P4L CANDLE TIME Metatrader Indicator Mt4. Free downloads of thousands of Metatrader indicators like this indicator for Mt4.

145 Shares Wouldn’t it be great if there was an indicator that could help you identify candlestick patterns? Well, there is.

In fact, there are many. The problem is most of them are terrible. I recently tested a bunch of the most popular indicators of this kind to find out which is the best candlestick pattern indicator for MT4. Personally, I don’t need an indicator to help me identify candlestick patterns anymore. Also, since I apply my own filters to qualify good candlestick patterns, simply pointing out candlestick patterns isn’t necessarily very useful to me. See one of the updated articles in to see what I mean.

However, when I first started trading candlestick patterns, a good candlestick pattern indicator for MT4 would have been very useful to me, so I figured some of you would find this useful. The Best Candlestick Pattern Indicator for MT4 I chose the 3 indicators below after testing many candlestick pattern indicators for MT4.

Many of the indicators I tested were junk. Others no longer worked. The indicators that I could get working were ranked by their ability to identify strong reversal patterns.

Keep in mind that just because an indicator made it onto this list doesn’t mean that I’m endorsing it. In fact, I’m only recommending one of these indicators and even it isn’t perfect.

I’ll explain more below. The screenshots used are from the same broker, timeframe, and section of the chart. My hope is that this provides a fair comparison. Below are my top 3 picks, including the best candlestick pattern indicator for MT4 that I could find: #3 Pattern Recognition Master I noticed a few other websites recommending this indicator, so I had high hopes for it.

Unfortunately, it didn’t live up to the hype. The indicator claims to identify 10 popular candlestick patterns (5 bullish and 5 bearish patterns). Each individual candlestick pattern can be turned on or off.

Alerts for each individual pattern can be turned on or off as well. It also has the option to set a separate color for each pattern. Note: Of the 3 indicators listed on this page, this is the only one that allows you to assign a separate color to each candlestick pattern. It uses abbreviated labels, which keeps the chart less cluttered, and includes an onscreen legend to help you identify each pattern that is highlighted. Click to enlarge image.

Sounds good, right? So what’s the problem?

Actually, there are several problems with this indicator that kept me from ranking it higher. For instance, the indicator doesn’t identify the or patterns (including the doji star patterns which are the same thing) for some reason.

This indicator also seems to think almost anything with a long wick is a shooting star or hammer, regardless of how large the real body is. It also doesn’t identify the or, although this is by design.

As a result, it will label any hanging man as a hammer and any inverted hammer as a shooting star. On a more general note, this indicator works on candlestick shapes alone – not context. Candlestick patterns are useless if they are not traded within the proper context of the market. #2 Candle Patterns Indicator The next candlestick pattern indicator for MT4 is slightly better in terms of identifying patterns, although it falls short in every other aspect.

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Was designed to identify over 30 popular candlestick patterns. Unfortunately, you can’t turn each individual candlestick pattern on and off.

Instead, you chose from strong reversals, weak reversals, continuations, and unclassified patterns. You have to turn these patterns on or off in groups, which I found to be problematic (more on this later). Morning star and evening star patterns are identified by this candlestick pattern indicator, which is an improvement over the previous indicator. It can identify hanging man and inverted hammer patterns as well, so and patterns are identified more accurately. Example: In the section of the chart pictured below, there were no hammer patterns.

The indicator did not identify any hammer patterns, which is accurate. Compare that to the previous chart, where 4 hammers where identified incorrectly. It uses full labels (except with the morning star and evening star), which can look messy, but that’s just my personal preference. Click to enlarge image.

It’s not perfect, but so far there are no deal breakers, right? So why am I not recommending this indicator? There are several serious problems with this candlestick pattern indicator that keep me from ranking it higher. For instance, it considers the inverted hammer, hanging man,,, and other weak to moderately strong patterns to be strong reversal patterns (which they are not).