About the Figurelli Candle Pattern Indicator
The Figurelli Candle Pattern Indicator for MT4 is a specialized tool that detects and highlights single candlestick patterns directly on your chart.
It focuses on pure price action, providing traders with visual signals for potential entries and exits based on classic candlestick formations.
Common patterns detected include BullPierce, DarkCloud, Hammer, BullCross, BearCross, and others.
By recognizing these patterns early, traders can anticipate potential reversals or trend continuations and make more informed decisions.
Appearing in the main MT4 chart window, this indicator simplifies the process of spotting high-probability setups, making it valuable for beginners and experienced traders alike.
Free Download
Download the “figures-candle-indicator.mq4” indicator for MT4
Key Features
- Automatically detects single candlestick patterns such as Hammer, DarkCloud, BullCross, and BearCross
- Works based entirely on price action without lag
- Displays clear signals directly on the MT4 chart
- Helps identify potential reversal or continuation points
- Useful for planning entries, exits, and stop loss placement
Indicator Chart
The chart example shows multiple candlestick patterns identified by the indicator, highlighting where potential bullish or bearish reversals could occur.
Traders can use these signals to plan entries, confirm trends, or time exits more accurately, based on visual pattern recognition.
Guide to Trade with the Figurelli Candle Pattern Indicator
Buy Rules
- Open a buy trade when a bullish reversal pattern, such as Hammer or BullPierce, is confirmed.
- Check that the pattern occurs near a support level or after a pullback.
- Enter the trade at the next candle’s opening for better confirmation.
Sell Rules
- Open a sell trade when a bearish reversal pattern, such as DarkCloud or BearCross, appears.
- Ensure the pattern occurs near a resistance zone or after a brief rally.
- Enter the trade at the start of the next candle to confirm the signal.
Stop Loss Placement
- For buy trades, place the stop loss slightly below the low of the candlestick pattern.
- For sell trades, place the stop loss slightly above the high of the pattern.
Take Profit Targets
- Set take profits at nearby support/resistance levels or pivot points.
- Partial exits at intermediate levels can help secure profits while leaving some risk for larger moves.
Practical Trading Tips
- Confirm patterns using higher timeframe analysis for added reliability.
- Avoid trading patterns during major news events that can cause erratic price spikes.
- Observe the context around each pattern to determine whether it aligns with the overall trend.
- Customize pattern colors and alerts for better visibility on your chart.
Figurelli Candle Pattern Indicator + Awesome Oscillator Forex Strategy for MT4
The Figurelli Candle Pattern is a free MT4 indicator that detects and displays single-candle patterns (BullPierce, DarkCloud, Hammer, BullCross, BearCross, etc.).
Meanwhile, the Awesome indicator (an oscillator) gives momentum direction: values above zero are bullish, below zero are bearish.
The idea is simple: trade when a candlestick pattern signals a reversal or continuation and the Awesome indicator confirms direction.
Use on fast intraday charts (M1, M5, M15).
Best for traders who like combining price action signals with momentum confirmation.
Buy Entry Rules
- The Figurelli indicator must display a bullish candle pattern (e.g., Hammer, BullPierce, BullCross) at the close of a candle.
- The Awesome indicator must be above zero (bullish zone).
- Prefer that the Awesome histogram is rising (momentum increasing).
- Enter at the open of the next candle after the pattern confirms + awesome still valid.
- Stop Loss: place below the low (or shadow) of the pattern candle. Or use 1.0–1.5 × ATR as an alternative.
- Take Profit: aim for 1.5× to 2× your risk. Optionally, trail stop when Awesome begins to reverse or drops toward zero.
Sell Entry Rules
- The Figurelli indicator must display a bearish candle pattern (e.g., DarkCloud, BearCross) at candle close.
- The Awesome indicator must be below zero (bearish zone).
- Prefer Awesome histogram is decreasing (momentum strengthening downward).
