Candlestick Reversal Dashboard Indicator – Full Person Information & Buying and selling Handbook (MT4 & MT5)
Introduction
The Candlestick Reversal Dashboard Indicator is an expert multi-symbol, multi-timeframe scanning device that automates the detection of 14 basic candlestick reversal patterns. It screens as much as 20 devices throughout 9 timeframes and presents each confirmed sample in a compact, interactive six-column dashboard.
Key Options:
- 14 Candlestick Patterns: Single-candle, two-candle, and three-candle reversal formations utilizing physique/shadow ratio evaluation
- Pattern Affirmation: Validates every sample in opposition to prior worth path utilizing a configurable look-back interval
- Multi-Image & Multi-Timeframe: Watch as much as 20 devices throughout M1 via Month-to-month
- Non-Repainting Indicators: Patterns confirmed solely on absolutely closed candles — indicators by no means disappear
- Yellow Rectangle Highlighting: Sample candle(s) highlighted with yellow rectangles and labeled
- 6-Column Dashboard: Image, Timeframe, Path, Sample, Age, and Chart navigation
- 4-Channel Alerts: Popup, sound, electronic mail, and push notifications
- Sample Toggles: Allow or disable every of the 9 sample classes independently
Obtain the indicator:
TIP: All the time mix candlestick reversal indicators with correct place sizing and danger administration — by no means danger greater than 1-2% of your account on a single commerce.
Understanding Candlestick Reversal Patterns
Candlestick reversal patterns sign a possible change in worth path primarily based on the connection between a candle’s open, excessive, low, and shut — particularly body-to-shadow ratios and multi-candle relationships — mixed with previous development context. In contrast to harmonic or Fibonacci-based indicators, no swing-point geometry is concerned. The dashboard detects 14 patterns throughout three classes:
Single-Candle Patterns (4): Recognized from one bar’s physique and shadow proportions. Quickest indicators.
Two-Candle Patterns (6): Recognized from two consecutive bars — one candle engulfing, piercing, or contained throughout the different.
Three-Candle Patterns (4): Recognized from a three-bar sequence exhibiting a decisive momentum shift.
All 14 Patterns
| Sample | Class | Sign | Description |
|---|---|---|---|
| Hammer | Single | Bullish (BUY) | Small physique on the high, lengthy decrease shadow (at the very least 2x physique). Discovered after a downtrend |
| Inverted Hammer | Single | Bullish (BUY) | Small physique on the backside, lengthy higher shadow. Discovered after a downtrend |
| Taking pictures Star | Single | Bearish (SELL) | Small physique on the backside, lengthy higher shadow. Discovered after an uptrend |
| Hanging Man | Single | Bearish (SELL) | Small physique on the high, lengthy decrease shadow. Discovered after an uptrend |
| Bullish Engulfing | Two-Candle | Bullish (BUY) | Giant bullish candle fully engulfs the prior bearish candle’s physique |
| Bearish Engulfing | Two-Candle | Bearish (SELL) | Giant bearish candle fully engulfs the prior bullish candle’s physique |
| Piercing Line | Two-Candle | Bullish (BUY) | Bullish candle opens beneath prior low, closes above the midpoint of the prior bearish candle |
| Darkish Cloud Cowl | Two-Candle | Bearish (SELL) | Bearish candle opens above prior excessive, closes beneath the midpoint of the prior bullish candle |
| Bullish Harami | Two-Candle | Bullish (BUY) | Small bullish candle contained throughout the prior giant bearish candle’s physique |
| Bearish Harami | Two-Candle | Bearish (SELL) | Small bearish candle contained throughout the prior giant bullish candle’s physique |
| Morning Star | Three-Candle | Bullish (BUY) | Bearish candle, adopted by a small-bodied candle, adopted by a robust bullish candle |
| Night Star | Three-Candle | Bearish (SELL) | Bullish candle, adopted by a small-bodied candle, adopted by a robust bearish candle |
| Three White Troopers | Three-Candle | Bullish (BUY) | Three consecutive bullish candles, every closing increased than the final |
| Three Black Crows | Three-Candle | Bearish (SELL) | Three consecutive bearish candles, every closing decrease than the final |
NOTE: Each sample requires development affirmation. A bullish reversal sample is barely legitimate after a downtrend, and a bearish reversal sample is barely legitimate after an uptrend. The look-back interval for development willpower is managed by the TrendBars parameter (default: 5).
