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Candlestick patterns can be of great help in trading, but it doesn’t always work out to recognize them “by eye,” experience and habit are needed. Beginning traders will be helped by a special indicator.

For starters, if you do not know what candle patterns are, you can read about them here.

Our indicator is called plain: CPI (CandleStick Pattern Indicator) What is he doing? As soon as a combination of candles appears, it gives out a sound signal, draws an up or down arrow on the chart, and also signs the name of the candlestick model. For your convenience, I translated the names of the patterns displayed by the indicator into Russian.

(click on the screenshot to enlarge)

The indicator setting is standard (see How to install a forex indicator), attach to the pair and timeframe you need.

List of candlestick combinations that the indicator is able to recognize:

  • Hammer
  • The Hanged Man
  • Engulfing Model
  • Morning Star
  • Evening Star
  • Dark Cloud Cover
  • Clearance in the clouds (Piercing)
  • Shooting Star
  • Inverted Hammer
  • Harami
  • Peaks and Bases Tweezer Tops and Bottoms
  • Belt Hold Line
  • Two soaring crows (Upside gap two crows)
  • Three Crows
  • Tatami Hold (Mat_Hold_Pattern)
  • Counterattack lines
  • Separating lines
  • Tombstone Doji (gravestone doji)
  • Long-legged Doji
  • Bull and Bear Doji
  • Tasuki gap
  • Adjacent white candles (side-by-side white)
  • Three methods
  • Three rivers bottom
  • Window (GAP)
  • Three white soldiers
  • Repelled advance (advance block)
  • Braking (stalled pattern)
  • The top break of the Three Methods and the bottom break of the Three Methods (Upside Gap Three Methods and Downside Gap Three Methods)
  • Three-line strike
  • At the Neck Line

The description of these models is in the PDF manual, which is in the archive with the indicator. CPI is able to work on any currency pair, metals and stocks. All timeframes are supported.

Description of CPI indicator settings

Show strong reversal patterns - on / off display of strong reversal patterns

Show weak reversal patterns - on / off display of weak reversal patterns

Show continuation patterns - on / off display of trend continuation models

Show unclassified - on / off display of additional patterns

View bars - how many last candles to consider

Sound alert - on / off the sound signal when the candlestick model appears

Sell ​​color - down arrow color for bearish signals

Buy color - up arrow color for bullish signals

Text color - color of the text on the chart

Important! Nuances of installation in the new Metatrader 4 builds

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