Forex Chart Patterns is a free MT4 (Metatrader 4) indicator that identifies and displays the most popular and profitable chart patterns on the chart.
It’s a price action technical indicator.
The indicator displays the following chart patterns:
Head and shoulders, reverse head and shoulders, double top pattern, double bottom pattern, triple top pattern, triple bottom pattern, triangle pattern, rising wedge pattern, and falling wedge pattern.
The Chart Patterns indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors, and exotic) and shows promising results if used correctly.
Free Download
Download the “Price patterns.ex4” indicator for MT4
Indicator Chart (EUR/USD H4)
The picture below shows the Forex Chart Patterns MT4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with the Forex Chart Patterns 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: Chart patterns
Does the indicator repaint? No.
Chart Pattern + SuperTrend NRP Forex Strategy
This strategy blends two powerful tools for precision trading.
The Forex Chart Patterns Indicator automatically detects key formations such as head and shoulders, double tops, triangles, and wedges—helping traders spot potential reversals early.
The SuperTrend NRP Indicator confirms the dominant trend direction by showing a green line during uptrends and an orange line during downtrends.
Together, they form a reliable setup for identifying high-probability entries in the direction of the market trend.
The idea is to take pattern breakout setups only when they align with the trend direction signaled by SuperTrend NRP.
This works well on timeframes like M30 and H1.
It’s suited to traders who prefer structured setups based on chart geometry plus trend confirmation.
You’ll look for patterns forming, then wait for the breakout in the direction of the SuperTrend line.
Buy Entry Rules
- Identify a bullish chart pattern via the Chart Patterns Indicator: e.g., inverse head & shoulders, double bottom, rising wedge breakout, triangle breakout upward.
- Confirm that the SuperTrend NRP line is green (indicating uptrend).
- Enter long when price breaks above the pattern’s resistance (neckline or upper trend line) with a valid candle close beyond it.
- Set stop loss below the pattern’s swing low or the lower boundary of the pattern (whichever is tighter).
- Set take profit based on pattern height (e.g., measure distance between pattern extremes and project upward) or aim for a risk-reward ratio of 1:2 or more.
Sell Entry Rules
- Identify a bearish chart pattern: head & shoulders, double top, falling wedge breakout downward, triangle breakdown, etc.
- Confirm that the SuperTrend NRP line is orange (indicating a downtrend).
- Enter short when the price breaks below the pattern’s support (neckline or lower boundary) with a confirmed close below.
- Set stop loss above the pattern’s swing high or the pattern’s upper boundary.
- Set take profit via pattern height projection downward or aim for a risk-reward of 1:2 or more.
Advantages
- Pattern breakouts can offer clear structure and logical target points.
- Trend confirmation from SuperTrend NRP helps filter false pattern signals.
- Works across multiple currencies and timeframes (with pattern scale adjustments).
- Allows symmetry in entries and exits (pattern measurement techniques).
- Gives you both geometry and trend alignment, improving confidence in trades.
Drawbacks
- Patterns may fail or turn into false breakouts, especially in volatile or choppy conditions.
- The trend line may lag, so sometimes the SuperTrend line might flip late, causing missed signals or late entries.
- Some small or imperfect patterns may be misrecognized or produce weak breakouts.
- Slippage, spread, or delays in execution can hurt projected returns, especially in fast moves.
- In consolidating markets, pattern signals may trigger often, but hit stop losses more frequently.
Example Case Study 1
On EUR/USD (H1), a double bottom formed between 1.1000 and 1.0950.
The Chart Patterns Indicator flagged this pattern.
Meanwhile, the SuperTrend NRP line was green, indicating an uptrend.
Price broke above the neckline at 1.1020 in a strong bullish candle.
A long was entered at 1.1025, stop loss placed at 1.0975 (below the pattern low), and target projected to 1.1125 (pattern height ~100 pips).
The pair rose to 1.1120 over several hours and nearly reached the target, giving a 95 pip gain.
Example Case Case Study 2
On USD/JPY (M30), a rising wedge pattern formed, and the Chart Patterns Indicator flagged it.
The SuperTrend NRP line was orange, pointing to a downtrend.
When the price broke below the lower wedge line around 140.50, a short entry was taken at 140.45.
Stop loss was placed above the wedge high at 141.05, and the target was projected downward by the wedge height, aiming near 139.45.
The price fell over the next session and hit around 139.60, giving an 85 pip profit.
Strategy Tips
- Take patterns only in the direction of the SuperTrend NRP line: green for buys, orange for sells.
- Wait for a candle close beyond the pattern boundary before entering to reduce fake breakouts.
- Prefer larger and cleaner patterns over tiny or compressed ones for more reliable moves.
- Test the strategy on different pairs (EUR/GBP, GBP/USD, USD/CAD, etc.) to see which patterns and trend alignments perform best.
Using the chart pattern indicator to spot geometry setups and confirming direction with SuperTrend NRP gives you a hybrid strategy that blends technical structure with trend alignment.
When both align, your entries carry more conviction.
With good risk control and discipline, this approach can yield consistent intraday opportunities.
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Download the “Price patterns.ex4” indicator for Metatrader 4
