Pattern Recognition Master Indicator
Extremely precise intraday signals that form patterns from price bars, such as the morning star pattern, and appear at zone and pivot points. All of stuff is contained in your MT4!
- Description
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- Indicator Settings
Description
In forex, there are numerous candlestick patterns. Recognising them in theory and textbooks is one thing. On live forex charts, however, they don’t always appear as flawless. If only the live charts had an indication that made it easier to spot candlestick patterns.
there is. The Pattern Recognition Master indicator is what it is.
Pattern Recognition Master Indicator
Simply said, the pattern recognition master indicator instantly identifies the candlestick patterns on your charts. By positioning a few letters on newly formed candlestick patterns, it illustrates these nuances. Additionally, the indicator in the upper left corner of the chart indicates the meaning of each letter. For example, the indicator’s S_E and L_E symbols represent bearish and bullish engulfing candlestick patterns, respectively.
Indicator Use: How Do You Use It?
Candlestick patterns are shown on the forex chart using the pattern recognition master indicator. Therefore, understanding how to apply each candlestick pattern in your forex trading is the best approach to use the indicator.
Additionally, it’s critical that traders don’t employ this indicator alone. To better understand the direction of a currency pair, however, combine the indicator with other forex market structures and indications. For example, during a significant decline, a hammer candlestick pattern—which typically denotes an uptrend—may emerge. Since you would be trading against the trend, it is extremely dangerous to enter a buy order during a negative market trend.
Therefore, a trader must first ensure that the market is on an upswing before entering a bullish trade following a bullish engulfing candlestick. In a perfect scenario, the trade must be confirmed by other forex trading instruments like indicators and market structures like resistances and supports. This rarely occurs in forex, though, therefore you must enter your trades according to your own trading guidelines.
Who Should Use the Pattern Recognition Master Indicator?
The pattern identification indicator would be helpful to anyone who trades using forex candlestick patterns. The benefit of forex candlestick patterns is that they are accessible to all traders, regardless of their preferred timeframe or trading style. Therefore, the forex candlestick patterns are accessible to all forex traders.
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Show_Alert: Overrides all other alert settings to enable or disable alerts.
Display_ShootStar_2: Displays the Shooting Star pattern on the chart.
Show_ShootStar_Alert_2: Enables alerts for the Shooting Star pattern.
Display_ShootStar_3: Toggles display of the Shooting Star pattern on the chart.
Show_ShootStar_Alert_3: Enables alerts for the Shooting Star pattern.
Display_ShootStar_4: Displays the Shooting Star pattern on the chart.
Show_ShootStar_Alert_4: Enables alerts for the Shooting Star pattern.
Color_ShootStar: Allows customization of the Shooting Star pattern’s color on the chart.
Text_ShootStar: No known effect on the indicator.
Display_Hammer_2: Displays the Hammer pattern on the chart.
Show_Hammer_Alert_2: Enables alerts for the Hammer pattern.
Display_Hammer_3: Displays the Hammer pattern on the chart.
Show_Hammer_Alert_3: Enables alerts for the Hammer pattern.
Display_Hammer_4: Displays the Hammer pattern on the chart.
Show_Hammer_Alert_4: Enables alerts for the Hammer pattern.
Color_Hammer: Allows customization of the Hammer pattern’s color on the chart.
Text_Hammer: No known effect on the indicator.
Display_Doji: Displays the Doji pattern on the chart.
Show_Doji_Alert: Enables alerts for the Doji pattern.
Color_Doji: Allows customization of the Doji pattern’s color on the chart.
Text_Doji: No known effect on the indicator.
Display_Stars: Displays star patterns on the chart.
Show_Stars_Alert: Enables alerts for star patterns.
Color_Star: Allows customization of star patterns’ color on the chart.
Text_Star: No known effect on the indicator.
Display_Dark_Cloud_Cover: Displays the Dark Cloud Cover pattern on the chart.
Show_DarkCC_Alert: Enables alerts for the Dark Cloud Cover pattern.
Color_DarkCC: Allows customization of the Dark Cloud Cover pattern’s color on the chart.
Text_DarkCC: No known effect on the indicator.
Display_Piercing_Line: Displays the Piercing Line pattern on the chart.
Show_Piercing_Line_Alert: Enables alerts for the Piercing Line pattern.
Color_Piercing_Line: Allows customization of the Piercing Line pattern’s color on the chart.
Text_Piercing_Line: No known effect on the indicator.
Display_Bearish_Engulfing: Displays the Bearish Engulfing pattern on the chart.
Show_Bearish_Engulfing_Alert: Enables alerts for the Bearish Engulfing pattern.
Color_Bearish_Engulfing: Allows customization of the Bearish Engulfing pattern’s color on the chart.
Text_Bearish_Engulfing: No known effect on the indicator.
Display_Bullish_Engulfing: Displays the Bullish Engulfing pattern on the chart.
Show_Bullish_Engulfing_Alert: Enables alerts for the Bullish Engulfing pattern.
Color_Bullish_Engulfing: Allows customization of the Bullish Engulfing pattern’s color on the chart.
Text_Bullish_Engulfing: No known effect on the indicator.
alertsMessage: Enables alert messages.
alertsSound: Enables sound notifications for alerts.
alertsEmail: Enables email notifications for alerts.
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