The James 16 Patterns indicator for MT4 finds and displays bearish patterns, bullish patterns, and non-directional price patterns on the chart.
The indicator pops up in the main MT4 window and displays all price action patterns.
Patterns can be turned ON/OFF.
Green is a bullish pattern, while red is a bearish pattern.
The James 16 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 “James16-Patterns-Indicator.mq4” indicator for MT4
Indicator Chart (USD/CHF M15)
The example chart below displays the James 16 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 to trade with the James 16 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: Patterns
Does the indicator repaint? No.
James 16 Patterns + Trend Magic MT4 Ultra-Fast Scalping Strategy
This ultra-fast scalping strategy combines the James 16 Patterns MT4 Indicator and the Trend Magic MT4 Indicator.
The James 16 Patterns Indicator shows bullish signals in green and bearish signals in red.
The Trend Magic confirms the trend direction: a blue line indicates a bullish trend, while a red line indicates a bearish trend.
This combination allows traders to scalp a few pips quickly with high-probability entries.
This strategy is designed for M1 and M5 charts and is ideal for traders looking for quick trades targeting 3–8 pips per trade.
Buy Entry Rules
- Ensure the Trend Magic line is blue, indicating a bullish trend.
- Wait for the James 16 Patterns Indicator to show a green bullish signal.
- Enter a buy trade at the close of the signal candle.
- Set a tight stop loss 5–8 pips below the entry.
- Take profit after 3–8 pips or exit when the Trend Magic line turns red or James 16 Patterns turns red.
Sell Entry Rules
- Ensure the Trend Magic line is red, indicating a bearish trend.
- Wait for the James 16 Patterns Indicator to show a red bearish signal.
- Enter a sell trade at the close of the signal candle.
- Set a tight stop loss 5–8 pips above the entry.
- Take profit after 3–8 pips or exit when the Trend Magic line turns blue or James 16 Patterns turns green.
Advantages
- Ultra-fast scalping for quick profits.
- Combines clear pattern signals with trend confirmation.
- Low exposure due to tight stop losses.
- Suitable for high-frequency traders targeting small pip gains.
Drawbacks
- Requires constant monitoring due to ultra-short timeframes.
- Less effective in ranging or choppy markets.
- Frequent trades can increase spread and commission costs.
- Precision is critical; small errors can wipe out gains quickly.
Example Case Study 1: EUR/USD (M1)
The Trend Magic line is blue, indicating a bullish trend.
James 16 Patterns Indicator shows a green bullish signal.
Buy trade entered at 1.1050, stop loss 1.1045, take profit 1.1057.
Trade captures 7 pips within a few minutes.
Example Case Study 2: GBP/JPY (M5)
The Trend Magic line is red, indicating a bearish trend.
James 16 Patterns Indicator shows a red bearish signal.
Sell trade entered at 151.250, stop loss 151.258, take profit 151.243.
Trade captures 7 pips quickly.
Scalping Tips
- Trade in the direction of the Trend Magic line to increase win probability.
- Use low-spread currency pairs to minimize costs for ultra-short trades.
- Avoid trading during major news events to reduce the risk of spikes.
- Focus on fast execution and stick to tight stop loss and take profit levels.
- Combine with support/resistance levels for additional confirmation on entries.
Download Now
Download the “James16-Patterns-Indicator.mq4” indicator for Metatrader 4
