At this page you can download MT4 Forex indicator
that can be attached to the MetaTrader Forex trading platform
to boost your Forex trading performance.

100% Free - Pattern Recognition Master MetaTrader indicator  -  the kind of indicator that helps you with the routine work,
marking the candlesticks on the chart with the names of the corresponding patterns (like doji or shooting star) where applicable.
All you have to do is just to look if this chart pattern is bullish or bearish, check the general trend and decide your trading stance.
You can refer to this list of Japanese candlestick patterns to quickly find the signal value of the recognized pattern.
The indicator is available for both MT4 and MT5.

Input parameters:

     Show_Alert
  (default = true) — if set to true, shows the alerts when certain pattern is detected.
     UseExtraDigit (default = false) —set it to true if your broker uses extra digit (pip) in the quotes.
     Other parameters  — turn on and off display of various patterns. It's not recommended to change them.

    

First, you should understand that this indicator only indicates the patterns.
You see the symbols near the candlesticks and you see the legend for the symbols in the upper left corner of the screen.
Second, you need to know how these patterns work and when one signals for short position and signals for long.
For the experienced Japanese candlestick patterns traders it's a really helpful tool, for many other traders — it may prove useless.

Downloads

Download free Pattern Recognition Master indicator in ZIP version for MT4

Download free Pattern Recognition Master indicator in ZIP version for MT5

 

Please, UnZip downloaded zipped file with WinZip or 7zip software.
You can download and use 7zip software for free
http://www.7-zip.org/
There is Pattern Recognition Master mq4 file indicator inside.

To install downloaded Pattern Recognition Master indicator use the following steps :
 

Step By Step installation for MT4
1) Copy the mq4 file. Do this by right clicking on the file and clicking “copy”
     Paste/Save the MQ4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder
2) Close your MetaTrader application (assuming it's currently open ... Ignore this if the application hasn't been launched)
3) Launch your MetaTrader application
4) On the left hand side, look for the "Navigator" window
5) Under the "Common" tab, look into the "Custom Indicators" directory
6) Locate the indicator which you have just downloaded into the folder stated in Step 1
7) Drag (Click and drag) the indicator onto the chart
8) done

Step By Step installation for MT5
1) Make sure you have either .mq5 or .ex5 files of the indicator downloaded.
You can’t install an indicator before downloading it.
2) Go to your MetaTrader platform’s folder (wherever you installed it; usually,
it’s C:\Program Files\MetaTrader 5).
3) Enter the MQL5 folder
4) Enter the Indicators folder
5) Now you have two options — either create a separate folder for your indicator
or copy files directly into common folder.
The first choice is preferable as it will help you to keep the indicators organized.
If your indicator came already in a folder, just copy the folder here, otherwise create a folder
and copy files there or copy files directly into Indicators folder
6) If you had .ex5 file (compiled indicator) then you can proceed to the next step.
If you had only .mq5 and possibly some .mqh files (uncompiled indicator)
you can just restart your MT5 platform for automatic compilation,
but this way you won’t know if there were any errors in the code (and if there were errors it won’t get compiled).
Or you can manually compile it. Double click your indicator’s .mq5 file and the MQL5 Editor window will open.
Make sure it’s your indicator opened, click the Compile button and see
if there are any error/warning messages in the bottom tab - No errors. Good!
7) Now you can start your MT5 (if it’s not already started) and
add your indicator to any chart from the Navigator tab (usually on the screen’s left side).
Just double-click it or drag-and-drop to the chart
8) Now you can enjoy your new MT5 indicator and, hopefully, better Forex trading results.

Japanese Candlestick Patterns

Here’s the list of the patterns that it can recognize with the corresponding chart pictures and signal descriptions:

Bearish patterns 

 Shooting star. Can signal an end of the bullish trend. Should be confirmed by other patterns.
 The longer is the shadow the stronger is the signal.
Evening star. Acts as a stronger trend reversal signal.
Note that the shadows should be very short and the body shouldn't large as well.
Evening doji star. Almost the same as previous, but some traders consider it a stronger signal.
Dark cloud pattern. The two-candle pattern is ending the bullish trend.
Note the opening of the second candle — it should be above the first one's close.
Second candle should close below the 50% of first candle's body. Both bodies should be long enough.
Moderately strong signal.
Bearish engulfing pattern. This two-candle pattern appears at the end of the uptrend.
Second (bearish) candle should open higher than first candle's high and should close above the first one's low
(completely engulf it). Moderately strong signal.

Bullish patterns

Bullish hammer. Can signal an end of the bearish trend. Should be confirmed by other patterns.
The longer is the shadow the stronger is the signal.
Morning star. Acts as a stronger trend reversal signal.
Note that the shadows should be very short and the body shouldn't large as well.
Morning doji star. Almost the same as previous, but some traders consider it a stronger signal.
Piercing line pattern. The two-candle pattern is ending the bearish trend.
Note the opening of the second candle — it should be below the first one's close.
Second candle should close above the 50% of first candle's body.
Both bodies should be long enough. Moderately strong signal.
Bullish engulfing pattern. This two-candle pattern appears at the end of the downtrend.
Second (bullish) candle should open lower than first candle's low and should close above first one's high
(completely engulf it). Moderately strong signal.