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ToolTack Candlestick Pattern Decoder

An automated candlestick pattern recognizer that identifies 15 classic reversal and continuation setups, tracks their historical win rate, and labels them directly on your chart.

Multi-Asset Candlestick Pattern Decoder works across stocks, ETFs, crypto, forex, futures, indices, and commodities. It automatically detects and labels 15 major Japanese candlestick patterns directly on your TradingView chart. Colour-coded arrows and tags show bullish, bearish, and neutral patterns clearly as they form. The dashboard tracks each pattern count and measures walk-forward win rate based on future price movement. A Last Signal panel and 15 built-in alerts help you monitor every setup without staying glued to the screen.

Overview

Candlestick Pattern Decoder is a TradingView indicator that detects 15 major Japanese candlestick patterns on closed candles. It identifies bullish, bearish, and neutral signals such as Engulfing, Harami, Doji, Hammer, Morning Star, Evening Star, and Shooting Star. Signals are shown clearly on the chart using arrows, symbols, and customizable colors. The indicator includes dashboards for pattern count, latest signal, direction, and historical win-rate tracking. It works across all major asset classes and timeframes, but is best used with trend, support/resistance, volume, and risk management.

Who It's For

Candlestick Pattern Decoder is built for price action traders who use candle formations for entries and exits. It helps beginners learn patterns faster with clear visual signals on the chart. It helps intermediate traders scan long watchlists and read charts more efficiently. It gives advanced traders a measurable win-rate filter instead of relying only on visual judgment. It suits stocks, crypto, forex, and futures traders looking for reversals, liquidity sweeps, session setups, and exhaustion signals.

Why It's Useful

Candlestick patterns are widely used, but many traders miss them, misread them, or question their accuracy in live markets. Candlestick Pattern Decoder removes guesswork by scanning every closed candle with strict code-based rules. Each detected pattern is labelled instantly on the chart, making signals clear and objective. The dashboard shows how often each pattern appears and how often it leads to the expected price move. This turns candlestick analysis from a visual guessing method into a measurable, testable trading edge

Use Cases

Reversal trading at support and resistance
Trend continuation entries after pullbacks
Exhaustion identification at swing highs and lows
Confirmation for breakout and breakdown trades
Swing trading on the daily and 4-hour charts
Day trading on the 5-minute and 15-minute charts
Scalping with Hammers, Shooting Stars, and Dojis at key intraday levels
Stop-loss placement using the high/low of the signal candle
Take-profit timing on exhaustion patterns into resistance
Crypto reversal trading at liquidity sweeps and range edges
Forex session-open reversal setups
Futures rejection trades at value-area highs and lows
Watchlist scanning for high-quality pattern setups
Multi-timeframe candlestick confirmation
Pattern-based win-rate research and backtesting
Alert-driven setup hunting across multiple symbols
Bot and webhook integration for automated pattern-based strategies
Education and pattern recognition training for new traders

Candlestick Pattern Decoder — User Manual

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Setup Guide

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FAQ

What does this tool do?+

Candlestick Pattern Decoder automatically detects and labels 15 classic Japanese candlestick patterns on your chart in real time. It draws colour-coded arrows on every triggering bar, maintains a running count of how many times each pattern has fired, calculates a real walk-forward win rate for the bullish and bearish groups based on whether price actually closed in the predicted direction N bars later, and displays a Last Signal panel showing the most recent pattern, its direction, and how many bars ago it occurred.

Which 15 patterns does it detect?+

Bullish: Bullish Harami, Bullish Engulfing, Piercing Line, Bullish Belt, Bullish Kicker, Morning Star. Bearish: Bearish Harami, Bearish Engulfing, Bearish Kicker, Hanging Man, Evening Star, Shooting Star. Neutral: Doji, Hammer, Inverted Hammer. Every detection is based on a strict, code-defined ruleset rather than visual approximation.

How is the win rate calculated?+

For every bullish signal, the indicator checks whether price closed higher N bars after the signal fired. For every bearish signal, it checks whether price closed lower N bars after the signal. The N-bar lookback is configurable from 1 to 20 bars in the inputs. The dashboard then displays the running win rate as a percentage in the Summary section. This is a real, measurable historical statistic on the symbol and timeframe you are currently viewing, not a generic textbook claim.

Which markets does this tool support?+

It works on any market TradingView supports — stocks, ETFs, crypto, forex, futures, indices, and commodities. Because the rules are purely candle-based, the same logic applies identically across every asset class.

Which timeframes can I use it on?+

All timeframes are supported. Daily and weekly charts tend to produce the cleanest, most reliable patterns because each candle reflects a longer balance between buyers and sellers. Intraday traders can still use it on 1m–60m for short-term reversal and exhaustion setups, with the trend-lookback and win-check-bars inputs adjusted accordingly.

Is this tool beginner-friendly?+

Yes. Visually, it is one of the easiest indicators to read — green arrows mean a bullish pattern just formed, red arrows mean a bearish one, and the dashboard explains the rest. Beginners can use it as a learning aid to see exactly what each pattern looks like in a live market. Intermediate and advanced traders use it as a fast scanning and confirmation filter.

How should I use this tool?+

Add the indicator to your chart and let it label the patterns. Mark your key support and resistance levels first, then look for signals that fire near those levels in line with the higher-timeframe trend. Use the dashboard to see which patterns are most common on the symbol and timeframe you trade, and check the Summary win rates to see whether the bullish or bearish side has historically followed through better. Use the Last Signal table for a quick read of what just happened on any chart you open.

Can I use this tool as a standalone trading system?+

No. Candlestick patterns are context tools, not full trading systems. They tell you that buyers or sellers just made a stand, but they do not tell you where the stop or target should go, how much to risk, or whether the broader trend supports the trade. Always combine it with proper risk management, market structure analysis, and at least one confirmation tool such as a trend indicator, volume, or a relative-strength filter.

What strategies can I apply with this tool?+

It fits reversal trading at support and resistance, trend continuation on pullbacks, exhaustion fades into prior swing highs and lows, breakout confirmation, scalping intraday reversals, swing trading daily setups, crypto liquidity-sweep entries, forex session-open reversals, and any portfolio screening workflow that prioritises high-quality pattern confluence.

Which other tools should I combine with it?+

Pair Candlestick Pattern Decoder with a trend indicator like TrendArc, a relative-strength filter like Relative Strength Radar, volume tools, volatility tools such as ATR, support and resistance indicators, and risk calculators. Together these form a complete “pattern + trend + relative strength + risk” workflow.

Does this tool guarantee profits?+

No. No trading tool can guarantee profits. Candlestick Pattern Decoder is a decision-support indicator; outcomes depend on the trader’s overall strategy, risk management, market conditions, and discipline.