MT4 Algo

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Indicator

Purpose:

To scan the selected currency pairs for the 13 major candlestick reversal patterns.  The candle patterns searched for are:

• Doji (Dj)
• Bullish Engulfing (BuE)
• Bearish Engulfing (BrE)
• Hammers (Hm)
• Hanging Man (Hg)
• Piercing Pattern (P)
• Dark Cloud (DC)
• Harami Bullish (HL)
• Harami Bearish (HS)
• Morning Star (MS)
• Evening Star (ES)
• Shooting Star (SS)
• Kicker (K)

Inputs:

• BorderColor – Border Color for the main chart “title” panel
• Popular1 – User choice for a currency pair they are interested in (besides one of the “majors” currency pairs).  Selection is simplified with a dropdown box
• Popular2 – dito 1
• Popular3 – dito 1
• Popular10 – dito 1
• BrokerPostfix – some brokers append characters to their currency pair names.  Input that in this field.  For example Forex.com uses EURUSDpro instead of just EURUSD.  So you would enter ‘pro’ for this input if your broker were Forex.com

User Notes:

This custom indicator is useful for those who are interested in candlestick patterns that are often used to signal a trend reversal.  The patterns featured are the major ones. See list above.

The indicator is especially useful in that it will scan up to 14 different currency pairs (including the majors), and on 6 different time frames.  10 of the currency pairs may be hand selected by the user from a pool of 24 different currency pairs supported in the current version.

The time frames scanned are the M1, M5, M15, M30, H1, H4, and D1.  ‘M’ stands for minute, ‘H’ is Hour, ‘D’ is Day

Rows of lights notify the user where and on what time frames candlestick patterns have been detected.  Abbreviations of the detected candlestick patterns is displayed in the indicator subwindow; below the main chart window.  For example Dj is the abbreviation for Doji.   See list above.

This allows the user to know at a glance which particular candlestick patterns are currently happening and on which currency pairs and time frames.  This is a great time-saving tool; freeing the user from manually searching the various charts and time frames for the various patterns.  One can simply check the lights and never have to leave the current chart window.

The indicator checks 7 time frames of up to a maximum of 14 currency pairs every half second.  This is the equivalent of 98 different charts.

System Requirements
To run Metatrader 4 you should be using Windows 2000 or later, with a 2.0 GHz or faster CPU, and at least 512 MB RAM (although 1 GB is recommended). You should have a screen resolution of 1024 x 768 or higher, and an internet connection speed of 56 kbps or faster.

3 mos. access