There are many candlestick patterns in forex. It’s one thing to recognize them in theory and textbooks. But they don’t always look as perfect on live forex charts. If only there was an indicator that helps to identify candlestick patterns on the live charts.
There is. It is the Pattern Recognition Master indicator.
Pattern Recognition Master Indicator
The pattern recognition master indicator simply tells you what candlestick patterns are on your charts in real-time. It displays these details by placing some letters on new candlestick patterns as they form. And on the top left corner of the chart, the indicator shows what each letter stands for. For instance, S_E stands for a bearish engulfing candlestick pattern on the indicator and L_E stands for a bullish engulfing candlestick pattern.
How Do you Use Indicator?
The pattern recognition master indicator displays candlestick patterns on the forex chart. So, the best way to use the indicator is by knowing how to use the individual candlestick patterns in your forex trading.
It is also important that a trader does not use this indicator in isolation. But instead, combine the indicator with other forex market structures and indicators to get a better idea of the direction of a currency pair. For instance, a hammer candlestick pattern, which often signifies an uptrend, may appear in a major downtrend. Entering a buy order in a bearish market trend is very risky, as you would be trading against the trend.
So, to enter a bullish trade after a bullish engulfing candlestick, a trader has to first confirm that the market is on an uptrend. For an ideal situation, other forex trading tools, such as indicators and market structures like resistances and supports, have to confirm the trade. However, this rarely happens in forex, so you have to follow your own trading rules to enter your trades.
Setting
Show_Alert: Overrides every other alert option to determine whether to show alert or not to.
Display_ShootStar_2: Lets the shooting star pattern appear on the chart
Show_ShootStar_Alert_2: Controls the alert for the shooting star pattern
Display_ShootStar_3: Lets shooting star pattern appear on the chart or not
Show_ShootStar_Alert_3: Lets you receive an alert for the shooting star pattern
Display_ShootStar_4: Lets shooting star pattern appear on the chart
Show_ShootStar_Alert_4: Lets you receive an alert for the shooting star pattern
Color_ShootStar: Lets you change the color of the shooting star on your chart
Text_ShootStar: No known effect on the indicator.
Display_Hammer_2: Lets the hammer pattern appear on the chart
Show_Hammer_Alert_2: Lets you receive an alert for the hammer pattern
Display_Hammer_3: Lets the hammer pattern appear on the chart
Show_Hammer_Alert_3: Lets you receive an alert for the hammer pattern
Display_Hammer_4: Lets the hammer pattern appear on the chart
Show_Hammer_Alert_4: Lets you receive an alert for the hammer pattern
Color_Hammer: Lets you change the color of the hammer pattern on your chart
Text_Hammer: No known effect on the indicator.
Display_Doji: Lets Doji appear on the chart
Show_Doji_Alert: Lets you receive an alert for the Doji pattern
Color_Doji: Lets you change the color of the Doji on your chart
Text_Doji
Display_Stars: Lets stars appear on the chart
Show_Stars_Alert: Lets you receive an alert for the stars
Color_Star: Lets you change the color of the stars on your chart
Text_Star
Display_Dark_Cloud_Cover: Lets Dark cloud cover appear on the chart
Show_DarkCC_Alert: Lets you receive an alert for the dark cloud cover pattern
Color_DarkCC: Lets you change the color of the dark cloud cover on your chart
Text_DarkCC: No known effect on the indicator.
Display_Piercing_Line: Lets Piercing Line appear on the chart
Show_Piercing__Line_Alert: Lets you receive an alert for the piercing line pattern
Color_Piercing_Line: Lets you change the color of the piercing on your chart
Text_Piercing_Line
Display_Bearish_Engulfing: Lets the bearish engulfing pattern appear on the chart
Show_Bearish_Engulfing_Alert: Lets you receive an alert for the bearish engulfing pattern
Color_Bearish_Engulfing: Lets you change the color of the bearish engulfing on your chart
Text_Bearish_Engulfing: No known effect on the indicator.
Display_Bullish_Engulfing: Lets the bullish engulfing pattern appear on the chart
Show_Bullish_Engulfing_Alert: Lets you receive an alert for the bullish engulfing pattern
Color_Bullish_Engulfing: Lets you change the color of the bullish engulfing on your chart
Text Bullish_Engulfing
alertsMessage: Lets you receive a message for an alert.
alertsSound: Lets you hear an alert plays a sound
alertsEmail: Lets you receive a mail for an alert
Who is the Pattern Recognition Master Indicator Best For?
Anyone who uses forex candlestick patterns in their trading would find the pattern recognition indicator useful. The good thing about forex candlestick patterns is that anyone can trade them, irrespective of their trading style or the timeframe they choose. And by extension, any forex trader can use the forex candlestick patterns.
