Indicator of Candlesticks Combinations (Japanese Candlesticks)

The candlesticks combination were taken from the book “Japanese Candlesticks” by Nison.

This indicator designates the following combination of candlesticks:

– “hammer” or “hanged man”, the code of the symbol is 108, the color is DimGray.

– “bullish engulfing”, the code of the symbol is 110, the color is Red . It designates the bullish trend.

– “bearish engulfing”, the code of the symbol is 110, the color is Lime . It designates the bearish trend.

– “dark-cloud cover”, the code of the symbol is 116, the color is Lime . It designates the bearish trend.

– “cloud gap”, the code of the symbol is 116, the color is Red . It designates the bullish trend.

– “doji”, the code of the symbol is 174, the color is Indigo . It is used coupled with the other combinations.

For the convenience you can point the cursor on a symbol and wait a few of seconds, the pop-up window containing the name of the object will appear, it also contains the description of the candlesticks combination.

Important! You should wait the strengthening or sustaining signals to appear when using the candlesticks combinations.

For example: If the “hanged man” appears after a pronunced uptrend, it’s confirmed by the open price of the next candlestick, composing the price break relatively to the close price of the “hanged man”, etc.

 

MT4 Indicator Download – Instructions

[post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.

[post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly.

How to install [post-title].mq4?

  • Download [post-title].mq4
  • Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your indicator
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
  • Right click on [post-title].mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator [post-title].mq4 is available on your Chart

How to remove [post-title].mq4 from your Metatrader 4 Chart?

  • Select the Chart where is the Indicator running in your Metatrader Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

MT4 Indicators Download below:

Indicator of Candlesticks Combinations (Japanese Candlesticks)

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