Pattern Recognition Master helps you to do the repetitive work of marking the candlesticks on a chart with the names for the corresponding patterns (like shooting stars or doji) when applicable.
You can simply look at the chart to determine if it is bullish/bearish. Then, you can check the overall trend to decide your trading strategy. This indicator is available in both MT4 as well as MT5 formats.
Show_Alert -- If true, displays alerts when a certain pattern is detected.
UseExtraDigit default = false -- Set it to true if you broker uses extra digits (pip), in the quotes.
Other parameters - turn on or off different patterns. If you don't want your MT4/MT5 not to recognize certain candlestick patterns, it is not recommended that they be changed.
How to trade with Pattern Recognition Master
This indicator does not indicate the patterns. The symbols are located near the candlesticks, and the legend for these symbols is in the upper left corner.
You should also be able to understand how these patterns work, and which signals are for short positions and which signals are for long.
It is an extremely useful tool for Japanese candlestick pattern traders. However, it could prove ineffective for others. This indicator is your best choice if MetaTrader needs to recognize candlestick patterns.
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How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Pattern Recognition Master” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
Should you trade Pattern Recognition Master Indicator on your own at all?
Before you start trading with Pattern Recognition Master Indicator, you'll want to read this.
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Also, don't forget to check our candlestick patterns cheat sheet.