Candlestick Patterns Standard for MT5 User Guide and Settings 1. Overview Candlestick Patterns Standard for MT5 is an intermediate Japanese candlestick pattern indicator for MetaTrader 5. The indicator automatically detects popular bullish and bearish candlestick patterns on the active chart and displays them with arrows and text labels. It also includes a Moving Average trend filter, MA visualization, optional volume confirmation, and alerts. This version is positioned between a basic free candlestick detector and a full professional multi-currency scanner. 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 file Candlestick_Patterns_Standard_MT5.ex5 or Candlestick_Patterns_Standard_MT5.mq5 into this folder. 6. Restart MetaTrader 5 or right-click the Navigator window and select Refresh. 7. Find Candlestick Patterns Standard in Navigator -> Indicators. 8. Drag the indicator onto the chart. 3. How the indicator works The indicator analyzes the candles on the active chart and searches for selected Japanese candlestick patterns. When a bullish pattern is detected, the indicator can show a green arrow below the candle and a text label with the pattern name. When a bearish pattern is detected, the indicator can show a red arrow above the candle and a text label with the pattern name. Signals are calculated on closed candles. This helps avoid repainting of already closed signals. 4. Detected candlestick patterns Candlestick Patterns Standard can detect the following patterns: - Bullish Engulfing - Bearish Engulfing - Bullish Harami - Bearish Harami - Hammer - Hanging Man - Inverted Hammer - Shooting Star - Morning Star - Evening Star - Piercing Line - Dark Cloud Cover - Three Inside Up - Three Inside Down - Three Outside Up - Three Outside Down 5. Main settings AvgPeriod Period used to calculate the average candle body size. This value is used to identify relatively long or short candles. UseTrendFilter Enables or disables the Moving Average trend filter. MAType Moving Average type used for the trend filter. Available values: SMA - Simple Moving Average EMA - Exponential Moving Average TrendMAPeriod Period of the Moving Average used for trend filtering and MA visualization. ShowMA Shows or hides the Moving Average line on the chart. MAColor Color of the Moving Average line. MAWidth Width of the Moving Average line. UseVolumeFilter Enables or disables the volume filter. VolumeThreshold Minimum current tick volume compared with the average tick volume, expressed as a percentage. Example: 120 means that current volume should be at least 120% of average volume. MinBodyPricePercent Minimum candle body size as a percentage of the close price. 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 body size as a percentage of the candle range for short-body candle detection. MinShadowBodyRatio Minimum shadow-to-body ratio used for Hammer, Hanging Man, Inverted Hammer, and Shooting Star patterns. ShowLabels Shows or hides text labels with pattern names. ShowSignalArrows Shows or hides bullish and bearish arrows. 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, Hanging Man, Inverted Hammer, and Shooting Star patterns. ShowStar Enables or disables Morning Star and Evening Star patterns. ShowPiercing Enables or disables Piercing Line and Dark Cloud Cover patterns. ShowInsideDays Enables or disables Three Inside Up and Three Inside Down patterns. ShowOutsideDays Enables or disables Three Outside Up and Three Outside Down patterns. MaxBarsToDraw Maximum number of bars used for drawing arrows, labels, and MA visualization. Reducing this value can improve terminal performance. BullColor Color of bullish pattern labels. BearColor Color of bearish pattern labels. NeutralColor Color used for neutral or secondary labels. 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 logic When the trend filter is enabled, the indicator uses the Moving Average to define market context. Bullish reversal patterns are usually searched after bearish movement or when price is below the selected MA context. Bearish reversal patterns are usually searched after bullish movement or when price is above the selected MA context. This helps reduce random signals and makes pattern detection closer to classical candlestick analysis. 7. Volume filter logic The optional volume filter checks whether the current tick volume is higher than the average tick volume. This can help filter out weak signals that appear during low market activity. For example, if VolumeThreshold is set to 120, the current candle volume should be at least 120% of the average volume. 8. Recommended settings For H1, H4, and D1: - UseTrendFilter = true - TrendMAPeriod = 50 - MAType = SMA or EMA - UseVolumeFilter = false or true depending on the symbol - MinBodyAvgPercent = 120-150 For M5, M15, and M30: - UseTrendFilter = true - UseVolumeFilter = true - TrendMAPeriod = 50 or 100 - MinBodyAvgPercent = 140-180 - MaxBarsToDraw = 500-700 If there are too many signals: - Enable UseTrendFilter - Enable UseVolumeFilter - Increase MinBodyAvgPercent - Increase MinBodyRangePercent - Reduce enabled pattern groups If there are too few signals: - Disable UseVolumeFilter - Reduce MinBodyAvgPercent - Reduce MinBodyRangePercent - Disable UseTrendFilter for testing - Increase MaxShortBodyPercent slightly 9. How to interpret signals A green arrow below the candle indicates a detected bullish pattern. A red arrow above the candle indicates a detected bearish pattern. A text label shows the name of the detected candlestick pattern. The Moving Average line helps evaluate whether the signal appears against or with the current trend. Important: a candlestick pattern is not a guaranteed trading signal. It should be treated as a technical analysis clue that requires confirmation. 10. Practical trading usage Candlestick Patterns Standard can be used for: - Finding possible reversal setups - Confirming manual trading ideas - Studying Japanese candlestick patterns - Filtering price action setups - Combining candle signals with support and resistance - Monitoring trend context with Moving Average - Receiving alerts when a new pattern appears A typical workflow: 1. Attach the indicator to the chart. 2. Choose the timeframe and symbol. 3. Enable the pattern groups you want to use. 4. Enable the MA trend filter for cleaner signals. 5. Wait for a signal on a closed candle. 6. Confirm the setup with support/resistance, trend, market structure, volatility, and risk-to-reward. 7. Make a trading decision according to your own trading plan. 11. 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. 12. Difference from the free version Candlestick Patterns Standard includes more features than the basic free version. Main advantages of the Standard version: - More candlestick patterns - Hanging Man and Inverted Hammer - Piercing Line and Dark Cloud Cover - Three Inside Up and Three Inside Down - Three Outside Up and Three Outside Down - Optional volume filter - More sensitivity settings - More control over pattern groups - Better suited for regular chart analysis The free version is suitable for basic visual detection. The Standard version is designed for more flexible and more serious chart analysis. 13. Difference from the full scanner version Candlestick Patterns Standard works on the active chart only. The full multi-currency scanner version is designed to scan multiple symbols and timeframes in one dashboard. Standard version: - One active chart - Pattern arrows and labels - MA visualization - Trend and volume filters Full scanner version: - Multi-symbol dashboard - Multi-timeframe scanning - Click-to-open chart navigation - Dashboard alerts - Broader market monitoring 14. Performance tips If the terminal becomes slow: - Reduce MaxBarsToDraw - Disable ShowLabels - Disable some pattern groups - Disable ShowMA if not needed - Use higher timeframes - Avoid attaching many copies of the indicator to many charts at the same time 15. Risk warning Candlestick Patterns Standard 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 the market with certainty. Always combine candlestick patterns with additional analysis and proper risk management. Trading Forex, CFDs, futures, stocks, indices, crypto, and other financial instruments involves risk. You are responsible for all trading decisions made using this indicator. 16. Summary Candlestick Patterns Standard for MT5 is a practical tool for traders who want automatic candlestick pattern detection on the chart. It provides arrows, labels, Moving Average visualization, trend filtering, volume filtering, and alerts while remaining simple and easy to use. The indicator is suitable for traders who want more functionality than a free basic detector but do not need a full multi-currency scanner.