![]() ![]() It uses abbreviated labels, which keeps the chart less cluttered, and includes an onscreen legend to help you identify each pattern that is highlighted. Note: Of the 3 indicators listed on this page, this is the only one that allows you to assign a separate color to each candlestick pattern. It also has the option to set a separate color for each pattern. Alerts for each individual pattern can be turned on or off as well. The Pattern Recognition Master indicator claims to identify 10 popular candlestick patterns (5 bullish and 5 bearish patterns).Įach individual candlestick pattern can be turned on or off. Unfortunately, it didn’t live up to the hype. I noticed a few other websites recommending this indicator, so I had high hopes for it. My hope is that this provides a fair comparison.īelow are my top 3 picks, including the best candlestick pattern indicator for MT4 that I could find: #3 Pattern Recognition Master The screenshots used are from the same broker, timeframe, and section of the chart. In fact, I’m only recommending one of these indicators and even it isn’t perfect. Keep in mind that just because an indicator made it onto this list doesn’t mean that I’m endorsing it. The indicators that I could get working were ranked by their ability to identify strong reversal patterns. Many of the indicators I tested were junk. I chose the 3 indicators below after testing many candlestick pattern indicators for MT4. The Best Candlestick Pattern Indicator for MT4 However, when I first started trading candlestick patterns, a good candlestick pattern indicator for MT4 would have been very useful to me, so I figured some of you would find this useful. See one of the updated articles in my candlestick trading course to see what I mean. Personally, I don’t need an indicator to help me identify candlestick patterns anymore.Īlso, since I apply my own filters to qualify good candlestick patterns, simply pointing out candlestick patterns isn’t necessarily very useful to me. I recently tested a bunch of the most popular indicators of this kind to find out which is the best candlestick pattern indicator for MT4. The problem is most of them are terrible. Wouldn’t it be great if there was a candlestick pattern indicator for MT4 that could help you identify good candlestick signals? Well, there is. ![]()
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