Candlestick Alert Indicator for MT4 and MT5

Written by Dominic Walsh · Published 4 Aug 2026 · Last updated 9 Sep 2026

Pattern tools break down on the size question. A body that engulfs on gold is nothing on a quiet cross. The candlestick alert indicator sizes every test against the current range reading rather than a fixed number, so one set of settings works wherever you load it.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	3: Bullish Pattern, Bearish Pattern, Neutral Pattern
Alerts	popup, push notification, email, sound
Inputs	33

What the Candlestick alert Indicator draws on the chart

Three arrow plots and text labels.

`Bullish Pattern` uses arrow 233 in chartreuse.

`Bearish Pattern` uses arrow 234 in orange red.

`Neutral Pattern` uses arrow 159 in khaki.

Each detection gets its name printed beside it.

A panel counts what it found recently.

• Bullish Pattern: arrow, chartreuse, width 3, arrow code 233
• Bearish Pattern: arrow, orange red, width 3, arrow code 234
• Neutral Pattern: arrow, khaki, width 1, arrow code 159

How the Candlestick alert Indicator calculates its values

A size floor first

Size comes first. `InpMinRangeATR` `0.45` of the `InpAtrPeriod` `14` reading is the floor. A bar under that gets skipped before any shape test runs.

Each shape in turn

Every pattern has a rule. `InpMinBodyATR` `0.35` sizes an engulfing body. `InpPinBodyPct` `33.0` caps a pin body, and `InpPinWickMult` `2.00` sets its tail.

Spacing them out

`InpMinGap` `3` keeps marks apart. `InpTrendFilter` ships off. Switch it on and a mark must agree with a `InpTrendPeriod` `50` average.

How to read the signals

Colour splits bullish, bearish and neutral.

The printed name says which pattern fired.

Neutral covers inside bars and doji.

Marks sit `InpArrowATR` `1.15` ranges off the bar.

The trend filter thins the count sharply.

A panel counts the last two hundred bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` sits over the pattern alerts and ships true with `EnablePopup`. `EnablePushNotify` reaches a phone, `EnableEmail` posts mail and `EnableSound` plays `SoundFile`. Those three arrive off.

Every Candlestick alert Indicator input

Core settings

Setting	What it does	Default
InpAtrPeriod	ATR period (size filters + offsets). Bars behind each size test, `14`.	14
InpMinRangeATR	Bar range must be >= this x ATR. Least bar range, `0.45`.	0.45
InpMinBodyATR	Engulfing body must be >= this x ATR. Least engulfing body, `0.35`.	0.35
InpPinBodyPct	Pin body <= this % of the range. Pin body share, `33.0`.	33.0
InpPinWickMult	Dominant wick >= this x body. Wick against body, `2.00`.	2.00
InpPinWickPct	Dominant wick >= this % of the range.	55.0
InpPinOppPct	Opposite wick <= this % of the range.	22.0
InpDojiBodyPct	Doji body <= this % of the range. Doji body cap, `10.0`.	10.0
InpUseEngulf	Detect engulfing bars.	on
InpUsePin	Detect hammer / shooting star.	on
InpUseOutside	Detect outside bars.	on
InpUseInside	Detect inside bars.	on
InpUseDoji	Detect doji bars.	on
InpTrendFilter	Directional patterns must agree with the EMA. Ask for trend agreement, `false`.	off
InpTrendPeriod	EMA period for the filter. Bars in that average, `50`.	50
InpMinGap	Minimum bars between arrows (buffer-scanned). Bars between marks, `3`.	3
InpNeutralATR	Neutral dot distance above the bar (x ATR).	0.85

Display settings

Setting	What it does	Default
InpArrowATR	Arrow distance from the bar (x ATR). Mark distance, `1.15`.	1.15
InpLabelBars	Label detections within N bars.	300
InpMaxLabels	Hard cap on text objects.	260
InpFontSize	Pattern-name font size.	8
InpShowPanel	Show summary panel.	on
InpPanelCorner	0=UL 1=UR 2=LL 3=LR.	0
InpPanelX	Panel X offset.	12
InpPanelY	Panel Y offset (clears one-click panel).	120
InpPanelScan	Bars counted by the panel.	200
InpPanelBg	Panel background.	black

Alert settings

Setting	What it does	Default
EnableAlerts	(see inputs panel)	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Settings that fit your chart

Tying each test to the range reading is what lets this travel. EURUSD H1 is the reference chart. Patterns come several times a day there. On M5 the size floor rejects most bars. On H4 each one is worth a look.

When the Candlestick alert Indicator fails

A named pattern describes, it does not forecast.

Five types at once makes for a lot of marks.

The trend filter ships off, so marks appear against the trend.

Text labels are capped, so old ones drop away.

Copy the compiled Candlestick alert Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Candlestick alert Indicator: Candlestick pattern on Wikipedia, Candlestick Charts at StockCharts ChartSchool.

Download the Candlestick alert Indicator for MT4 and MT5

The zip holds the compiled Candlestick alert Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why does InpMinRangeATR come before every other test?

Because a tiny bar can technically satisfy any pattern rule while meaning nothing. Requiring at least 0.45 of the current range reading throws those out before the shape tests even run.

How do InpPinBodyPct and InpPinWickMult define a pin?

Together they describe the shape. The body has to be under a third of the total range, and the dominant wick has to be at least twice the body, which is what gives a pin bar its long tail.

What does InpTrendFilter change when switched on?

It demands that directional patterns agree with a fifty-bar average. A bullish engulfing below that average then prints nothing, which cuts the count sharply and removes most counter-trend marks.

Why is InpMinGap 3 needed?

Because several patterns can qualify within a few bars of each other, especially around a turn. Three bars of spacing turns that cluster into one mark rather than four stacked arrows.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Candlestick alert Indicator as one input. Always backtest before trading live.