Free Candlestick Pattern Indicator for MT5:
23 Patterns with ATR Filter & Alerts
Most candlestick pattern indicators on MQL5 detect 5–8 patterns and call it done. Price Action Patterns Pro detects 23 patterns across single, two-candle, and three-candle formations — with an ATR size filter and Volume filter built in to remove the low-quality signals that most pattern detectors generate constantly.
This article covers what the indicator detects, how the filters work, and why they matter in practice. The indicator is free to download on MQL5.
What It Detects: 23 Candlestick Patterns
The indicator covers the complete range of candlestick patterns used in price action trading, organized into three categories:
Single-Candle Patterns (12)
| Pattern | Signal | Key Rule |
|---|---|---|
| Pin Bar (Bull/Bear) | Reversal | Wick >70% of range, body <20% |
| Dragonfly Doji | Bullish reversal | Lower wick >85%, near-zero body |
| Gravestone Doji | Bearish reversal | Upper wick >85%, near-zero body |
| Doji | Indecision | Body <5% of range |
| Spinning Top | Indecision | Small body, wicks both sides |
| Hammer | Bullish reversal | Lower wick >60%, upper wick <10% |
| Hanging Man | Bearish reversal | Same shape as Hammer, after uptrend |
| Inverted Hammer | Bullish reversal | Upper wick >60%, lower wick <10% |
| Shooting Star | Bearish reversal | Same shape as Inv. Hammer, after uptrend |
| Bullish Marubozu | Strong bullish | Body >90%, virtually no wicks |
| Bearish Marubozu | Strong bearish | Body >90%, virtually no wicks |
Two-Candle Patterns (6)
| Pattern | Signal | Key Rule |
|---|---|---|
| Bullish Engulfing | Bullish reversal | Candle 2 body engulfs C1 by >110% |
| Bearish Engulfing | Bearish reversal | Candle 2 body engulfs C1 by >110% |
| Bullish Harami | Bullish reversal | C2 body inside C1, C2 <50% of C1 |
| Bearish Harami | Bearish reversal | C2 body inside C1, C2 <50% of C1 |
| Tweezer Bottom | Bullish reversal | Two matching lows within 3 pips |
| Tweezer Top | Bearish reversal | Two matching highs within 3 pips |
Three-Candle Patterns (6)
| Pattern | Signal | Key Rule |
|---|---|---|
| Morning Star | Bullish reversal | Large bear + small indecision + large bull closing >50% into C1 |
| Evening Star | Bearish reversal | Large bull + small indecision + large bear closing >50% into C1 |
| Three White Soldiers | Strong bullish | 3 consecutive bull candles, body >55%, upper wick <15% |
| Three Black Crows | Strong bearish | 3 consecutive bear candles, body >55%, lower wick <15% |
| Three Inside Up | Bullish reversal | Harami + confirming bull candle |
| Three Inside Down | Bearish reversal | Harami + confirming bear candle |
The ATR Filter: Why It Matters
The most common problem with candlestick pattern indicators is signal noise. Without a quality filter, they mark every small, insignificant candle that technically meets the geometric definition of a pattern — producing dozens of signals per session that don’t lead anywhere.
The ATR (Average True Range) filter in this indicator requires every detected pattern to have a candle range of at least 70% of the current ATR. Candles below this threshold are silently filtered out regardless of their shape.
A pattern that forms on a candle smaller than 70% of the average range has limited ability to move price. Institutional order flow, which is what actually drives reversals, leaves footprints in candles that are large relative to recent average movement. Small patterns on quiet candles are more likely to be noise than signal.
Volume Filter
The volume filter provides a second layer of quality control. It requires each detected pattern candle to have volume of at least 80% of the 20-period average volume. Low-volume patterns — particularly common in off-hours and around session opens — are filtered out.
Together, the ATR and volume filters typically reduce the total signal count by 40–60% compared to unfiltered detection, leaving only the patterns with genuine market participation behind them.
Alert System
Every detected pattern can trigger four independent alert types:
- Popup alert — on-screen alert in the MT5 terminal
- Sound alert — configurable .wav file plays on signal
- Push notification — sends to MT5 mobile app (requires MetaQuotes account)
- Email notification — sends via configured SMTP settings in MT5
Each alert type has an independent on/off toggle. You can use any combination — for example, popup + push notification for mobile monitoring without sound.
Auto Offset (v1.30)
Arrow and label placement scales automatically using ATR to prevent arrows from overlapping candle bodies. On symbols with larger price ranges (like Gold or indices), the arrow distance increases automatically. On tight-spread pairs, it contracts. This means the chart stays readable across different instruments without manual offset adjustment.
Price Action Patterns Pro is available as a free download on the MQL5 Market. No purchase required — install directly from the Market tab in MT5 or from the MQL5 website.
Download Price Action Patterns Pro
23 patterns · ATR filter · Volume filter · Push notifications · Free on MQL5