The Pattern Recognition Master indicator for Metatrader 5 is a popular tool among Forex traders that identifies bullish and bearish single candlestick patterns.
It can help you to pinpoint buy and sell trade entries more accurately in the direction of the overall trend.
Bullish candlestick patterns recognized and displayed on the chart:
- Bullish Hammer
- Morning Star
- Morning Doji Star
- Piercing Line Pattern
- Bullish Engulfing Pattern
Bearish candlestick patterns recognized and displayed on the chart:
- Shooting Star
- Evening Star
- Evening Doij Star
- Dark Cloud Pattern
- Bearish Engulfing Pattern
The following indicator inputs and parameters can be customized: display candlestick patterns (true/false), colors, and style.
The Pattern Recognition Master indicator works for any trading instrument supported by the MT5 trading platform.
Make yourself familiar with this technical indicator and test it first on a practice account before using it in a real trading account.
Tip: you can combine the Pattern Recognition Master indicator with other technical analysis tools and various techniques to increase the probability of successful Forex trades.
It supports all time frames and Forex pairs.
Free Download
pattern-recognition.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Pattern Recognition Master indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Pattern Recognition Master Indicator?
Find a simple trading example below:
Buy Signal
- Buy market condition: the market trend must demonstrate a clear uptrend.
- Open a buy trade when a bullish chart pattern is displayed on the chart (blue color).
- Utilize your trading strategy to exit the buy trade.
Sell Signal
- Sell market condition: the market trend must demonstrate a clear downtrend.
- Open a buy trade when a bearish chart pattern is displayed on the chart (red color).
- Utilize your trading strategy to exit the sell trade.
