The Candlestick X-Ray™ Indicators are simply the most comprehensive candlestick pattern Indicators that you will find on the commercial market – at a fraction of the cost of inferior software. No other candlestick Indicators can compare to the number of different patterns, features or ease of use provided by the Candlestick X-Ray™ Indicators. Having an Indicator, PaintBar and a specialized Scanner version of the Indicators gives traders a complete and permanent solution to all their candlestick pattern needs.

We have also implemented solutions for common mistakes that are made by virtually all other candlestick pattern Indicators, in addition to incorporating the Fibonacci ratio into our formulas and providing ‘perfect’ versions of certain patterns that can have either strict or loose formulas.

Furthermore, all of candlestick patterns use the correct formulas. That being said, there is actually some minor disagreement on the conditions required for certain patterns. Our solution was to use a hybrid blend of the required criteria, based on the opinions of the two leading candlestick experts. Not only are our candlestick Indicators superior to all others – our candlestick formulas are too.

The Candlestick X-Ray™ Indicators work best when price movements differ in size from one price bar to the next.  Alternative chart types that have the same size bars or that plot synthetic price data will generate false signals or a lack of variety of signals.  You can absolutely use the Candlestick X-Ray™ Indicators on a 1-minute chart, though you will find that signals are much more accurate and meaningful as the timeframe increases.

Many candlestick patterns are only expected to ‘work’ for 1-3 bars, so a candlestick pattern on a 5 minute chart is a much less significant signal than the same signal on a 60-minute, daily, or weekly chart. 

In order to avoid excessive chart clutter and unnecessary signals when analyzing small intraday timeframes below 15 or 5-minute intervals, we recommended eliminating patterns that can occur too frequently, such as:

—  Bullish & Bearish Engulfing

—  Bullish & Bearish Marubozu

—  Three Inside Up, Three Inside Down

—  Three Outside Up, Three Outside Down

—  Three White Soldiers / Three Black Crows

—  Matching High / Matching Low

—  Tweezer Top / Tweezer Bottom

When it comes to which candlestick patterns to display, it really depends on your own specific trading style and approach.  There are 92 different candlestick patterns that can be displayed, so we strongly encourage you to experiment with various combinations of input settings to determine which are best patterns for your specific trading style.  Here are some of our personal favorites:

Abandoned Baby & Morning, Evening, Doji Stars
Provide high probability reversals with expanding volatility and explosive price action.

Advance / Descent Blocks, Deliberation
Often coincide with significantly overbought / oversold conditions, signaling that trend momentum is markedly waning.

High Waves (our own proprietary candlestick pattern and one of the most noteworthy)
Often coincide with significant turning points in market character, reflecting drastic changes in price action (e.g. March 6th, 2009).

Homing Pigeon / Descending Hawk
Provide extraordinary risk / reward ratios. Piercing Line / Dark Cloud Cover / Thrusting
Provide high probability reversal patterns.

The Candlestick X-Ray™ Indicators include built-in alerts for each and every single pattern so that you will be able to select exactly which ones you want to be notified of via audio, visual, or email alerts.

Check out the following screenshots to see how to enable and disable alerts for your trading platform:

NinjaTrader Alert Configuration

TradeStation Alert Configuration

MultiCharts Alert Configuration

The Candlestick X-Ray™ Indicator Package includes a specialized scanner Indicator that is designed to be used with the Market Analyzer (NinjaTrader), RadarScreen (TradeStation), or Market Scanner (MultiCharts).  You’ll also receive fully configured templates and workspaces so that you can begin scanning for signals and trend conditions immediately!

We can program just about anything, especially when it is a modification of our existing Indicators.  If you want to add a new feature or make some tweaks and modifications to the existing Indicators, we’ll be happy to provide you with a custom version at a discounted programming rate.  And if we think your suggestion would be truly beneficial to every trader, we may even offer to program it for free!

The Candlestick X-Ray™ Indicators can be used in your own custom strategies and Indicators by purchasing the “Candlestick X-Ray™ User Functions”, which are sold separately for $195 (half the cost of the Indicator Package).  * You must own the Candlestick X-Ray™ Indicator Package to use the Functions since they reference the Indicators.

The Candlestick X-Ray™ Package contains the most comprehensive candlestick pattern Indicators available, making it a perfect complement to all other technical Indicators.

The Candlestick X-Ray™ Indicators can be paired with any of our other Indicator Packages to increase the effectiveness of both — Vol.T™: Volume-Tick Indicators, Trend-Traffic™, Super MACD™, Super DMI™, Super Stochastics™, Super CCI™, and ZMA™.