Pattern Recognition Indicator
Pattern Recognition indicator for MT4 is a technical tool that recognizes different candlesticks chart patterns in the market.
Description
The Pattern Recognition indicator for MetaTrader 4 is simply a technical tool that identifies different candlestick chart patterns in the financial market. It’s a great trading asset in technical analysis because candlestick chart patterns are widely used as confirmation for a trade entry/exit.
Therefore, the indicator is recommended for all classes of traders, especially novice forex traders. Besides, it is flexible and allows you to specify the type of candlestick patterns to be recognized. This helps to keep your chart less messy and makes it easy for you to trade with your favorite candlestick patterns.
How to Use the Pattern Recognition Indicator
The above image depicts the action of the indicator on a EURUSD currency pain in the H4 time frame. It typifies how to use the indicator to identify a trading opportunity in the market.
The trend line on the image shows that the market is in a downtrend (bearish), which implies that only the candlestick patterns that sync with the bearish trend would be considered. Furthermore, the price had multiple wick rejections after the third retest of the trend line, which also suggest that the trend line may likely hold. Finally, the indicator identifies a bearish engulfing candlestick pattern on the trend line, signaling the sell entry.
Conclusion
The Pattern Recognition Indicator for MT4 is a technical tool designed to help in identifying candlestick chart patterns with ease. Finally, it is free to download.
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