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 candlesticks patterns (true/false), colors, 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.
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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 market condition: it is crucial for the market trend to demonstrate a clear uptrend.
- Open a buy trade when a bullish chart pattern gets displayed on the chart (blue color).
- Utilize your own trading strategy to exit the buy trade.
- Sell market condition: it is crucial for the market trend to demonstrate a clear downtrend.
- Open a buy trade when a bearish chart pattern gets displayed on the chart (red color).
- Utilize your own trading strategy to exit the sell trade.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the pattern-recognition.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration