Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
This indicator labels swing highs and swing lows as well as the candle pattern that occurred at that precise point.
The indicator can detect the following 6 candle patterns: hammer, inverse hammer, bullish engulfing, hanging man, shooting star and bearish engulfing.
The notations HH, HL, LH, and LL you can see on the labels are defined as follows:
- HH : Higher high
- HL : Higher low
- LH : Lower high
- LL : Lower low
Setting
- Length: Sensitivity of the swing high/low detection, with lower values returning the maximum/minimum of shorter-term price variations.
Usage & Details
It can be interesting to see if a top or bottom is associated with a specific candle pattern, this allows us to study the potential of such a pattern to indicate a reversal. You can hover on a label with a specific pattern to see more details about it.
Note that the labels are offset, and will appear later in real-time, as such this indicator is not intended to detect tops/bottoms in real-time.
