Pattern Recognition Master Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the Pattern Recognition Master Indicator

The Pattern Recognition Master indicator helps to identify candlestick patterns occurring on the live charts.

It simply marks the candlesticks on the chart with the names of the corresponding patterns (like the Doji or Shooting Star) where applicable.

In the top left corner of the chart, you will find the list of all recognizable bullish and bearish patterns. It is capable of recognizing:

Bearish

Shooting Star
Evening Star
Evening Doji Star
Dark Cloud Pattern
Bearish Engulfing Pattern

Bullish

Bullish Hammer
Morning Star
Morning Doji Star
Piering Line Pattern
Bullish Engulfing Pattern

All you have to do is to manually check the current dominant trend, and then trade according to that trend direction and to the most recent pattern provided by Pattern Recognition Master indicator.

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 to set up the Pattern Recognition Master indicator in MT4?

Installation Guide

Copy and paste the Pattern_Recognition_Master_v3a.ex4 or Pattern_Recognition_Master_v3a.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.

Bottom Line

The Pattern Recognition Master 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.