Every trader wants to trade with benefit. To get the benefit they utilized various indicators and those indicators that help them to identify different information about price patterns, volatility, and numerous different things. Today, we are going to discuss the chart pattern indicator that is very helpful in the Forex trading system.
The chart pattern indicator is a Meta trader indicator used to detect the patterns in the market trend. It is also used to detect the candlestick patterns in the indicator chart. It can also detect the market trends that are shown with the help of candlesticks. It is also used to detect future price movements in the market trend.
Pattern Recognition Master Indicator MT4
It can scan all the market trends, price actions, and currency pairs for a profitable and healthy trade. It is also used to detect the breakouts in the signals of the buy and sell strategies.
This indicator is specially designed for meta trader platforms and it is also designed for the Forex trading system. It can detect different patterns on the indicator chart. It can detect the following patterns:
- Head and shoulder patterns
- Reverse head pattern
- Reverse shoulder pattern
- Rising wedge pattern
- Falling Wedge pattern
- Triangle top pattern
- Double top pattern
- Double bottom pattern
- Triple top pattern
- Triple bottom pattern
It can display all these patterns in a dashboard that provides ease when the traders want to check any of the above pattern changes in the indicator chart.
Mostly, it uses doji patterns to indicate market trends. This indicator is one of the best pattern detector indicators. It uses all the candlesticks. All candlestick used in this indicator are given below: –
- Bullish hammer
- Morning Star
- Bullish engulfing pattern:
- Piercing line pattern
- Morning doji star
- Shooting Star
- Evening Star
- Bearish engulfing Star
- Evening doji star
- Dark cloud pattern
Candlestick Chart Pattern Dashboard Indicator MT4/MT5
The chart pattern indicator has the following characteristics. Different candlestick patterns and candle bars are utilized in this indicator. It uses approximately all the timeframes but the best timeframes for this indicator are 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 Hour, 4 Hours, and 1 Day.
This indicator can be utilized with all the trading sessions. It can be traded with all the currency pairs. Currency pairs used in this indicator are EUR/USD and USD/CHF, GBP/USD and USD/JPY, USD/CAD and AUD/USD, USD/JPY, and AUD/USD, and GBP/USD and USD/CHF. The following currencies are in opposite pair EUR/USD and AUD/USD, EUR/USD and NZD/USD, USDCHF and USD/JPY, AUD/USD, and NZD/USD. There is just 12% of your amount is on the risk.
Download Chart Pattern Recognition Indicator for MT4 Free
USES OF CHART PATTERN INDICATOR: –
The chart pattern indicator has many uses. Some of them are given here. It is the best indicator for meta trader platforms like mt4 and mt5.
It detects the most precise trend patterns in the forex trading system. It uses all the time frames to trade. It is used to detect all the market patterns that are shown on the indicator chart. It is one of the best pattern detector indicator.