MetaTrader 5 only at the moment. The MT4 build is not finished, and rather than ship a half-port I have left it out. Your subscription covers it the day it arrives — same product page, same link, no second purchase.
Candlestick patterns on their own are close to useless. Engulfing bars appear constantly, most of them mean nothing, and any tool that marks all of them buries you.
This one marks a pattern and then does nothing with it until a second, independent condition is met. That gate is the product.
The gate
A pattern is a candidate. It becomes a signal only when, within the last few bars, price did this:
bearish: Donchian upper ≤ high of that bar price reached the channel top
Donchian upper > close of the next and closed back below it
bullish: Donchian lower ≥ low of that bar price reached the channel bottom
Donchian lower < close of the next and closed back above it
That is a failed breakout, measured on the close. Price went for the edge of the range and could not hold it. A bullish engulfing bar in the middle of nowhere is noise; the same bar where a push through the low just failed is a different event.
Max length from pattern to signal (default 5) is how many bars may pass between the pattern and the rejection before the pair is abandoned. It is the only setting here I would touch early: raise it and you get more signals with a looser association, lower it and the two events have to be almost simultaneous.
Turning the gate off (Use donchian channel to confirm signal? = false) leaves you with a plain pattern marker. Try it once to see how much the gate is throwing away.
| What most candlestick tools do | What this does | |
|---|---|---|
| When a pattern counts | Always, as soon as the shape completes | Only when a Donchian rejection lands within N bars |
| Rejection measured on | Usually the wick, or not at all | The close back inside the channel |
| How many patterns | All of them, always on | Twelve, individually switchable, three on by default |
| Label text | Fixed | Every label is an input you can rewrite |
| Timeframes | The one you are on | Three at once on the dashboard |
Which patterns, and which are on
Bullish: Harami, Penetration Line, Engulfing, Clearance of Clouds, Morning Star, Hammer.
Bearish: Harami, Penetration Line, Engulfing, Hammer, Dark Cloud, Evening Star, Shooting Star.
Only three arrive switched on: Bullish Penetration Line, Bullish Engulfing, and Bearish Penetration Line. That is a deliberate default, not an oversight. Switch on all twelve and the chart becomes the wall of labels this indicator exists to avoid.
Every pattern carries three text inputs — the short label, the long label, and the alert wording — so you can rename them into your own vocabulary rather than learning someone else's.
The dashboard
Timeframe LastPattern Age
PERIOD_D1 BullCross-Penetration Line -> Buy entry 0 bar ago
PERIOD_H1 Engulf-Buy entry 17 bar ago
PERIOD_H4 BullCross-Penetration Line -> Buy entry 0 bar ago
Your current chart, plus a medium timeframe and a long one, both settable. It shows what the last confirmed signal was on each and how long ago, which is the question you would otherwise answer by opening two more charts.
The Age column is the useful half. A pattern that fired on the daily eleven bars ago is history; one that fired zero bars ago on two timeframes at once is a different situation.
Non-repainting
Everything is decided on closed bars. A pattern needs its bar to close before the shape is known, and the Donchian rejection is a close back inside the channel — so both halves of the gate require completed bars.
Labels and arrows are written once and are not revisited. What is on your chart tonight is what was there at the time.
The cost is the obvious one: the signal appears at least one bar after the pattern bar, because the rejection has to close. If you want to be in on the pattern bar itself, this is not that tool, and any tool that claims to be is repainting.
Alerts
Every enabled pattern has its own alert text, and alerts route through terminal, mobile push, or Telegram depending on Notification type. AlertEnable is the master switch.
The alert fires on the confirmed signal, not the raw pattern, which is the same gate described above.
What it can't do
Labels collide. The short label and the long label are drawn at nearly the same anchor, so at anything above about 150 bars on screen they print over each other and read as a smear. Zoom in and they separate. It is a real cosmetic flaw and I would rather you hear it from me than discover it.
If you set the medium timeframe to the same period as your chart, the dashboard shows that row twice and leaves one blank. Set them to genuinely different periods.
The Donchian period defaults to 2, which is a very short channel — this is a rejection detector, not a range indicator. If you were expecting a wide visible channel, that is not what the setting is for.
There is no trade management here. No stop, no target, no statistics panel, no win rate. You get a marked bar and a direction, and everything after that is yours. You won't find a win rate table in this listing, and I would treat any indicator listing that has one with some care.
Questions you'll have
Why so few signals? Because a pattern without a Donchian rejection is not a signal, and three patterns are on rather than twelve. Both are adjustable and both are deliberate.
Should I turn on all twelve patterns? Look at it once, then turn most back off. The three defaults are the ones with the clearest gate interaction.
What timeframe? H1 and above. On the daily it produces a handful of signals a month, which is the mode I would use it in.
Can I change the wording? Yes — every label and every alert string is an input.
When is the MT4 build coming? It needs a real port, mostly because of the three multi-timeframe moving averages behind the dashboard, which do not map one-to-one onto MT4. I would rather take the time than ship something that draws slightly different bars.
Support
Message me through the site with a screenshot that includes the dashboard, plus the symbol and timeframe. Updates are included for as long as your subscription is running.
Analysis tool. It places no trades and makes no profitability claim. Past price behaviour is not a guide to future price behaviour.