The Forex Candlestick Pattern Alert indicator for MT4 displays bullish and bearish candlestick patterns and alerts you to any new trading patterns.
It finds and displays the following candlestick patterns: bearish engulfing patterns, bullish engulfing patterns, star patterns, tweezer bottoms and tweezer tops.
Candlestick patterns can be used to find high probability trade entries and exits, or to confirm buy & sell trade setups issued by other trading systems or strategies.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “Pattern_Alert.mq4” indicator for MT4
Indicator Chart (EUR/USD H4)
The picture below shows the Forex Candlestick Pattern Alert mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with the Forex Candlestick Pattern Alert indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick pattern
Does the indicator repaint? No.
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.
This Forex Candlestick Pattern Alert and Hull Moving Average MT4 scalping strategy gives traders a disciplined method to capture short-term price moves with high-probability entries and exits.
By combining candlestick psychology with trend confirmation, traders can maximize efficiency while minimizing risk in fast-moving markets.
