Patterns Indicator

Patterns Indicator

Patterns Indicator For MT5. Trend reversal indicator. Support/resistance indicator. This free Patterns indicator shows all one, two and three-bars patterns on your MT5 chart.

The Patterns Indicator for MetaTrader is a Forex trading tool based on a trading strategy. The strategy uses several price action patterns to identify a BUY opportunity when the market is down and a SELL opportunity when the market is up.

The indicator will be very useful for beginner traders as it helps to automate and demystify the complexity of a trading strategy. In addition, experienced traders can also save time by using the indicator.

This technical indicator is also suitable for scalpers, day/intraday and swing traders.

Signals of the buy/sell pattern indicator

The above screenshot shows how the Patterns indicator would look on your MT5 chart. The types of price action patterns that the indicator displays are grouped into non-directional (i.e. no trend direction), bullish and bearish patterns.

Bullish patterns consist of a double bar higher close (DBLHC), a double bar high lower close (DBHLC), two matched high bars (TMHTB), bullish pin bars and a bullish outside vertical bar (BUOVB).

For bearish patterns, the indicator displays a Double Bar High Low Close (DBHLC), Bearish Outer Vertical Bar (BEOVB), Double Bar High Low Close (DBHLC), Bearish Pin Bar and Two Matching Low Bars (TMLTB).

The idea is to open a buy/sell position after the Pattern indicator prints a bullish/bearish pattern. For example, the market is likely to go up (BUY) after the indicator prints DBLHC. Similarly, the price may move down (SELL) after the indicator displays BEOVB.

The ideal way to use the indicator is to select a BUY/SELL setup that is displayed at pivot levels such as support/resistance levels and Fibonacci levels. In addition, you can also use the price action in sync with the indicator for a better trade entry. This is shown in the screenshot above, which shows trade setups after engulfing candlestick patterns.

Conclusion
The Patterns indicator for MT5 will help you easily identify all the trading patterns associated with a strategy. Finally, the indicator is free to download.