MT4 Candlestick Patterns Indicator allows you to visualize common candlestick patterns on the chart and analyze how these patterns relate to current price structure. Some patterns are associated with potential trend reversal structures, others with trend continuation context, while others reflect price interaction with support and resistance zones.
Candlestick patterns represent recurring price formations based on historical data. Their interpretation depends on broader market context and should be used as part of a structured analytical approach.
The indicator identifies the following common known candlestick patterns:
The indicator is designed in a form of a scanner that allows you to see the most recent pattern formed on a particular instrument/time frame chart. Such approach provides the ability to view recent pattern activity across multiple instruments and timeframes in a structured format highlighting instruments and timeframes where patterns have recently formed.
The indicator plots visual markers (arrows) to show the technical bias associated with each detected pattern. The candlestick patterns trading concept is commonly used as a reference for evaluating directional bias within broader analysis in the context of potential trend continuation or reversal structures (depending on the current market situation).
Each pattern consists of different amount of candles: there are simple 1-candle patterns, more complex 2- and 3-candle patterns, as well as even 5-candle patterns such as “Rising Three” or “Falling Three” patterns. The indicator highlights each pattern with a frame that is drawn around the group of candles that form the pattern. The indicator highlights the specific candle group with a frame and shows the directional bias of the formation. Next to the visual marker and the frame, the name of the related pattern is printed.
The dashboard allows you to see the patterns formed in the market on different instruments and timeframes in a glance.
Each currency pair/timeframe cell contains the name of the most recent pattern identified on the related chart and the amount of bars ago this pattern has formed. The color of the box specifies whether the pattern was bullish or bearish – the more bars ago the pattern was identified, the more pale the color of the cell will be.
Clicking on the related cell will change your chart to the instrument and timeframe of the clicked cell.
The indicator input parameters allow you to configure monitoring scope and pattern selection. It allows you to select the currency pairs and timeframes that you want to monitor. Parameter “max_bars” limits the amount of calculations in order to speed up the indicator in case you do not need it to identify the patterns too far in the past.
The indicator allows you to select which candlestick patterns to visualize on the chart in case there are some patterns that you do not want to follow or in case there are only specific patterns, in which you are interested.
We can customize this indicator to your requirements by adding new features, modifying calculation logic, or combining multiple tools into a unified solution.
We also develop automated trading strategies (Expert Advisors) based on custom logic. The system can include configurable management modules such as dynamic risk parameters, multi-stage trailing stops, additional confirmation filters, and other custom functionality based on your specifications.
The final solution is delivered with full source code and post-delivery support. Contact us for a free consultation to discuss the scope and timeline of your project.
We are committed to the ongoing development and refinement of our indicators. If you’ve spotted a bug, feel that something essential is missing, or have ideas that could make the indicator even better, just send us a message. Your feedback helps us improve and deliver tools that truly meet traders’ needs.
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. View Full Risk Disclosure: https://www.nordman-algorithms.com/risk-disclosure/
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. No representation is being made that any account will achieve profits or losses similar to those shown.