Set up Information
For MetaTrader 4
- Find Candlestick_Reversal_Dashboard.ex4 in your downloads
- Open MetaTrader 4 and click on File > Open Knowledge Folder
- Navigate to MQL4 > Indicators and replica the file there
- Press Ctrl+N to open the Navigator, right-click “Indicators” and choose Refresh
Path: C:Customers[YourName]AppDataRoamingMetaQuotesTerminal[ID]MQL4Indicators
For MetaTrader 5
- The indicator installs mechanically through the MQL5 Market after buy
- Press Ctrl+N and develop Indicators > Market to seek out it
Including to a Chart
- Double-click the indicator within the Navigator, or drag and drop onto any chart
- Regulate settings as wanted and click on OK
After making use of, you will notice:
- Dashboard Panel: Separate window beneath your chart exhibiting all detected patterns
- Chart Visualization: Yellow rectangles highlighting the sample candle(s), sample identify label, and BUY/SELL arrows
NOTE: Connect the indicator to a chart of one of many monitored symbols to see the sample visualization on that pair.
Dashboard Overview
The dashboard shows in a separate indicator window beneath your important chart. It presents all detected candlestick reversal patterns in a scrollable desk with six columns:
| Column | Description |
|---|---|
| Image | Instrument the place the sample was detected (e.g., EURUSD) |
| TF | Chart timeframe (M5, M15, H1, H4, D1, and so forth.) |
| Path | Inexperienced = Bullish/BUY, Pink = Bearish/SELL |
| Sample | Sample identify (e.g., “Hammer”, “Bull Engulfing”, “Morning Star”); “—” when no sample |
| Age | Bars because the sample accomplished (sign freshness) |
| Chart | Click on to navigate to that image and timeframe |
Utilizing the Dashboard
- Scrolling: Use the scrollbar on the best aspect to view extra rows when there are extra indicators than seen rows
- Fast Navigation: Click on any row’s “Chart” button to immediately change your important chart to that image and timeframe
- Colour Coding: Inexperienced background tint for Bullish patterns, Pink for Bearish
- Contemporary Indicators: Search for patterns with low Age values (1-3 bars) for the newest setups
- Seen Rows: The variety of concurrently seen rows is configurable (default: 12)
TIP: Use the dashboard to rapidly scan all of your markets for candlestick reversals. Once you spot an attention-grabbing sample, click on the Chart button to examine the candle formation visually and ensure the setup earlier than making a buying and selling resolution.
