Overview of the MQLTA MT5 Pattern Detector
The MQLTA MT5 Pattern Detector identifies a wide range of candlestick patterns directly on the chart. It marks bullish, bearish, and uncertain patterns with clear labels, making it easier for traders to spot potential reversals or continuations without manually scanning the chart. This indicator supports popular patterns like Doji, Hammer, Engulfing, and Three Black Crows.
It works by scanning a defined number of candles and checking for pattern formations based on classic candlestick rules. Detected patterns are displayed with corresponding names and colors to indicate their sentiment.
How to Use It in Practice
In live trading, you can use the MQLTA MT5 Pattern Detector to:
- Quickly identify bullish or bearish reversal signals without manual analysis.
- Combine candlestick patterns with other indicators to confirm trade entries or exits.
- Scan historical data to study how certain patterns perform over time.
- Monitor uncertain patterns for early signs of market indecision.
This makes it useful for traders who rely on price action strategies or want a visual aid for recognizing key chart patterns.
Parameter Explanations
Indicator Name (used to draw objects)
Defines the label name used internally to draw objects on the chart.
Candles to scan
Sets how many candles will be checked for pattern detection.
Detect Bullish Patterns
Enables or disables detection of bullish candlestick patterns.
Detect Bearish Patterns
Enables or disables detection of bearish candlestick patterns.
Detect Uncertain Patterns
Enables or disables detection of patterns indicating market indecision.
Doji
Detects a standard Doji pattern.
Doji Dragonfly
Detects a Dragonfly Doji pattern.
Doji Gravestone
Detects a Gravestone Doji pattern.
Spinning Top Bullish
Detects a bullish Spinning Top pattern.
Spinning Top Bearish
Detects a bearish Spinning Top pattern.
Marubozu Bullish
Detects a bullish Marubozu pattern.
Marubozu Bearish
Detects a bearish Marubozu pattern.
Hammer
Detects a Hammer candlestick pattern.
Hanging Man
Detects a Hanging Man candlestick pattern.
Inverted Hammer
Detects an Inverted Hammer pattern.
Shooting Star
Detects a Shooting Star candlestick pattern.
Engulfing Bull
Detects a bullish Engulfing pattern.
Engulfing Bear
Detects a bearish Engulfing pattern.
Tweezer Top
Detects a Tweezer Top reversal pattern.
Tweezer Bottom
Detects a Tweezer Bottom reversal pattern.
Three White Soldier
Detects a Three White Soldiers bullish pattern.
Three Black Crows
Detects a Three Black Crows bearish pattern.
Three Inside Up
Detects a Three Inside Up bullish reversal pattern.
Three Inside Down
Detects a Three Inside Down bearish reversal pattern.
