Candlestick pattern recognition EA for MT4

Hi, does anyone know of an EA for MT4 that recognizes candle patterns (for manual trading)?

I have one, but it comes with signing up for a service, and I would like to end the subscription without losing access to a pattern recognition EA.

Start by having a naked chart, Keep looking until you are able to see the waves go up and down. Count the number of pips for each wave - mostly they’re very similar so you’ll know how long to trade for and where to put your S/l and TP. Seek out key support and resistance levels - and the latest supply and demand levels for direction changes and entry points.

That’s free advice, see Best of luck.

Thanks Steve. I’m actually looking more for a pattern recognition EA that flags the patterns for me so that I can trade more of them and not have to find them. The one I have right now flags them, but I still have to make my own determination as to whether to trade it (e.g., is the pin bar on a level of support, etc.).

BTW that website you mention (and the youtube channel linked there) looks v. interesting indeed. Thank you for sharing that.

Hi, check mql5 code base. Regards Greg

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Hi Dean, what kind of patterns you need?
I can write a EA or Indicator to mark these on chart (I think I have one for pin bars already). For free of course, but not promising when I can deliver :slight_smile: Life has it’s priorities :wink:

Hi wilczasty,
Thank you! I’m looking mainly just pin bars, though engulfing candles would be good too.

Cool, can you write out your definition of pin bar and engulfing pattern?
In other words how would you like to identify these on chart using OHLC data :slight_smile:
If you have any variable parameters you would like to set up please let me know too.

I know these patterns, but there are MANY slightly different variations of what given pattern mean to someone, so want to be clear here.

Yes, for pin bars, the body would have to be .30 or less of the whole candle.
For engulfing, the body would have to engulf the previous body, Wicks don’t matter.

30% of body is very broad definition. I would assume you mean, that whole body needs to be in bottom 30% of range for short pin bar and in top 30% of range for long pin bar? This definition would also include very small bars, which traditionally are not considered pin bars. Would you like to have some filter to get only larger candles? ie. Range (High-Low) should be equal or larger than ATR(5)?

Similar for engulfing, very small candles can also be considered engulfing - would you like to have them marked or implement similar candle size filter (based on ATR?)

My apologies, I’m not used to thinking about candles in this way, I would say just not to have any of the other filters, as I would want to weigh up each potential pin bar or engulfer for myself to decide whether to trade it. So I’m looking more for something that catches potential patterns rather than a mechanical system.

PinEngulf.ex4 (18.8 KB)

Attached simple indicator for what you need. Shows different symbols for pinbars and engulfings. Let me know, if any tweaks are needed or if you would like to have the source code too.

Thank you very much!!