This is a review about an affiliate product called CPI indicator.

CPI indicator is a candlesticks pattern recognition indicator which recognizes different candlestick patterns on the metatrader platform.

Most of the forex traders know that candlestick patterns are very important in forex trading. There are a lot of candlestick patterns and it is really very difficult to observe different currency pairs charts and finding out the patterns.

This CPI indicator does the entire job and it also gives buy and sell signals once you install it and drag it on to the chart.

Patterns That CPI Indicator Shows on The Chart:

It will primarily identify three kinds of Japanese candlestick patterns.

• Strong Reversal Patterns
• Weak Reversal Patterns
• Continuation Patterns

Candlestick Patterns:

Totally CPI can identify a lot of patterns. The following are them.

• Hammer
• Hangman
• Engulfing
• Morning Star
• Evening Star
• Dark Cloud
• Piercing
• Shooting Star
• Invert Hammer
• Harami
• Tweezer Tops
• Tweezer Bottoms
• Belt Hold Line
• Upside Gap Two Crows
• Three Crows
• Mat Hold Pattern
• Counterattack Lines
• Separating Lines
• Gravestone Doji
• Longleg Doji
• Bear Doji
• Bull Doji
• Tasuki Gaps
• Side Side White
• Three Methods
• Unique 3 river bottom
• High Price Gap
• Low Price Gap
• Evening Star
• Three White Soldiers
• Advance Block
• Stalled Pattern
• Doji Engulfing
• In On Neck Trusting

Settings of CPI Indicator:

If you buy this indicator, you will get it with the name CPI.ex4. You can just put it in the indicators folder in experts folder (experts -> indicators) and restart metatrader. You can see the CPI indicator in under custom indicators in metatrader. Drag it and drop it on any of the currency chart and you will see the following settings.

CPI Indicator Settings1

CPI Indicator Settings2

The settings consist of the following values:

• ShowStrongReversalPatterns – True/False
• ShowWeakReversalPatterns – True/False
• ShowContinuationPatterns – True/False – The above are the settings which you can select True/False depending on your wish. If you want to see only strong reversal patterns you can selet only ShowStrongReversalPatterns setting as True and the remaining two settings as false.
• ViewBars – The default setting is 350. This means that the candlestick patterns will be indicated up to 350 bars in the history.
• SoundAlert – True/False
• If you select True, it will give a sound alert whenever a pattern is generated.
• SellColor – Default is “Red” which will give a red down arrow mark whenever it finds any bearish reversal signal.
• BuyColor – Default is “Lime Green” which will give a Lime Green colored up arrow mark whenever it finds any bullish reversal signal.
• TextColor – Default is “Yellow” which will print the pattern name like “Engulfing”, “Harami” etc on the chart.

Examples:

The following is an example selecting ShowStrongReversalPatterns as True and the other two settings as false. That means the following chart shows only signals for Strong Reversal Patterns.

CPI Indicator on One of the Currency Pair Chart

Important Note:

Even though this indicator gives buy and sell signals with green and red arrows, don’t entirely depend on this indictor alone. Candlestick patterns are definitely helpful in forex trading but sometimes they alone may not work. If you have a strategy in hand that uses candlestick patterns this indicator is definitely helpful. If you want to find some free forex strategies you can go to the link

http://www.forexbees.com/forex-strategies

where you can find different free forex strategies available on my blog. Some of them might use candlestick patterns.

If you want to buy this indicator you can buy it through my affiliate link. You can click on the following link to go to the website and this is an affiliate link.

CPI Indicator