James16 Patterns Indicator for MT5 Download – Free – [TradingFinder]

The James16 Patterns Indicator is developed based on Price Action patterns within the framework of the "James16" strategy. This tool tracks market movements and, by detecting bullish and bearish patterns, displays buy and sell signals quickly and clearly.

After each pattern is identified, its exact location, along with its abbreviation, is marked on the chart. In addition, buy signals are presented in blue and sell signals in red, displayed with separate markers for the user.

James16 Pattern Indicator Specifications Table

The table below shows the specifications of the James16 Patterns Indicator:

James16 Patterns Indicator at a Glance

The patterns detected by the James16 Patterns Indicator fall into two main categories, bullish and bearish, and include the following:

Bullish Patterns

• DBLHC: Possible signal of an upward trend
• TMLTB: Support confirmation and start of price growth
• Bullish Pin Bar: Indicates price reversal to the upside
• BUOVB: Strong sign of trend continuation upwards

Bearish Patterns

• DBHLC: Indicates possible price decline
• TMHTB: Resistance confirmation and potential trend reversal
• Bearish Pin Bar: Warning of possible decline during corrections or after strong rallies
• BEOVB: Strong bearish signal for continuation of price decline
• IB4: Indicates market compression

Uptrend and Buy Signal

Based on the Silver vs. US Dollar (XAG/USD) 1-hour chart, two Pin Bar patterns have formed within a close range.

This repetition of the pattern confirms the strength of the price reversal from the bottom and the beginning of an upward move; after these Pin Bars formed, the trend continued strongly upward.

Downtrend and Sell Signal

According to the Euro vs. Japanese Yen (EUR/JPY) chart, the "BEOVB" pattern has repeated multiple times, signaling selling pressure in the market.

The formation of these patterns at the top zones confirms the beginning of a downward move.

James16 Patterns Indicator Settings

The settings of the James16 Pattern Indicator are as follows:

Bearish Patterns

• showDBHLC: Double Bar High Lower Close pattern
• showBEOVB: Bearish Outside Vertical Bar pattern
• showTMLTB: Two Matching Low Bars pattern

Bullish Patterns

• showDBLHC: Double Bar Low Higher Close pattern
• showBUOVB: Bullish Outside Vertical Bar pattern
• showTMHTB: Two Matching High Bars pattern

Non Directional or Both Dir

• showIB4: Inside Bar 4 pattern
• showKEYRV: Key reversal patterns

Conclusion

The James16 Pattern Indicator is a key tool in technical analysis, capable of detecting and plotting the patterns of the "James16" strategy.

By tagging and displaying graphical signals, this indicator separates bullish and bearish patterns and identifies the probable price direction.

In addition, thanks to customizable settings, it allows users to choose which patterns to display.