KT Candlestick Patterns Indicator
KT Candlestick Patterns Indicator
MT4 | MT5
KT Candlestick Patterns indicator finds and marks the 24 most dependable Japanese candlestick patterns in real-time. Japanese traders have been using the candlestick patterns to predict the price direction since the 18th century.
It's true that not every candlestick pattern can be equally trusted to predict the price direction reliably. However, when combined with other technical analysis methods like Support and Resistance, they provide an exact and unfolding market situation.
This indicator includes many of the candlestick patterns discussed extensively in Steve Nison's book - Japanese Candlestick Charting Techniques.
Apart from the patterns included in Steve's book, the KT Candlestick Patterns indicator also finds many other intricate candlestick patterns that are usually not very famous among the traders.
- Looking to capture fixed no. Pips on each signal, you can enter your target as the "success benchmark pips" in the inputs, the indicator will instantly find the success percentage of your chosen profit target.
- It finds 24 famous Japanese candlestick patterns with very high precision.
- It is equipped with a performance analysis module that tracks every candlestick pattern's accuracy and displays the statistics in real-time.
- Ability to put minimum no. of bars between each pattern that declutter the charts and improve the accuracy of the signals.
- It blends the market trend direction with pattern identification to identify the candlestick patterns more accurately.
- It includes reversal, trend continuation, and neutral patterns(Dojis).
- All Metatrader alerts included.
Three White Soldiers/Three Black Crows
Three Outside Up/Down
Three Inside Up/Down
Morning Star/Evening Star
Dark Cloud Cover/Piercing
Advance Block/Descent Block
Homing Pigeon/Descending Hawk
Trend Continuation Patterns
Rising Window/Falling Window
Rising Three Method/Falling Three Method
Long Legged Doji
Optimizing the Signals Accuracy of KT Candlestick Patterns indicator
Not every candlestick pattern performs equally well. You should enable/disable the appropriate patterns for the chosen instrument and time-frame. Also, you can quickly improve the accuracy of the signals by following these simple steps:
- Make sure each pattern is set to True.
- Choose the "Success Benchmark Pips" you're looking to achieve on each signal.
- Turn-off each pattern one by one and monitor the success rate percentage.
- If turning off a particular pattern improves the success rate, keep it off.
- If turning off a particular pattern worsen the success rate, set it to True again.
- Adjust the value of "Min. Bars Between Patterns" between 10 to 50.
Increasing the value of "Min. Bars Between Patterns" will usually improve the success rate. However, a high value will significantly decrease the number of signals, so you must select a balanced value between 10 to 50.
- History Bars: The number of history bars to include for the indicator buffers. Decrease the number of history bars if your PC is lagging during the use of this indicator.
- Min. Bars Between Patterns: The minimum number of bars between each pattern.
- Draw Pattern Names: Draw the pattern name of each signal.
- Patterns Selection: Enable/Disable the patterns suitable for the chosen instrument and time-frame.
- Performance Analysis: The indicator measures the accuracy of each signal and shows the essential metrics.
- Success Benchmark Pips: A success benchmark in pips to measure the success percentage of each signal.
- Show Text Analysis: Show/Hide the text information in the top left corner of the chart.
// declare the constants #define hammer_code 8974 #define inverted_hammer_shooting_star_code 8975 #define bullish_engulfing_code 8976 #define bearish_engulfing_code 8977 #define darkcloudcover_code 8978 #define piercing_code 8979 #define morning_star_code 8980 #define evening_star_code 8981 #define bullish_harami_code 8984 #define bearish_harami_code 8985 #define three_white_soldiers_code 8986 #define three_black_crows_code 8987 #define bullish_counterattack_line_code 8988 #define bearish_counterattack_line_code 8989 #define rising_window_code 8990 #define falling_window_code 8991 #define rising_three_code 8992 #define falling_three_code 8993 #define bullish_marubozu_code 8998 #define bearish_marubozu_code 8999 #define bullish_kicker_code 9000 #define bearish_kicker_code 9001 #define bullish_belthold_code 9002 #define bearish_belthold_code 9003 #define three_outside_up_code 9004 #define three_outside_down_code 9005 #define three_inside_up_code 9006 #define three_inside_down_code 9007 #define advance_block_code 9008 #define descent_block_code 9009 #define bullish_squeeze_code 9010 #define bearish_squeeze_code 9011 #define bullish_fakey_code 9012 #define bearish_fakey_code 9013 #define homing_pigeon_code 9014 #define descending_hawk_code 9015 #define ladder_bottom_code 9016 #define ladder_top_code 9017 #define bullish_mat_hold_code 9018 #define bearish_mat_hold_code 9019 #define simple_doji_code 8994 #define long_legged_doji_code 8995 #define gravestone_doji_code 8996 #define dragonfly_doji_code 8997 // MQL4 double Buy_Signal = iCustom(Symbol(),0,"KT Candlestick Patterns",0,1); double Sell_Signal = iCustom(Symbol(),0,"KT Candlestick Patterns",1,1); double Fetch_Candlestick_Pattern = iCustom(Symbol(),0,"KT Candlestick Patterns",2,1); if(Buy_Signal!=0) // Buy signal detected if(Sell_Signal!=0) // Sell signal detected if(Fetch_Candlestick_Pattern==xyz_pattern_code) // xyz pattern detected // MQL5 // define indicator's handle int KT_Candlestick_Patterns_handle = iCustom(Symbol(),0,"KT Candlestick Patterns") // define arrays double Buy_Signal; double Sell_Signal; double Fetch_Pattern_Code; // Copy the buffers into arrays CopyBuffer(KT_Candlestick_Patterns_handle,0,1,1,Buy_Signal); CopyBuffer(KT_Candlestick_Patterns_handle,1,1,1,Sell_Signal); CopyBuffer(KT_Candlestick_Patterns_handle,2,1,1,Fetch_Pattern_Code); if(Buy_Signal!=0) // Buy signal detected if(Sell_Signal!=0) // Sell signal detected if(Fetch_Candlestick_Pattern==xyz_pattern_code) // xyz pattern detected
Does it also provide the stop-loss and take-profit with the signals?
No. Every candlestick pattern is different, so a fixed range of stop-loss and take-profit can't be suitable for each pattern.
How accurate are the patterns?
Not all candlestick patterns are the same. Some of the patterns may be suitable for EURUSD but not for USDJPY. It would be best if you find the appropriate patterns for each instrument and time-frame.
Is there a way to optimize the accuracy of the signals?
Yes. The optimization instructions are provided in the introductory email, as well as in the description tab.
Does it provide alerts on each new pattern?
Yes. All Metatrader alerts are included.
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