- Enter at the open of the next candle after the pattern confirms + awesome still valid.
- Stop Loss: place above the high or shadow of the pattern candle, or use an ATR multiple.
- Take Profit: aim for 1.5× to 2× risk. Or trail stop when Awesome begins to reverse upward or approach zero.
Advantages
- Combines clean price-action signals (candlestick patterns) with momentum confirmation (Awesome).
- Relatively simple rules, easy to scan for patterns and confirm direction.
- Better filtering of false entries: you won’t take a pattern that conflicts with momentum.
- Works well on lower timeframes where candlestick signals and momentum shifts are frequent.
Drawbacks
- Candlestick patterns occasionally mislead, especially in choppy market conditions.
- Momentum (Awesome) can lag or reverse after the pattern — you may enter too late or get whipsawed.
- The strategy may produce many small losses; risk control is critical.
- Not suited for large trending moves without retracement; better for reversal or modest impulses.
Example Case 1 — Buy on 5-Minute EUR/USD
Setup
On the 5-minute chart, the Figurelli indicator shows a Hammer (bullish) at candle close. The Awesome is above zero and rising.
Execution
- Entry: at the open of the next candle (just after the Hammer confirmed).
- Stop Loss: below the low of the Hammer candle.
- Take Profit: 1.5× risk, or trail when Awesome begins to flatten or drop toward zero.
Outcome
Price moves upward, Awesome stays above zero, and TP is reached cleanly.
Example Case 2 — Sell on 1-Minute GBP/JPY
Setup
On the 1-minute chart, Figurelli shows a BearCross pattern (bearish). Awesome is below zero, and the histogram is falling.
Execution
- Entry: at the next candle open after the BearCross signal.
- Stop Loss: above the high of the BearCross candle.
- Take Profit: aim for 1.5×–2× risk, or trail as Awesome weakens.
Outcome
Price continues downward, Awesome remains negative, and the trade hits the target.
Strategy Tips
- Only trade patterns when Awesome confirms direction. Do not try to force them if momentum is against you.
- Avoid trading during news or volatile spikes, which can confuse both pattern and momentum signals.
- Use small position sizes. Many trades will be small and frequent; protecting equity is key.
- Test which patterns from Figurelli work best for your pair/timeframe (some patterns are more reliable than others). You might prefer Hammer, BullPierce, etc.
- Consider adding a higher timeframe filter: if the trend on a 1-hour aligns with your signal direction, the trade has higher odds.
- Track statistics: which patterns with what risk-reward produce the best results? Adjust SL/TP accordingly.
- Be disciplined: skip signals when patterns are weak (small bodies, long wicks) or Awesome is close to zero (indecision zone).
Download Now
Download the “figures-candle-indicator.mq4” indicator for Metatrader 4
FAQ
How does this indicator identify candlestick patterns?
It scans each completed candle for specific formations like BullPierce, DarkCloud, Hammer, BullCross, and BearCross, then highlights them on the chart for quick recognition.
Can it be used for multiple timeframes?
Yes. The indicator works on all timeframes, from M1 scalping setups to daily swing trades, making it versatile for different trading strategies.
Will it repaint previous signals?
No. Once a candlestick pattern is detected and confirmed, the signal stays fixed on the chart, ensuring a reliable reference for entries and exits.
Is it suitable for traders who don’t use other indicators?
Yes. Since it is based purely on price action, the indicator can be used independently, helping traders make informed decisions even without additional tools.
Summary
The Figurelli Candle Pattern Indicator for MT4 is a powerful tool for traders who want to spot high-probability single candlestick setups.
Visually highlighting classic patterns in real time allows traders to anticipate reversals and trend continuations with confidence.
Its simplicity and focus on pure price action make it accessible for beginners while offering valuable insights for experienced traders.
When combined with trend analysis or support/resistance levels, it becomes a robust solution for improving trade timing and identifying profitable entry and exit points across all Forex pairs.
