Introduction to Candlestick Combinations (Japanese Candlesticks). Indicator

Many trend reversal or momentum signal indicators have some degree of lag. Because indicators follow price action, this is why there is a lag. The signals can sometimes be too late because they follow price action.

The price alone is the best indicator of a reversal signal. These are reversal signals and traders can easily identify them using the Candlestick Combinations Indicator.

What's the Candlestick Combinations Indicator (Japanese Candlesticks?

The Candlestick Combinations, also known as Japanese Candlesticks Indicator, is a momentum-reversal signal indicator that uses Japanese Candlesticks patterns to identify potential price action reversals. This indicator uses symbols to indicate a possible reversal. This indicator plots symbols to signify a potential reversal. It usually places symbols at the top of a candle to signify a bearish reversal.

How the Candlestick Combinations Work (Japanese Candlesticks Indicator)

The descriptive characteristics of candlestick patterns can be programmed into an algorithm.

A bullish engulfing arrangement, for example, has a bearish candle and a bullish candles. The bullish candle's body completely covers the bearish candle. This could be simply programmed as a bullish pattern with a close higher than its previous bearish candle. This would be identified by the indicator and its symbol plotted.

Different patterns can be identified using their descriptive characteristics. Once a pattern has been identified, the indicator plots the symbols.

Indicator for the MT4

Only one variable can be changed in this indicator's indicator settings.

The field "barsToProcess", refers to how many bars the indicator will attempt to detect potential candlestick patterns.

This indicator can be used to signal trade entry using reversal candlesstick patterns. These signals should not be used blindly. However, users should visually verify that the patterns they identify match the characteristics of a reverse pattern. Trade signals should be traded in conjunction with other technical indicators such as trend direction, support and resistance reversals.

Trade Setup

How to Enter?

Identify bullish trends in the market. Wait for the price to pullback. When a bullish trend continuation setup is established, open a buy order. Place the stop loss below this pattern.

When do you want to exit?

If price action indicates a bearish reversal, close the trade immediately.

Setup for Trades

How to Enter?

Identify a bearish market trend. Wait for the price to pullback. When a bearish trend continuation setup is established, place a sell order. Place the stop loss at the top of the pattern.

When do you want to exit?

If price action indicates a possible bullish trend reversal, close the trade immediately.

Conclusion

This indicator is a great indicator of reversal. Although patterns can be subjective descriptions of candlestick formations and algorithms are not able to identify them visually, traders should still visually confirm that they see a reversal pattern on the candle identified with the indicator.

These signals work best when they are traded in conjunction with other technical indicators. It might be possible to use it as a single signal, but this would have low win probabilities.

Indicators - Download Instructions

Candlestick Combinations (Japanese Candlesticks). Indicator for MT4 - This indicator is a Metatrader4 (MT4) indicator. Its purpose is to transform the accumulated historical data.

Candlestick Combinations (Japanese Candlesticks). The indicator for MT4 allows you to see patterns and peculiarities in price dynamics that are not visible to the naked eye.

This information allows traders to assume additional price movements and adjust their strategies accordingly. Click Here for MT4 Strategies

Forex Metatrader 4 Trading Platform

• Support available 24/7 by an international broker.
• Over 12,000 assets, including Stocks, Indices, Forex.
• Spreads and execution of orders are faster than ever with spreads starting at 0 pip.
• Start depositing now to get a bonus of up to $50,000
• Demo accounts are available to test trading strategies.

Step-by-Step RoboForex Trading Account Open Guide

Indicator for the MT4.mq4:

• Download Candlestick Combinations (Japanese Candlesticks). Indicator for the MT4.mq4
• Copy Candlestick Combinations (Japanese Candlesticks). Indicator for Metatrader MT4.mq4. Add this indicator to your Metatrader Directory/experts/indicators /
• Metatrader 4 Client can be restarted or started
• Choose Chart and Timeframe to test your MT4 indicator
• You can search "Custom Indicators" using your Navigator, mostly left in your Metatrader4 Client
• Right click on Candlestick Combinations. (Japanese Candlesticks). Indicator for the MT4.mq4
• Attach a chart
• Change settings or click ok
• Your Chart contains Indicator Candlestick Combinations. (Japanese Candlesticks). Indicator for the MT4.mq4

How do you remove Candlestick Combinations? (Japanese Candlesticks). Indicator for Metatrader Chart MT4.mq4.

• Select the Chart in which the Indicator is running in your Metatrader4 Client
• Right-click to open the Chart
• "Indicators list"
• Select the indicator and click delete

Candlestick Combinations (Japanese Candlesticks). Indicator for the MT4 (Free download)

--------------------