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- Bheurekso Candlestick Pattern Indicator for MetaTrader 5 Download - Free
Bheurekso Candlestick Pattern Indicator for MetaTrader 5 Download - Free
The Bheurekso Pattern Indicator is suitable for traders to identify candlestick patterns on price charts. Developed for the MetaTrader 5 (MT5) platform, this indicator identifies candlestick reversal patterns and plots them on the chart, enabling traders to recognize them effectively. Additionally, it displays pattern labels and sends alerts to inform traders of their formation, allowing for more precise trading decisions.
Indicator Table
Category | Candlestick Patterns - Signal and Prediction - Educational |
Platform | MetaTrader 5 |
Skill Level | Beginner |
Indicator Type | Reversal - Entry - Non-Redrawing |
Time Frame | Multi-time frame |
Trading Style | Scalping - Day Trading - Intraday Trading |
Markets | Forex - Cryptocurrencies - Indices |
Bullish Patterns
The CAD/JPY 4-hour chart, the Bheurekso Pattern Indicator, identifies bullish reversal candlestick patterns. Following their formation, the price begins an upward movement, starting a bullish trend. This indicator displays and alerts traders to six bullish candlestick patterns, including Harami, Piercing, Engulfing, Morning Star, and Hammer. Traders can use these patterns to decide whether to enter or exit trades.
Bearish Patterns
The XAG/USD 1-hour chart, the Bheurekso Pattern Indicator, identifies bearish reversal patterns. By recognizing these patterns and labeling them on the chart, the indicator helps traders detect trend reversals. It identifies six bearish candlestick patterns, including Harami, Piercing, Engulfing, Dark Cloud, Evening Star, and Shooting Star. Alerts notify traders of their formation, assisting in more precise trading decisions.
Indicator Settings
Display Settings: Adjust graphical display settings for charts
- Chart Theme: Choose a chart theme or color scheme;
Indicator Settings: Configure core indicator parameters
- Alert for All Patterns: Enable alerts for all patterns;
- Alert for Bullish Harami Pattern: Activate alerts for bullish Harami patterns;
- Alert for Bullish Piercing Pattern: Activate alerts for bullish Piercing patterns;
- Alert for Bullish Engulfing Pattern: Activate alerts for bullish Engulfing patterns;
- Alert for Bullish Morning Star Pattern: Activate alerts for bullish Morning Star patterns;
- Alert for Bullish Hammer Pattern: Activate alerts for bullish Hammer patterns;
- Alert for Bearish Harami Pattern: Activate alerts for bearish Harami patterns;
- Alert for Bearish Piercing Pattern: Activate alerts for bearish Piercing patterns;
- Alert for Bearish Engulfing Pattern: Activate alerts for bearish Engulfing patterns;
- Alert for Bearish Dark Cloud Pattern: Activate alerts for bearish Dark Cloud patterns;
- Alert for Bearish Evening Star Pattern: Activate alerts for bearish Evening Star patterns;
- Alert for Bearish Shooting Star Pattern: Activate alerts for bearish Shooting Star patterns;
- Text Font Size: Set font size for text labels;
- Color of Text: Choose text color for labels;
- Color of Buy Arrow: Assign color for buy signal arrows;
- Color of Sell Arrow: Assign a color for sell signal arrows;
- Lookback: Specify the number of candles to analyze for patterns.
Conclusion
The Bheurekso Pattern Indicator is a practical and specialized tool for traders seeking to identify candlestick patterns on price charts. By detecting and displaying candlestick reversal patterns, the indicator identifies six bullish and six bearish patterns, helping traders spot potential trend reversals. Alerts for pattern formation further assist traders in optimizing their strategies.
Traders can use this indicator to make informed decisions, entering new trades or exiting existing ones while leveraging market trend changes.
How does this indicator assist traders?
The Bheurekso Pattern Indicator helps traders identify trend reversals and price movements by detecting candlestick patterns. These patterns are beneficial for spotting market reversal points and deciding when to enter or exit trades.
How does this indicator display candlestick patterns?
The indicator labels candlestick patterns directly on the chart and issues alerts for each identified pattern. This feature allows traders to recognize patterns and adjust their trading strategies accordingly quickly.