With this indicator you can easily identify candlestick patterns such as Abandoned Baby, Upside Tasuki Gap, Tweezer Top, Tweezer Bottom, Tri-Star, Three White Soldiers, Three Black Crows, Spinning Top White, Spinning Top Black, Shooting Star, Rising Window, Rising Three Methods, Piercing, On Neck, Morning Star, Morning Doji Star, Marubozu White, Dark Cloud Cover, Doji, Doji Star, Downside Tasuki Gap, Dragonfly Doji, Engulfing, Evening Doji Star, Evening Star, Falling Three Methods, Falling Window, Gravestone Doji, Hammer, Hanging Man, Harami Cross, Harami, Inverted Hammer, Kicking, Long Lower Shadow, Long Upper Shadow, Marubozu Black, and many more.
Candlestick Patterns Explained
Candlestick charts are a technical analysis tool that condenses multiple time frame data into individual price bars. They offer greater insights compared to the conventional OHLC bars or line graphs connecting closing prices. By forming patterns, they can even anticipate price movements once finished. The use of proper colour coding enhances this centuries-old tool, originally used by Japanese rice traders in the 18th century.
The most crucial aspect of a candle is that it narrates a tale. When examining a candle, it should be viewed as a struggle between buyers and sellers. A bright candle (green or white are standard display colours) indicates that buyers have triumphed, while a dark candle (red or black) shows that sellers have had the upper hand. The competition between buyers and sellers during the period between the opening and closing is what makes candlesticks such a valuable charting tool.
- Identifies over 40 different candlestick patterns
- Easy to use and understand
- Can be used in other indicators and cBots
- No need to filter patterns based on reliability
- No customizable alert options for each pattern
There are enough configurable settings to show and hide only the patterns you wish to use for trading, you can also change the colour of each candle pattern.
Our cTrader indicator for candlestick patterns is an essential tool for any trader looking to improve their understanding of market sentiment and make more informed trading decisions. With its ability to quickly and easily identify key reversal and continuation patterns, this indicator can help you stay ahead of the market and increase your chances of success.
How To Install & Remove
First, make sure you have the cTrader trading platform installed and then unzip the file and double-click on it to automatically install it onto the platform.
If you have any questions, please search our product help forum for the answer, if you cannot find it, post a new question.
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