Enter Parameters Reference
Dashboard Settings
| Parameter | Default | Description |
|---|---|---|
| Symbols | EURUSD,GBPUSD,USDCAD,USDJPY | Comma-separated symbols to watch (as much as 20) |
| Prefix | (empty) | Dealer prefix, e.g., “m.” for m.EURUSD |
| Suffix | (empty) | Dealer suffix, e.g., “.r” for EURUSD.r |
| Allow M1 | false | Toggle M1 scanning |
| Allow M5 | true | Toggle M5 scanning |
| Allow M15 | true | Toggle M15 scanning |
| Allow M30 | true | Toggle M30 scanning |
| Allow H1 | true | Toggle H1 scanning |
| Allow H4 | true | Toggle H4 scanning |
| Allow D1 | true | Toggle D1 scanning |
| Allow W1 | true | Toggle W1 scanning |
| Allow MN | false | Toggle Month-to-month scanning |
| VisibleRows | 12 | Rows displayed in dashboard without delay |
Sample Detection Settings
| Parameter | Default | Description |
|---|---|---|
| ShadowBodyRatio | 2.0 | Minimal shadow-to-body ratio for Hammer, Taking pictures Star, and so forth. Shadow have to be at the very least 2x the physique |
| EngulfMinRatio | 1.0 | Minimal ratio the engulfing physique should exceed the prior physique. 1.0 = at the very least equal dimension |
| PiercingMinPct | 50.0 | Minimal penetration proportion for Piercing Line / Darkish Cloud Cowl |
| HaramiMaxPct | 50.0 | Most inner-candle physique dimension relative to outer candle for Harami patterns |
| StarMaxBodyPct | 30.0 | Most middle-candle physique as proportion of first candle for Morning/Night Star |
| TrendBars | 5 | Previous bars used to substantiate development path earlier than sample validation |
| MaxHistoryBars | 100 | Historic bars to scan per symbol-timeframe mixture |
Sample Filter Toggles
| Parameter | Default | Description |
|---|---|---|
| DetectHammer | true | Allow/disable Hammer detection |
| DetectInvHammer | true | Allow/disable Inverted Hammer detection |
| DetectShootStar | true | Allow/disable Taking pictures Star detection |
| DetectHangMan | true | Allow/disable Hanging Man detection |
| DetectEngulfing | true | Allow/disable Bullish Engulfing and Bearish Engulfing detection |
| DetectPiercing | true | Allow/disable Piercing Line and Darkish Cloud Cowl detection |
| DetectHarami | true | Allow/disable Bullish Harami and Bearish Harami detection |
| DetectStar | true | Allow/disable Morning Star and Night Star detection |
| DetectSoldiers | true | Allow/disable Three White Troopers and Three Black Crows detection |
TIP: Should you discover the dashboard is just too noisy, disable the sample sorts you don’t commerce. For instance, setting DetectHarami to false removes each Bullish and Bearish Harami indicators from the scan, letting you deal with the patterns you belief most.
Show Settings
| Parameter | Default | Description |
|---|---|---|
| ShowPattern | true | Draw yellow rectangle highlighting and sample labels on chart |
| ShowArrows | true | Show BUY/SELL arrows on the sample location |
| BullishColor | Lime | Colour for bullish (BUY) arrows and components |
| BearishColor | Pink | Colour for bearish (SELL) arrows and components |
| HighlightColor | Yellow | Colour for the rectangle highlighting round sample candles |
| ArrowSize | 4 | Entry arrow dimension (scale 1-5) |
| ArrowGap | 0.5 | Arrow distance from the candle excessive/low as an ATR multiplier |
Alert Settings
| Parameter | Default | Description |
|---|---|---|
| AlertTitle | Candlestick Reversal Dashboard | Title prefix for alert messages |
| Popup | true | Present popup dialog on new sample detection |
| Sound | true | Play WAV sound on new sample detection |
| SoundFile | alert2.wav | WAV file within the MT4/MT5 Sounds folder |
| E mail | false | Ship electronic mail on new sample (requires electronic mail configuration) |
| Push | true | Ship cellular push through the MT4/MT5 cellular app |
IMPORTANT: Alerts fireplace solely as soon as per sample per symbol-timeframe mixture to stop duplicate notifications. A brand new alert will solely set off when a distinct sample kinds or the identical sample seems on a brand new accomplished bar.
Chart Sample Visualization
When a candlestick reversal sample is detected on the present chart image and timeframe, the indicator attracts the next visible components:
Yellow Rectangle Highlighting
A yellow rectangle is drawn round every candle forming a part of the detected sample:
- Single-candle patterns (Hammer, Inverted Hammer, Taking pictures Star, Hanging Man): 1 rectangle
- Two-candle patterns (Engulfing, Piercing Line, Darkish Cloud Cowl, Harami): 2 rectangles
- Three-candle patterns (Morning Star, Night Star, Three White Troopers, Three Black Crows): 3 rectangles
Rectangles use the configurable HighlightColor (default: Yellow) and span from the candle’s low to its excessive.
