterns into their trading strategies. One of the notable advantages of forex candlestick patterns is their universal applicability, regardless of an individual’s trading style or preferred timeframe. Furthermore, these patterns can be effectively utilized by any forex trader as part of their overall trading strategies.