Japanese candlestick indicator.

Japanese candlestick trading is often used in Forex; a new candlestick pattern can confirm a current trend or warn of an impending reversal. However, constantly monitoring a currency pair's chart can be tedious; a specialized indicator can make the process easier.

The Japanese Candlestick Indicator uses multicolored shapes to alert traders to the emergence of a new candlestick pattern, significantly simplifying trading.

All indicator parameters are set by default; the user can only change the displayed bar interval; the default setting is 1000.

After you have added the downloaded indicator to the chart of the working instrument, the designations of Japanese candlesticks immediately appear, which are deciphered as follows:

• Gray circle - candlestick pattern "Hammer" or it is also called the Hanging Man, depending on the direction of the trend indicates its reversal.

• Red square - " Bullish engulfing " also belongs to the category of reversal candlesticks, and sometimes gives a fairly strong signal.

• Blue hedgehog - indicates " Doji candlesticks " which can have a different effect on the trend depending on when they appeared.

• Green square - "Bearish engulfing" is similar to bullish engulfing, only in the opposite direction.

• Rhombus - "Lightning in the clouds"

To get additional information, simply hover your cursor over the candlestick pattern. A tooltip describing the candlestick pattern will appear.

While the Japanese candlestick indicator isn't perfect, it can still help you spot and identify the desired candlestick pattern. You can find a description of the candlesticks in the Japanese Candlesticks .

Download the Japanese Candlestick Indicator .