Candlestick Pattern Detector for MT5 User Guide and Settings 1. Overview Candlestick Pattern Detector for MT5 is a free indicator for automatic detection of basic Japanese candlestick patterns on the active MetaTrader 5 chart. The indicator helps traders visually identify potential bullish and bearish candlestick setups. Detected patterns can be displayed with arrows and text labels directly on the chart. The indicator also includes a Moving Average trend filter, MA visualization, terminal alerts, and push notifications. This version is intended as a simple and lightweight tool for basic candlestick pattern analysis. 2. Installation 1. Open MetaTrader 5. 2. Click File -> Open Data Folder. 3. Open the MQL5 folder. 4. Open the Indicators folder. 5. Copy the indicator file into this folder. 6. Restart MetaTrader 5 or refresh the Navigator window. 7. Find the indicator in Navigator -> Indicators. 8. Drag the indicator onto the chart. 3. How the indicator works The indicator analyzes candles on the active chart and checks them for selected Japanese candlestick patterns. When a bullish pattern is detected, the indicator can display a green arrow below the candle and a text label with the pattern name. When a bearish pattern is detected, the indicator can display a red arrow above the candle and a text label with the pattern name. The indicator works with closed candles. Closed signals are not repainted. 4. Detected patterns The free version detects the following basic candlestick patterns: - Bullish Engulfing - Bearish Engulfing - Bullish Harami - Bearish Harami - Hammer - Shooting Star - Morning Star - Evening Star 5. Main settings AvgPeriod Period used to calculate the average candle body size. This value helps the indicator identify long and short candles. TrendMAPeriod Period of the Moving Average used for trend filtering and MA visualization. UseTrendFilter Enables or disables the Moving Average trend filter. MAType Type of Moving Average used by the trend filter. Available values: SMA - Simple Moving Average EMA - Exponential Moving Average ShowLabels Shows or hides text labels with pattern names. ShowSignalArrows Shows or hides bullish and bearish arrows on the chart. ShowMA Shows or hides the Moving Average line on the chart. ShowEngulfing Enables or disables Bullish Engulfing and Bearish Engulfing patterns. ShowHarami Enables or disables Bullish Harami and Bearish Harami patterns. ShowHammer Enables or disables Hammer and Shooting Star patterns. ShowStar Enables or disables Morning Star and Evening Star patterns. MaxBarsToDraw Maximum number of bars used for drawing arrows, labels, and MA visualization. Reducing this value can improve terminal performance. MinBodyRangePercent Minimum candle body size as a percentage of the full candle range. MinBodyAvgPercent Minimum candle body size compared with the average candle body. MaxShortBodyPercent Maximum candle body size as a percentage of the candle range for short-body candle detection. MinShadowBodyRatio Minimum shadow-to-body ratio used for Hammer and Shooting Star patterns. BullColor Color of bullish pattern labels. BearColor Color of bearish pattern labels. MAColor Color of the Moving Average line. EnableTerminalAlerts Enables popup alerts in the MetaTrader 5 terminal. EnablePushAlerts Enables push notifications to the MetaTrader mobile application. Push notifications must be configured in MetaTrader 5 settings. 6. Trend filter The Moving Average trend filter helps reduce weak signals. When the trend filter is enabled, the indicator uses the selected MA type and period to check the current market context. This can help filter signals and reduce random pattern detection in noisy market conditions. 7. Recommended settings For H1, H4, and D1: - UseTrendFilter = true - TrendMAPeriod = 50 - MAType = SMA or EMA - ShowMA = true - MaxBarsToDraw = 500 For M5, M15, and M30: - UseTrendFilter = true - TrendMAPeriod = 50 or 100 - MinBodyAvgPercent = 120-150 - MaxBarsToDraw = 300-500 If there are too many signals: - Enable UseTrendFilter - Increase MinBodyAvgPercent - Increase MinBodyRangePercent - Disable some pattern groups If there are too few signals: - Disable UseTrendFilter for testing - Reduce MinBodyAvgPercent - Reduce MinBodyRangePercent - Increase MaxShortBodyPercent slightly 8. How to interpret signals A green arrow below the candle means that a bullish candlestick pattern was detected. A red arrow above the candle means that a bearish candlestick pattern was detected. A text label shows the name of the detected pattern. The Moving Average line helps evaluate the trend context. Important: a candlestick pattern is not a guaranteed trading signal. It should be confirmed with additional analysis. 9. Practical usage The indicator can be used for: - Basic candlestick pattern detection - Price Action analysis - Finding possible reversal setups - Studying Japanese candlestick patterns - Confirming manual trading ideas - Monitoring charts with alerts Suggested workflow: 1. Attach the indicator to the chart. 2. Select the pattern groups you want to use. 3. Enable the Moving Average filter if needed. 4. Wait for a signal on a closed candle. 5. Confirm the signal with support and resistance, trend direction, market structure, and risk management. 6. Make trading decisions only according to your own trading plan. 10. Alerts The indicator can send alerts when a new pattern appears on the last closed candle. Terminal alerts are shown directly in MetaTrader 5. Push alerts are sent to the MetaTrader mobile application if push notifications are configured correctly. To configure push notifications: 1. Open MetaTrader 5. 2. Go to Tools -> Options -> Notifications. 3. Enable push notifications. 4. Enter your MetaQuotes ID. 5. Test the notification. 6. Enable EnablePushAlerts in the indicator settings. 11. Limitations of the free version This free version is designed for basic candlestick analysis. It does not include all advanced patterns and filters available in the paid versions. The free version does not include: - Full advanced pattern set - Volume filter - Advanced sensitivity control - Summary table - Multi-currency dashboard - Multi-timeframe scanner - Click-to-open chart navigation For more advanced analysis, use the Standard version or the full Multi-Currency Candlestick Pattern Scanner. 12. Performance tips If the terminal becomes slow: - Reduce MaxBarsToDraw - Disable ShowLabels - Disable ShowMA if not needed - Disable unused pattern groups - Avoid attaching many copies of the indicator to many charts at the same time 13. Risk warning Candlestick Pattern Detector is not a trading robot. It does not open, modify, or close trades automatically. The indicator is a technical analysis tool. It does not guarantee profit and does not predict market movement with certainty. Always combine candlestick patterns with additional market analysis and proper risk management. Trading Forex, CFDs, stocks, indices, crypto, futures, and other financial instruments involves risk. You are responsible for all trading decisions made using this indicator. 14. Summary Candlestick Pattern Detector for MT5 is a free and lightweight tool for automatic detection of basic Japanese candlestick patterns. It provides arrows, labels, Moving Average visualization, trend filtering, and alerts while remaining simple and easy to use.