Check Marker Pattern - MetaTrader 4 Script | Forex Indicator Downloads - MT4/MT5 Resources - MetaTrader 5 Resources

The purpose of this pattern - to predict the type of the next candle: bullish or bearish. It has no further impact.

The way the "CheckMark" pattern is drawn with the divergence lines means that the price chart alone is not enough to find it. An additional indicator is also needed. This task is best performed by various oscillators.

The formation of this pattern involves the last three bars. It is necessary to connect the closing prices of the bars by lines, and on the oscillator chart - just highlight the last three values. The "checkmark" pattern is found if "checkmarks" are obtained from both charts and they have different vertical orientations. A local minimum on an oscillator chart is a bullish pattern (blue), and a local maximum is a bearish pattern (red).

This indicator has been described in more detail in the article "Check Mark" Pattern .

Updated August 26, 2016 . Version 1.10. Added the ability to select the CCI indicator as the base indicator.

Attachment download

📎checkmarkpattern_ad.mq4 (40.59 KB)

Source: MQL5 #16141