Forex Zone | Forex Forum

Custom Pattern Detector Indicator

Discussion started on MT4 / MT5 Indicators

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
The 'Custom Pattern Detector Indicator' lets you define your own custom pattern instead of other common candlestick patterns which everyone knows about like the Doji pattern. Once the indicator knows the pattern you want it to look for then it will go through past and future bars on the chart, make them visible to you, and gather statistics. These statistics include the percentage of bullish and bearish candles that immediately followed the pattern. So the user will have a statistical advantage in knowing what type the next candle will be and can trade accordingly.


Complete information about the Custom Pattern Detector Indicator can be found HERE


Feel free to post your comments, questions, concerns, and bug reports in this forum section.

Linkback: https://www.forex.zone/mt4-mt5-indicators/8/custom-pattern-detector-indicator/50/
#1 - June 13, 2018, 12:29:51 AM
« Last Edit: June 22, 2018, 09:10:32 PM by Admin »

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
Would the custom pattern detector be able to set up a wedge pattern?
No, this indicator is only for certain patterns based on candle formations. It doesn't consider chart patterns (eg. Wedges, Triangles, etc) or any other type of pattern that may exist (eg. Harmonics).
#2 - January 14, 2019, 11:45:19 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
I'm confused about using the shift/ date time
These are simply ways to select the beginning of your pattern. You can either do it by shift or a time.

A shift of 1 means 1 candle ago, a shift of 2 means 2 candles ago, and so on. A date/time is just the open time of a certain candle. You can find this by using the crosshair tool in MT4 and moving the mouse over candles.




I'm interpreting it badly as I have to know where this pattern is going to appear . But is that like where the pattern will appear relative to where its effective position would appear ? Or something entirely different ? 
You would be selecting your own pattern. So you would already know where it is on the chart. I'm not sure if I'm understanding your question.


#3 - January 15, 2019, 07:22:47 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
I would know my own pattern which I would set up to find , is that what this indicator does? 
Yes, but it also produces statistics which can be helpful in predicting future price movement.




If I knew where it was myself why would I need anything more ? Just act on it. I think this is some misconception I have.
I think your missing the part about how it produces statistics based on your selected pattern. It just doesn't find the pattern you want. It goes back through all history and gathers statistics. For example, if throughout that whole chart, 70% of the same patterns resulted in the next candle following the pattern being bullish then you might think history will repeat itself and place a buy trade.





my broker account allowed the Fibonacci s+r and the harmonic patterns finder . But they disallowed and disabled the auto zz s+r . This was all automatic . I might be gambling they would allow the custom pattern indicator...thanks for any clarity

The indicators are protected by account number. Your broker has no control over the matter. Unless they change account numbers on you often without warning, which won't happen. Just re-initialize the indicator and it should work.



#4 - January 15, 2019, 08:36:03 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
So I would have the pattern  on my chart in the present and it would offer statistics . Or could it find my pattern that I defined and offer statistics ? Like the harmonic pattern indicator?
You would basically use a custom pattern based on candles. So you would choose a start time (for the start of your pattern) and duration in candles that the pattern consists of. That's why it's called 'Custom Pattern Detector'. So it's unlike other patterns like Harmonics or anything else. Okay, so once the indicator knows what pattern you choose, it will analyze past history and gather statistics. It will also highlight previous patterns on the chart that match your pattern, but that's not the important part. The important part is what the statistics tell you. Just look at the screenshots on the website. This is what it does. You will see the statistics in the upper left corner.
#5 - January 15, 2019, 08:57:38 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
I'm not setting up a pattern . But sort of defining it in space ( on the chart ) .
Well, patterns can be different things to different people. With this indicator, a pattern is based on candle formations. If this same formation exists let's say 100 times in the past then it could be defined as a pattern. Just like with candlestick patterns like Doji or other types of patterns like triangles and wedges. To people who are not even traders, they are not patterns at all.



Getting a little off track . I was invited to review my indicators for a free indicator of my choice . I'm actually a student now . Would the offer stand sometime in the future when I have the experience for it . I mean I like them and the harmonic patterns seem prolific in the timeframes I examined ( up to an hour ) . Now I have a course on harmonic patterns to work through . Well thanks a lot for working with me....stevex
Check your email about this please.


#6 - January 15, 2019, 10:32:36 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
Hi often this indicator when showing the statistics is too quick for me . Is there any way I make it show me the statistics again after they have gone away? Thanks
The comment will stay in the upper left corner. If it's not there, it means you have another EA or indicator removing the comment from the screen. In this case, open a separate chart and run the indicator on that chart alone.
#7 - January 23, 2019, 04:04:59 PM

  • Posts: 6
  • Points: 0
  • Likes Received: 3
  • Reputation: +1/-0
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
  When the statistics indicate that the next candle might be bearish or bullish . Does it only refer to the next candle after the box is drawn . Or can it mean a candle next to the previous candle without any box drawn ?
#8 - January 23, 2019, 10:33:33 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
  When the statistics indicate that the next candle might be bearish or bullish . Does it only refer to the next candle after the box is drawn .
Yes, the statistics are only relevant for the candle immediately following the box.



