The Candlestick Pattern Indicator scans your MT4 and MT5 chart for its target price pattern and marks each occurrence as it completes. Also, you get the setup flagged on the bar it confirms – no manual pattern-hunting – with an alert on every fresh print.
For more like this, browse the more candle-sticks indicators for forex or jump to the full free MT4 and MT5 indicators.
What the Candlestick Pattern Indicator does on the chart
The internals stay close to widely used math. That keeps the tool predictable. It is easy to debug. Also, you can compare it to any other chart platform.
The Candlestick Pattern Indicator reads price, volume, and recent bar structure. Also, still, it plots the result on the chart. You can read it at a glance. Thus, it is built for MT4 and MT5. You drag it onto any chart in one step.
Key features and settings
- Scans bar combinations for the configured pattern
- Marks valid setups on the chart with a small icon
- Optional alert toggle when a new pattern prints
- Easy to disable individual pattern types you do not use
- Full alert system: popup, push notification to mobile MetaTrader, email, and sound — all four channels can be toggled independently from the inputs panel. Alerts fire once per closed bar so you never get spammed mid-tick.
- Built for MT4 and MT5; works on every timeframe the platform supports.
- Lightweight code that does not slow down the chart.
| Setting | Description | Recommended default |
|---|---|---|
| Pattern set | Which patterns to scan for | All |
| Min body ratio | Minimum candle body ratio for a valid pattern | 0.6 |
| Alerts | Toggle alerts when a new pattern prints | Off |
| Color theme | Switch between dark and light chart palettes | Dark |
| Show on chart | Toggle the on-chart visual without removing the indicator | On |
How to read signals from the Candlestick Pattern Indicator
This indicator highlights configured candle and chart patterns as they appear. Also, still, hence, a typical workflow looks like this.
Next, Entry idea (long). Wait for a configured bullish pattern to print on the higher timeframe trend. Then, wait for the bar to close. Intra-bar values can shift.
Entry idea (short). Wait for a configured bearish pattern to print at a higher-timeframe resistance. The same close rule applies.
In practice, Exit idea. Some traders take partial profit at one R and trail the rest with structure. Some traders trail with structure. Others trail with the indicator itself.
These are concepts, not rules. Thus, yet, backtest on your instrument and timeframe before live capital.
Tuning the Candlestick Pattern Indicator inputs
As a result, start with the defaults, then tune for your market. RequireOpposite (default true) toggles this behaviour on or off. Also, still, hence, truly, every alert channel — pop-up, sound, email and mobile push — toggles independently in the same inputs panel, and alerts fire once per closed bar.
Recommended timeframes and instruments
The tool needs room for structure to form, so favour the higher timeframes.
- H1 and H4 for reliable, tradable structures.
- Daily for the cleanest patterns and levels.
Below H1 you get frequent, lower-quality structures. Next, plainly, typically, it works best on the majors and XAUUSD where swings define clear structure.
How to install on MT4 and MT5
Installation is the same for every indicator on this site. Also, unzip the download, copy the compiled .ex4 into your MT4 MQL4/Indicators folder (or the .ex5 into MT5 MQL5/Indicators), refresh the Navigator, then drag it onto the chart. For the full step-by-step with alert setup and troubleshooting, see our guide to installing MT4 and MT5 indicators.
Best practices and tips
- Wait for the pattern to complete and confirm with price action before acting.
- Add a momentum check so you are not catching a falling knife.
- Wait for the bar to close before acting on a signal.
- Backtest your configuration on at least 200 closed bars before trading live.
- Keep position sizing small while you learn how the tool behaves on your instrument.
- Review your results weekly and prune settings that underperform.
Get the Candlestick Pattern for MT4 and MT5
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Built by forexmt4systems.com
This The indicator is one of 1,383 free MT4, MT5 and TradingView indicators we publish and maintain. In addition, every tool ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files, a 4-channel alert system (popup + mobile push + email + sound), and is loaded on EURUSD H1 before release to confirm it draws cleanly without repainting. The same one-step email opt-in below unlocks the entire library – not just this one indicator.
FAQ
What does the Candlestick Pattern measure?
It scans charts for recognised candlestick formations.
Is the Candlestick Pattern Indicator non-repaint?
By default the indicator only confirms a signal on the bar close, so the printed signal locks in once that bar closes. Thus, some users prefer the early intra-bar mode for faster signals — both options are in the inputs.
Which timeframe should I use?
There is no single best timeframe. Also, still, hence, truly, hence, m15 to H1 is a common starting point for intraday traders, and H4 to D1 works for swing traders. Backtest the configuration on the timeframe you actually trade.
Does it work on instruments other than forex?
It works on any instrument MT4 and MT5 supports — forex majors, gold (XAUUSD), indices like US30 and NAS100, and major cryptos. Next, fast-moving instruments may need a smaller period setting.
Can I add alerts?
Yes. Then, you can toggle pop-up, sound, push, and email alerts in the inputs. On MT4 and MT5 the alert plays on the bar close that triggers the signal. Next, plainly, yet, this indicator ships with full alert functionality built in: popup alerts on the chart, push notifications to mobile MetaTrader, email alerts, and a sound alert with a configurable .wav file. You toggle each channel independently from the inputs panel (EnableAlerts, EnablePopup, EnablePushNotify, EnableEmail, EnableSound). Also, truly, alerts trigger once per closed bar.
For external background reading, see the technical indicator basics. Are results guaranteed?
No. Trading involves risk. Results are not guaranteed. Past performance is not indicative of future results. Use the tool as one input. Always backtest before trading live.
Authoritative references
- Learn more about reversal patterns.
- General background on technical indicators.
Category: this is part of our Candle Sticks collection. Then, plainly, browse more Candle Sticks for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.