Sample Identify Label
A textual content label with the sample identify (e.g., “Hammer”, “Bull Engulfing”, “Night Star”) is positioned close to the highlighted candles within the BullishColor (Lime) or BearishColor (Pink).
BUY / SELL Arrows
- Bullish (BUY): Upward arrow in Lime, positioned beneath the sample’s lowest low
- Bearish (SELL): Downward arrow in Pink, positioned above the sample’s highest excessive
Arrow dimension (default: 4, scale 1-5) and distance from worth (ArrowGap, default: 0.5 x ATR) are configurable.
TIP: For increased timeframes (H4, D1), enhance ArrowGap to stop arrows from overlapping with candles.
Alert Configuration
Alert Message Format
When a brand new sample is detected, the alert message accommodates all important info:
Candlestick Reversal Dashboard: EURUSD Hammer BULLISH (BUY) on H1
This tells you the image, sample identify, path (BULLISH/BEARISH), motion (BUY/SELL), and timeframe.
Setting Up E mail Alerts
- Go to Instruments > Choices > E mail and configure your SMTP server
- Ship a check electronic mail to confirm, then set E mail to true
Setting Up Push Notifications
- Set up the MetaTrader cellular app and discover your MetaQuotes ID in Settings
- In desktop MetaTrader, go to Instruments > Choices > Notifications and enter the ID
- Click on “Take a look at” to confirm, then set Push to true
Alert Finest Practices
- Preserve Popup and Sound enabled for fast desk notification
- Use Push for cellular alerts when away from the pc
- E mail creates a helpful log of all detected patterns
- Alerts fireplace as soon as per sample per symbol-timeframe to stop duplicates
Buying and selling Methods
Technique 1: Direct Entry on Sample Sign
- Look ahead to a brand new sample on the dashboard with Age = 0-1 bars
- Click on Chart to view the candle formation and ensure it seems clear
- Enter within the sample’s path (BUY for bullish, SELL for bearish)
- Cease Loss: Past the sample’s excessive — beneath the bottom low (bullish) or above the very best excessive (bearish)
- Take Revenue: Goal 1:1.5 or 1:2 risk-reward, or the closest assist/resistance stage
Finest entry worth however increased false-signal danger. Works finest with engulfing and hammer patterns.
Technique 2: Affirmation Entry
- Word the sample when it seems (e.g., Hammer on EURUSD H1)
- Bullish: Await the subsequent candle to shut above the sample candle’s excessive
- Bearish: Await the subsequent candle to shut beneath the sample candle’s low
- Enter after the affirmation candle closes
- Cease Loss: Beneath the sample low (bullish) or above the sample excessive (bearish)
- Take Revenue: 1:2 risk-reward goal or path utilizing ATR
Barely worse entry worth however considerably fewer false indicators.
Technique 3: Multi-Timeframe Confluence
- Scan the dashboard for a logo showing in a number of rows with the identical path (e.g., GBPUSD bullish on each M30 and H1)
- Use the upper timeframe sample for directional bias
- Enter on the decrease timeframe sample for a tighter cease loss
- Goal the closest key stage seen on the upper timeframe chart
TIP: Multi-timeframe confluence is among the strongest filters for candlestick reversal buying and selling. When the dashboard reveals the identical path on two or extra timeframes for a logo, the chance of a real reversal will increase considerably.