Or can it mean a candle next to the previous candle without any box drawn ?
Sorry, but I don't know what you mean. 

Just to clarify, but in most cases the statistics will be for the current candle since the point of the indicator is to help know the direction that the current candle will go so you can trade it. I say "in most cases" because it is possible to choose a pattern starting any shift back in time since there are inputs for that, but most traders probably wouldn't do that. I personally use a shift of 1 for the start of my pattern. That way, I can know the statistics relevant for the current candle.


#9 - January 23, 2019, 10:43:37 PM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 1221
  • Points: 2006
  • Likes Received: 545
  • Reputation: +15/-3
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
The 'Custom Pattern Detector Indicator' lets you define your own custom pattern instead of other common candlestick patterns which everyone knows about like the Doji pattern. Once the indicator knows the pattern you want it to look for then it will go through past and future bars on the chart, make them visible to you, and gather statistics. These statistics include the percentage of bullish and bearish candles that immediately followed the pattern. So the user will have a statistical advantage in knowing what type the next candle will be and can trade accordingly.


Complete information about the Custom Pattern Detector Indicator can be found HERE


Feel free to post your comments, questions, concerns, and bug reports in this forum section.
is this indicator paid, bro?

  I want to try it, is there anyone who is angry?
#10 - January 25, 2019, 07:34:49 AM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 2998
  • Points: 33162
  • Likes Received: 2821
  • Reputation: +156/-13
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
Complete information about the Custom Pattern Detector Indicator can be found HERE


Feel free to post your comments, questions, concerns, and bug reports in this forum section.
is this indicator paid, bro?

  I want to try it, is there anyone who is angry?

If you go to the link you just quoted, you will see a price and payment button. So yes, it is paid.

No reason to be angry. There are already several free products available. And the cost of the indicator is not big.
#11 - January 25, 2019, 11:33:35 AM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 1221
  • Points: 2006
  • Likes Received: 545
  • Reputation: +15/-3
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
Complete information about the Custom Pattern Detector Indicator can be found HERE


Feel free to post your comments, questions, concerns, and bug reports in this forum section.
is this indicator paid, bro?

  I want to try it, is there anyone who is angry?

If you go to the link you just quoted, you will see a price and payment button. So yes, it is paid.

No reason to be angry. There are already several free products available. And the cost of the indicator is not big.
yes, right I think this indicator is free, if I see the indicator product is indeed of high quality,
#12 - January 25, 2019, 11:50:02 AM

  • Posts: 128
  • Points: 14
  • Likes Received: 22
  • Reputation: +0/-0
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
this indicator is indeed good sir for analyzing price movements thanks for sharing
#13 - February 06, 2019, 03:26:36 AM

  • Custom Pattern Detector Indicator in MT4 / MT5 Indicators_index
  • Posts: 142
  • Points: 3356
  • Likes Received: 13
  • Reputation: +0/-0
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
The 'Custom Pattern Detector Indicator' lets you define your own custom pattern instead of other common candlestick patterns which everyone knows about like the Doji pattern. Once the indicator knows the pattern you want it to look for then it will go through past and future bars on the chart, make them visible to you, and gather statistics. These statistics include the percentage of bullish and bearish candles that immediately followed the pattern. So the user will have a statistical advantage in knowing what type the next candle will be and can trade accordingly.


Complete information about the Custom Pattern Detector Indicator can be found HERE


Feel free to post your comments, questions, concerns, and bug reports in this forum section.
My costume pattern detector indicator still doesn't fully understanding. but l try to understand it.
#14 - February 07, 2019, 06:38:18 AM

  • Posts: 25
  • Points: 0
  • Likes Received: 5
  • Reputation: +2/-0
Custom Pattern Detector Indicator in MT4 / MT5 Indicators_xx
How to download this indicator....??  But that articles that are very helpful I really like your article and I hope that is it
#15 - February 09, 2019, 01:21:33 PM

Members:

0 Members and 1 Guest are viewing this topic.


* Share Topic

Share via delicious Share via digg Share via facebook Share via linkedin Share via pinterest Share via reddit Share via stumble Share via tumblr Share via twitter

* Similar Topics

clip
modify my custom indicator

Started by reaper on Indicator Modifications

20 Replies
1135 Views
Last post August 05, 2019, 05:54:30 AM
by Yongmu
xx
Delevop Indicator for candle pattern

Started by mazlisham76 on MT4 / MT5 Indicators

1 Replies
852 Views
Last post September 17, 2018, 10:50:15 AM
by Admin
clip
Volume profile - custom range

Started by Lolek555 on MT4 / MT5 Indicators

0 Replies
399 Views
Last post June 27, 2020, 02:50:36 PM
by Lolek555
xx
What is the difference between chart pattern and Harmonic pattern?

Started by zanurreload on General Forex Discussion

28 Replies
539 Views
Last post May 03, 2021, 11:00:38 PM
by ERSYA