The Candlestick Pattern Scanner is a technical analysis tool designed for traders who use candlestick charting as part of their trading strategy.
These patterns can indicate a potential trend reversal or continuation and are commonly used by traders to identify potential trading opportunities.
Candlestick patterns are visual representations of price movements, which are formed by a series of one or more candlesticks.
The Candlestick Pattern Scanner can spot all types of major price candle patterns, including pin bar, doji, evening star, shooting star, engulfing, hammer, morning star, and more.
Once it spots a potential candlestick pattern, it marks the candle with colored bars and displays the name of the candlestick pattern in text format.
Traders can use this information to make trading decisions based on specific buy and sell conditions.
The Candlestick Pattern Scanner scanner works with the MT4 trading platform and monitors price charts in multiple timeframes to detect key candlestick patterns.
Traders can use the Candlestick Pattern Scanner to help them decipher market sentiment and the dynamics of supply and demand, as well as to determine potential trade entries and exits.
When the scanner detects a potential candlestick pattern, it marks the candle with colored bars and displays the name of the pattern in text format.
The scanner can provide buy and sell signals based on specific conditions, such as spotting a bullish or bearish candlestick pattern and rejecting solid support or resistance.
- Spot a bullish candlestick pattern
- Look for a rejection of solid support levels
- Wait for the scanner to confirm the pattern name before entering a long position
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- Determine a bearish candlestick pattern
- Keep an eye out for the rejection of strong resistance levels.
- Enter a brief position after the scanner has confirmed the pattern name.