Sample Detection Tuning
Adjusting Detection Sensitivity by Buying and selling Type
ShadowBodyRatio (impacts Hammer, Inverted Hammer, Taking pictures Star, Hanging Man):
| Type | Worth | Impact |
|---|---|---|
| Strict | 2.5 – 3.0 | Requires very lengthy shadows relative to physique. Fewer however textbook-quality patterns |
| Default | 2.0 | Customary definition. Good stability of frequency and high quality |
| Relaxed | 1.5 | Accepts shorter shadows. Extra patterns however contains weaker formations |
EngulfMinRatio (impacts Bullish Engulfing, Bearish Engulfing):
| Type | Worth | Impact |
|---|---|---|
| Strict | 1.3 – 1.5 | Engulfing candle have to be 30-50% bigger than the prior candle’s physique |
| Default | 1.0 | Engulfing candle should at the very least match the prior candle’s physique dimension |
| Relaxed | 0.8 | Permits near-engulfing patterns. Extra indicators however weaker formations |
PiercingMinPct (impacts Piercing Line, Darkish Cloud Cowl):
| Type | Worth | Impact |
|---|---|---|
| Strict | 60.0 – 67.0 | Second candle should penetrate at the very least 60-67% into the primary candle’s physique |
| Default | 50.0 | Basic definition: at the very least 50% penetration |
| Relaxed | 40.0 | Accepts shallower penetration. Extra patterns with decrease conviction |
HaramiMaxPct (impacts Bullish Harami, Bearish Harami):
| Type | Worth | Impact |
|---|---|---|
| Strict | 30.0 – 35.0 | Internal candle have to be very small relative to outer candle |
| Default | 50.0 | Internal candle will be as much as half the outer candle’s physique |
| Relaxed | 65.0 – 75.0 | Permits bigger internal candles. Extra harami indicators |
StarMaxBodyPct (impacts Morning Star, Night Star):
| Type | Worth | Impact |
|---|---|---|
| Strict | 15.0 – 20.0 | Center candle will need to have a really small physique (close to doji) |
| Default | 30.0 | Center candle physique will be as much as 30% of the primary candle’s physique |
| Relaxed | 40.0 – 50.0 | Accepts bigger center candles. Extra star patterns |
Suggestions by Instrument Kind
- Main Foreign exchange (EURUSD, GBPUSD, USDJPY): Default settings work effectively
- Minor/Unique Foreign exchange: Barely relaxed (ShadowBodyRatio 1.5-1.8) resulting from wider spreads
- Gold/Silver: Default or barely strict (ShadowBodyRatio 2.0-2.5)
- Crypto (BTCUSD, ETHUSD): Relaxed (ShadowBodyRatio 1.5, EngulfMinRatio 0.8) resulting from volatility
- Indices (US500, US30): Default settings
TrendBars Setting
| Worth | Impact | Finest For |
|---|---|---|
| 3 | Quick development look-back, extra patterns | Scalping, catching minor reversals |
| 5 (default) | Balanced development affirmation | Day buying and selling, most situations |
| 8-10 | Requires a well-established development earlier than confirming reversals | Swing buying and selling, increased timeframes |
Dealer Image Configuration
Many brokers add prefixes or suffixes to image names. In case your dealer’s EURUSD seems in a different way in Market Watch, configure the Prefix and/or Suffix parameters:
Widespread Examples
| Dealer Image | Prefix | Suffix |
|---|---|---|
| EURUSD | (empty) | (empty) |
| m.EURUSD | m. | (empty) |
| EURUSD.r | (empty) | .r |
| xEURUSD.professional | x | .professional |
| EURUSD_SB | (empty) | _SB |
How one can Configure
- Open Market Watch (Ctrl+M) and observe the precise image identify (e.g., “m.EURUSD”)
- Establish the prefix (earlier than “EURUSD”) and the suffix (after “EURUSD”)
- Enter the prefix within the Prefix parameter and the suffix within the Suffix parameter
- Within the Symbols parameter, enter base names with out prefix or suffix: EURUSD,GBPUSD,USDJPY
The indicator mechanically combines Prefix + base identify + Suffix to seek out the proper symbols in your terminal.
TIP: In case your dashboard reveals “—” for all entries, the commonest trigger is inaccurate image names. Examine Market Watch and confirm your Prefix/Suffix settings match your dealer’s naming conference.
