to the fact the chart is already crowded, because the indicator has no option to use abbreviated labels, the labels also crowd the candlesticks that theyre identifying (see the image above). How well does it identify candlestick patterns? As a result, it will label any hanging man as a hammer and any inverted hammer as a shooting star. You also get random candlesticks with just an arrow and no label from time to time (see the image above bottom right). Final Thoughts I tested many indicators to find the best candlestick pattern indicator for MT4.
The Nison Candle Highlighter accurately identifies candlestick patterns within the proper context of the market, which is why. Learn more about my #1 recommended trading system, Day Trading Forex Live.
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The screenshots used are from the forex copy system same broker, timeframe, and section of the chart. See one of the updated articles in my candlestick trading course to see what I mean. Keep in mind that just because an indicator made it onto this list doesnt mean that Im endorsing. The Nison Candle Highlighter is designed to identify 28 candlestick patterns according to Steves own specifications, so you know the patterns are accurate. As you can see from the image above, the labels dont crowd the candlesticks either. On a more general note, this indicator works on candlestick shapes alone not context. Okay, so enough about labels.