Forex Trading Tool: IBFX CPR

IBFX-CPR : Candlestick Pattern Recognition

What is IBFX-CPR?

IBFX-CPR (Candlestick Pattern Recognition) is a Forex custom indicator designed to identify forming candlestick patterns on your charts. As many technical traders know, candlesticks offer a unique perspective into the world of price and chart analysis. Various candlestick patterns, much like other chart patterns, have very distinct characteristics which when spotted, can often help traders anticipate pending market moves.

How Does IBFX-CPR Work?

Though a single candlestick is very informative in and of itself, multiple candles often combine to form patterns. These candlestick patterns can be spotted time and again by the well trained eye, and of course, be used to anticipate immediate future price movements. IBFX has developed the IBFX-CPR, a software plug-in for your charts that monitors multiple candlestick patterns so that you don’t have to. The IBFX CPR identifies the following candlestick patterns:

~ Morning Star or Morning Doji Star
~ Evening Star or Evening Doji Star
~ Three White Soldiers
~ Three Black Crows
~ Three Inside Up
~ Three Inside Down
~ Three Outside Up
~ Three Outside Down
~ Piercing Line
~ Dark Cloud Cover

IBFX-CPR Download & Installation

IBFX-CPR is a custom indicator for you charts, as such, it needs to be saved in your Custom Indicators folder:

C:\Program Files \Interbank FX Trader 4\experts\indicators

For your convenience, the IBFX-CPR download includes a zipped folder, which when downloaded should be placed on your desktop. The zipped folder will be titled “IBFX – CPR”, to begin the installation process, double click on the folder and under ‘Folder Tasks’ select the option to ‘Extract all files’. You will then be prompted to select a destination to place the files, your Desktop or My Documents will both suffice.

You will then need to locate the extracted folder which will again be titled “IBFX – CPR”. Open the folder and locate the executable file ‘IBFX – Candlesticks’. Double click the executable file to begin installation. The Forex custom indicator will then be placed in the appropriate folder directory.

To access your IBFX-CPR custom indicator, close and restart your platform. In your platform, under your navigator window and Custom Indicators you will find “IBFX – Candlesticks”. To attach the indicator to an open chart simply drag and drop.

Instructional Video

Candlestick Pattern Recognition Training

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