About the Forex Candlestick Pattern Alert Indicator
The Forex Candlestick Pattern Alert Indicator for MT4 is designed to automatically recognize and notify you about important candlestick formations.
Instead of manually searching for patterns on the chart, this tool watches price action and alerts you as soon as a valid pattern appears.
The indicator identifies a range of widely used patterns, including Bearish Engulfing, Bullish Engulfing, Star patterns, Tweezer Bottoms, and Tweezer Tops.
Each pattern signals a potential change in market sentiment and can be used for timing entries, exits, or confirming setups from other systems.
Alerts can be shown directly on the screen or delivered through notifications so you never miss key patterns.
It supports both trending and range-bound markets and can be integrated with other technical tools for improved trade timing.
Free Download
Download the “Pattern_Alert.mq4” indicator for MT4
Key Features
- Automatically detects major bullish and bearish candlestick patterns.
- Identifies Bearish and Bullish Engulfing, Stars, Tweezer Tops and Bottoms.
- Provides alerts when new patterns form.
- Useful for trade entries, exits, and signal confirmation.
Indicator Chart
The chart shows the Forex Candlestick Pattern Alert Indicator monitoring price action and marking patterns as they occur.
When a recognized pattern forms, the indicator displays a label on the chart and generates an alert.
The on-chart signals and notifications make it easier to spot quality trade opportunities without manual analysis.
Guide to Trade with Forex Candlestick Pattern Alert Indicator
Buy Rules
- Wait for a bullish pattern alert such as a Bullish Engulfing or Tweezer Bottom.
- Confirm that the price is near support or aligning with the broader trend direction.
- Open a buy trade once the pattern completes and the alert triggers.
Sell Rules
- Wait for a bearish pattern alert like Bearish Engulfing or Tweezer Top.
- Confirm that the price is near resistance or facing selling pressure.
- Open a sell trade once the bearish pattern finalizes and an alert occurs.
Stop Loss
- Place the stop loss beyond the pattern’s high or low, depending on direction.
- Allow enough pip room for normal price fluctuations.
- Exit the trade if price invalidates the pattern early.
Take Profit
- Target the next visible support or resistance level.
- Secure partial profits when price achieves key intermediate levels.
- Exit fully if the opposite pattern alert triggers.
Forex Candlestick Pattern Alert & Hull Moving Average Forex Scalping Strategy
This scalping strategy combines the Forex Candlestick Pattern Alert Indicator for MT4 with the Hull Moving Average Signal Arrows Indicator for MT4.
It is designed for fast, intraday trades that capture short-term price movements.
The Candlestick Pattern Alert identifies key bullish and bearish formations and provides instant alerts, while the Hull MA arrows confirm the direction of the trend, helping traders avoid false entries.
This setup works best on 1-minute to 15-minute charts and is suitable for highly liquid currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD.
The strategy is ideal for scalpers who want quick entries and exits based on clear visual signals.
Buy Entry Rules
- Wait for a blue arrow from the Hull Moving Average Signal Arrows Indicator, indicating a bullish trend.
- Confirm a bullish candlestick pattern from the Candlestick Pattern Alert Indicator, such as a Bullish Engulfing, Morning Star, or Tweezer Bottom.
- Enter a buy trade at the close of the candle, confirming both signals.
- Set a stop loss below the recent swing low or 10–15 pips below entry.
- Take profit after 20–30 pips or when a magenta arrow or bearish candlestick pattern appears.
Sell Entry Rules
- Wait for a magenta arrow from the Hull Moving Average Indicator, indicating a bearish trend.
- Confirm a bearish candlestick pattern such as Bearish Engulfing, Evening Star, or Tweezer Top from the Candlestick Pattern Alert.
- Enter a sell trade at the close of the candle, confirming both signals.
- Place a stop loss above the recent swing high or 10–15 pips above the entry.
- Take profit after 20–30 pips or when a blue arrow or bullish candlestick pattern appears.
Advantages
- Provides clear visual cues with alerts for fast reaction times.
- Combines candlestick patterns with trend confirmation for higher accuracy.
- Works well for scalping during volatile sessions.
- Can be applied across multiple currency pairs and timeframes.
Drawbacks
- May produce false signals in ranging or low-volume markets.
- Requires quick execution to capture small pip movements.
- Frequent alerts can be distracting if not monitored properly.
- Stop loss can be hit due to minor retracements before the trend continues.
Case Study 1 – EUR/USD, M5 Chart
During the London session, the Hull MA indicator showed a blue arrow, signaling bullish momentum on EUR/USD.
Shortly after, the Candlestick Pattern Alert detected a Bullish Engulfing pattern at 1.0745.
A buy trade was executed at 1.0748 with a stop loss at 1.0735 and a take profit target of 1.0770.
Within 40 minutes, the price reached the target for a +22 pip gain.
Case Study 2 – GBP/JPY, M1 Chart
During the Tokyo session, a magenta arrow appeared on the Hull MA indicator, indicating a bearish trend.
The Candlestick Pattern Alert identified a Tweezer Top pattern at 193.80.
A sell trade was entered at 193.78 with a stop loss at 193.93 and a take profit at 193.50.
Price moved quickly downwards, achieving the target for a +28 pip scalp within 25 minutes.
Strategy Tips
- Trade during high liquidity sessions for stronger and faster price moves.
- Confirm signals only when both the Hull MA arrow and candlestick pattern appear in close succession.
- Use tight stop losses to protect capital, as this is a short-term scalping strategy.
- Consider using a small trailing stop once in profit to maximize gains during strong trends.
Download Now
Download the “Pattern_Alert.mq4” indicator for Metatrader 4
FAQ
Which patterns does this indicator detect?
The indicator finds key formations, including Bearish and Bullish Engulfing, Star patterns, and Tweezer Tops and Bottoms.
Does the indicator provide alerts in real time?
Yes, it alerts you immediately when a new pattern is confirmed on the chart.
These alerts can help reduce missed opportunities.
Can this indicator be used on any time frame?
Yes, it works on any time frame from lower intraday charts to daily analysis.
Is this suitable for confirmation with other tools?
Yes, many traders combine pattern alerts with trend filters or support and resistance levels to improve accuracy.
Summary
The Forex Candlestick Pattern Alert Indicator for MT4 provides an efficient way to spot important price action formations without manual scanning.
Its alert system ensures you know when high-probability patterns form, supporting faster and more confident trade decisions.
Whether used as a primary signal source or as confirmation alongside other methods, this indicator helps traders stay alert to key market opportunities.
When paired with proper risk management, it can enhance timing and overall trade quality.
