Japanese Candlestick Patterns are a type of chart pattern commonly used in technical analysis to predict future price movements in Forex and Stock market. Japanese Candlestick Patterns are named after the Japanese traders who first developed them in the 18th century. Each candlestick represents a specific time period and displays the opening, closing, high, and low prices in the chart. The Japanese candlestick patterns are formed by the arrangement of multiple candlesticks and can be either bullish or bearish, indicating whether the price is likely to rise or fall. There are many different types of Japanese Candlestick Patterns, including Doji, Hammer, Hanging Man, and Morning Star, among others
Japanese candlestick pattern and price patterns like Triangle pattern, Falling Wedge, Rising Wedge, Double Top and Head and Shoulder patterns are often used to make buy and sell trading decision in Forex and Stock market. Have you ever thought using these two excellent patterns together for your trading ? Inside Price Breakout Pattern Scanner, you can access to the price patterns like Triangle, Falling Wedge, Rising Wedge, Double Top and Head and Shoulder patterns. At the same time, Japanese candle stick patterns are also built inside Price Breakout Pattern Scanner. This Japanese candlestick patterns are the kind of bonus feature for the trader who are using Price Breakout Pattern Scanner.
So what Japanese candlestick patterns can be detected with Price Breakout Pattern Scanner ? Including Doji Star, Hammer, Englufing, etc, you can asscess around 52 Japanese candlestick patterns. In Japanese candlestick inputs, you can switch on and off Candlestick pattern according to their type. For example, there are Japanese candlestick pattern made up from one candle bar, two candle bar, three candle bar, etc. You can switch on and off each according to your preference.
As a default setting, Pattern Name will be printed in chart. At the same time, you can bring your mouse over to each Japanese candlestick pattern to float pattern name in tool tip box (MT5 is more responsive than MT4 for this tool tip box) Alternatively, you can also change the angle of pattern name from horizontal to vertical or vice versa depending on your readability. In addition, we provide the YouTube Video for Price Breakout Pattern Scanner. With the video, you can see some basic operation of the price breakout pattern scanner. This video is applicable to both MetaTrader 4 and MetaTrader 5 platforms.