Troubleshooting
No Patterns Showing on the Dashboard
- Incorrect image names: Confirm symbols match your dealer’s naming in Market Watch (Ctrl+M). Set Prefix and Suffix appropriately
- Symbols not loaded: Add lacking symbols through Market Watch > right-click > Symbols
- All sample toggles disabled: Examine that at the very least one Detect parameter is about to true
- MaxHistoryBars too low: Improve from 100 to 200-500 to scan extra historical past
Too Many Patterns Cluttering the Dashboard
- Disable much less dependable or much less often traded sample sorts utilizing the Sample Filter Toggles
- Improve detection strictness: increase ShadowBodyRatio to 2.5, EngulfMinRatio to 1.3, decrease HaramiMaxPct to 35
- Disable decrease timeframes (M1, M5) the place noise-driven patterns are extra widespread
- Scale back the variety of monitored symbols to focus in your core watch checklist
Patterns Not Matching What You See on the Chart
- The indicator makes use of mathematical thresholds (ShadowBodyRatio, EngulfMinRatio, and so forth.) that will differ from a subjective visible evaluation
- Confirm the TrendBars worth matches your visible sense of the development
- Make sure the chart timeframe and image match the dashboard row you’re evaluating
Alerts Not Working
- Popup not showing: Confirm Popup is about to true and MetaTrader permits alerts (Instruments > Choices > Occasions)
- No sound: Verify the SoundFile (alert2.wav) exists within the MetaTrader Sounds folder
- E mail not acquired: Configure your SMTP settings in Instruments > Choices > E mail first, then check with the “Take a look at” button
- Push not acquired: Confirm your MetaQuotes ID is entered in Instruments > Choices > Notifications and check it
FAQ
Q: How does this differ from harmonic sample indicators? A: Harmonic indicators detect five-point XABCD constructions validated by Fibonacci ratios. This dashboard analyzes candle body-to-shadow ratios and multi-candle relationships (engulfing, piercing, harami) with development context. No Fibonacci ratios or swing-point geometry are concerned. The 2 approaches complement one another effectively.
Q: Which patterns are most dependable? A: Engulfing patterns and Morning/Night Star are typically probably the most dependable resulting from sturdy momentum shifts. Hammer and Taking pictures Star work effectively with next-candle affirmation. Three White Troopers and Three Black Crows are dependable on increased timeframes.
Q: Why use development affirmation? A: A Hammer on the backside of a downtrend is significant; the identical form mid-uptrend shouldn’t be. TrendBars ensures bullish patterns solely seem after downtrends and bearish patterns solely after uptrends.
Q: Does it work on all timeframes? A: Sure, from M1 to Month-to-month. M15-H1 fits day buying and selling; H4-D1 fits swing buying and selling with fewer however higher-conviction patterns.
Q: Can I disable particular patterns? A: Sure. Every class has its personal toggle. Set DetectHarami to false to disable each Bullish and Bearish Harami, or DetectSoldiers to false to disable Three White Troopers and Three Black Crows.
Q: What does non-repainting imply? A: Patterns are confirmed solely after the forming candle(s) absolutely shut. As soon as a sign seems, it by no means disappears or adjustments.
Q: What’s the ShadowBodyRatio? A: The minimal ratio between a candle’s shadow size and its physique for single-candle patterns. A price of two.0 means the shadow have to be at the very least 2x the physique. Increased values = fewer, extra textbook patterns.
Q: MT4 vs MT5 variations? A: Each use equivalent detection logic. The MT5 model makes use of handle-based calculations and enter group group. Performance and output are the identical.
Q: Why are some seen patterns not detected? A: The indicator makes use of strict mathematical thresholds. Widespread causes: (1) shadow-to-body ratio beneath ShadowBodyRatio, (2) engulfing candle too small per EngulfMinRatio, (3) previous development doesn’t verify the required path, or (4) the sample class is toggled off.
Obtain the indicator:
- E mail: data@forexobroker.com
- Questions: Use the Feedback part on the product web page or ship a non-public message
- Bug Studies: Please embrace your dealer identify, account kind, and a screenshot
✅ All MQL Instruments: https://www.mql5.com/en/customers/forexobroker/ ✅
————————————————————————————————————–
🔵 Really useful Dealer
🔵 Finest Dealer for Europeans ( Leverage 1:500)
