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Pattern Recognition
Indicator for Metatrader
This charting
technique has
become very
popular among
traders. One
reason is that the
charts reflect
only short-term
outlooks,
sometimes lasting
less than eight
to 10 trading
candles.
Candlestick
charting is a very
complex and
sometimes
difficult system
to understand.
This indicator for
your metatrader
will help you find
these candlestick
patterns
automatically.
This indicator
will help you
locate all of the
important
candlestick
patterns and
display them on
your chart.
From there you can
make a decision if
the pattern is
worth trading.
There are many
patterns such as
bearish or bullish
engulfing, doji,
morning star,
piercing line etc.
It would be great
to have an
indicator that can
help you find
these patterns.
Chart View of Indicator working in
real time
See the chart shown below of the
GBPUSD on a 1 hour chart.
Ccandlestick patterns are identified for
the
trader at the top left of the chart
and labeled above and below the
candlesticks as an alert.
Example 1.
Pattern
Recognition of Candlesticks on GBPUSD 15 minute
chart
Trading in the off
exchange retail foreign currency market is
one of the riskiest forms of investment
available in the financial markets and
suitable for sophisticated individuals and
institutions. The possibility exists that
you could sustain a substantial loss of
funds and therefore you should not invest
money that you cannot afford to lose.
Nothing in this presentation is a
recommendation to buy or sell currencies and
DigitalNet LLC is not liable for any loss or
damage, including without limitation, any
loss of profit which may arise directly or
indirectly from the use of Destiny
software..
Disclaimer:
Trading the forex market with or without using
leverage is risky. One should not use funds which
he or she can not afford to lose. Past performance
is not always a good indication of what will
occur in the future.
