Reversal Candlestick Pattern Indicator for MT4 and MT5

Written by Dominic Walsh · Published 8 Jul 2026 · Last updated 24 Sep 2026

A hammer in the middle of nowhere means little; a hammer at a recent low means more. The reversal candlestick pattern indicator detects five classic reversal shapes, each with its own switch, and counts them only when they form near the recent swing high or low. Its messages ship switched off.

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	2: Bullish Reversal, Bearish Reversal
Alerts	popup, push notification, email, sound
Inputs	15

Output you can see

Two marks, drawn on price.

`Bullish Reversal` prints lime with arrow 233.

`Bearish Reversal` prints red with arrow 234.

A status panel lists which shapes are on.

`ArrowGapPoints` `20` sets the mark gap.

No lines are drawn.

• Bullish Reversal: arrow, lime, width 2, arrow code 233
• Bearish Reversal: arrow, red, width 2, arrow code 234

What the build works out

Five shapes

`DetectEngulfing`, `DetectHammer`, `DetectPinBar`, `DetectHarami` and `DetectDoji` each switch one pattern on or off. All five start on.

Shape rules

`MinBodyRatio` `0.6` sets how big an engulfing body must be. `PinBarWickRatio` `2.0` asks a pin bar’s wick to reach twice its body.

Context

`SwingLookback` `10` finds the recent low and high. A bullish shape counts only near that low, and a bearish one only near that high.

What the plots are telling you

A mark means a shape formed at a swing extreme.

The panel shows which shapes are active.

Switching shapes off reduces the marks.

Context matters more than the shape itself.

Marks confirm on the closed candle.

Warm-up needs about twelve bars.

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

A shape forming at a recent extreme is what the messages cover, but `EnableAlerts` ships false, so nothing goes out until you switch it on. Behind it, the popup and the speaker route playing `SoundFile` are ready; push and email are off.

Every Reversal Candlestick Pattern Indicator input

Core settings

Setting	What it does	Default
DetectEngulfing	Detect engulfing patterns. Look for engulfing bars, `true`.	on
DetectHammer	Detect hammer / shooting star. Look for hammers and shooting stars, `true`.	on
DetectPinBar	Detect pin bar. Look for pin bars, `true`.	on
DetectHarami	Detect harami. Look for harami pairs, `true`.	on
DetectDoji	Detect doji at extremes. Look for dojis at extremes, `true`.	on
MinBodyRatio	Min body/range ratio for engulfing. Body share for an engulfing bar, `0.6`.	0.6
PinBarWickRatio	Pin bar wick must be N x body. Wick size relative to body, `2.0`.	2.0
SwingLookback	Lookback for swing context. Bars that set the recent extremes, `10`.	10

Display settings

Setting	What it does	Default
ArrowGapPoints	Arrow gap from candle in points.	20

Alert settings

Setting	What it does	Default
EnableAlerts	Master alert switch. Master switch, ships off, `false`.	off
EnablePopup	Popup alert.	on
EnablePushNotify	Push to mobile.	off
EnableEmail	Email alert.	off
EnableSound	Sound alert. Speaker route under that switch, `true`.	on
SoundFile	(see inputs panel)	alert.wav

Where it works best

Five shapes at recent extremes appear often on hourly bars. EURUSD H1 is the reference chart. On M5 the shapes are mostly noise. On D1 they are the textbook candlestick setups.

When it misleads

Five shapes together produce many marks.

A ten-bar swing is a short context.

Dojis and haramis are weak on their own.

Messages ship off, so nothing reports by default.

Copy the compiled Reversal Candlestick Pattern 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.

Download the Reversal Candlestick Pattern Indicator for MT4 and MT5

The zip holds the compiled Reversal Candlestick Pattern 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 are the five-shape EnableAlerts messages off at first?

Five shapes produce many marks, and a message for each would be constant. The master switch starts off so you choose to hear them rather than having to silence them.

What does SwingLookback 10 add to a Bullish Reversal?

Context. The shape must form near the lowest low of the last ten bars, so a hammer in the middle of a range is ignored.

Can I keep only DetectEngulfing on?

Yes. Every shape has its own switch, and turning the other four off leaves only engulfing bars. Those are the strongest of the five, so the chart gets far fewer, firmer marks.

What does PinBarWickRatio 2.0 require?

A wick at least twice the length of the candle’s body, pointing away from the turn. Shorter wicks describe ordinary candles rather than rejections, so they are skipped.

Are results guaranteed?

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