The Doji Candelstick Pattern – EA MetaTrader 4

The Doji Pattern Detector EA is designed to automatically detect the classic Doji candlestick pattern on any chart. A Doji pattern occurs when the open and close prices of a candle are very close to each other, signaling market indecision. This EA identifies Doji candles where the open and close prices are within a small range and positioned near the midpoint of the candle’s high and low.

Key Features:

1. Doji Detection:

   • The EA checks if the difference between the open and close prices is less than 3 points.
   • It also verifies that the open and close are near the midpoint of the candle’s range (with a 10% tolerance).

2. Chart Marking:

   • When a Doji is detected, a red arrow is drawn 5 points below the candle’s low.
   • A label with the text “Doji” is placed 3 points below the arrow for easy identification.

3. Alerts and Notifications:

   • The EA generates an alert and displays a message when a Doji pattern is detected on the previous closed candle.

This EA is a valuable tool for traders looking to incorporate Doji patterns into their trading strategies, providing a clear visual and audible indication of market indecision or potential reversals.