The Bheurekso Pattern Indicator is a powerful MetaTrader 5 (MT5) tool designed to help traders identify candlestick reversal patterns with precision. By automatically detecting and labeling these patterns on price charts, the indicator enhances technical analysis and supports data-driven trading decisions.
Key Features
- Identifies 12 reversal patterns (6 bullish, 6 bearish).
- Real-time alerts for pattern formation.
- Multi-timeframe compatibility.
- Customizable display settings.
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Indicator Specifications
| Category | Details |
|---|---|
| Platform | MetaTrader 5 |
| Trading Style | Scalping, Day Trading |
| Markets | Forex, Crypto, Indices |
| Pattern Types | Reversal (Harami, Engulfing, Morning Star, etc.) |
| Alert Options | Configurable for individual patterns |
How It Works
Bullish Reversal Patterns
The indicator flags bullish signals like:
- Hammer
- Morning Star
- Bullish Engulfing
Example: On a CAD/JPY 4-hour chart, the tool detected a Piercing Pattern, followed by a 5% upward trend.
Bearish Reversal Patterns
Common bearish patterns include:
- Shooting Star
- Evening Star
- Dark Cloud Cover
Case Study: In XAG/USD (1-hour), the indicator identified an Engulfing Pattern, preceding a 3% price drop.
Customization Guide
Display Settings
- Adjust chart themes and text colors.
- Modify arrow colors for buy/sell signals.
Alert Settings
- Enable/disable alerts per pattern (e.g., Harami, Engulfing).
- Set lookback period (e.g., analyze last 50 candles).
FAQs
1. Is the Bheurekso Indicator repaint-free?
Yes. It uses historical data to avoid false signals.
2. Can I use it for crypto trading?
Absolutely. It works across forex, crypto, and indices.
3. How do I receive alerts?
Enable notifications in MT5 or via email.
4. What’s the optimal timeframe?
Tested on 1-hour to 4-hour charts, but adaptable to any timeframe.
Why Choose This Indicator?
- Saves time by automating pattern detection.
- Boosts accuracy with clear visual labels.
- Adapts to your strategy via customizable alerts.
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Pro Tip: Combine with support/resistance levels for higher-probability trades.
Note: Always backtest strategies before live deployment.