As a cryptocurrency trader, you need to use all the tools at your disposal to make smart trading decisions. 

This article will show you how to use candlestick pattern detection to take advantage of entry and exit signals. It will also show you how to use the automated trading desk Obolon9 to identify candlestick patterns and receive price alerts

What Is a Candlestick Pattern and Detector? 

Candlestick patterns and candlestick detectors are two different things, but they are often confused. So, let’s find out the difference!

What Is a Candlestick Pattern? 

Candlestick patterns are visible triangular-shaped signals on price charts that represent the price action in the market. 

Trading Technical Analysis

A candlestick pattern tells you when the market is bullish or bearish. The market is said to be bullish when the price of a cryptocurrency is increasing and bearish when prices are dropping. 

These patterns are calculated based on the opening, current, and closing prices of assets. 

Candlestick patterns aren’t new or used only in the cryptocurrency industry. They have been used by traders of other financial instruments for years. 

What Is a Candlestick Detector?

A candlestick detector is an automated tool that detects and interprets candlestick patterns for traders. It’s not always easy for a trader to detect and interpret candlestick patterns manually. So, candlestick pattern detectors were designed to help traders identify trading opportunities automatically. The candlestick detectors send close price alerts and crypto price alerts to traders. 

Why Is a Candlestick Pattern Detector Useful?

With candlestick pattern detectors, you will know if the market is strong or weak without manually studying the price of each asset. These detectors pull out information from different sources and price frames. They use colors and patterns to graphically illustrate the following signals.

  • Entry Signals: As the name implies, an entry signal is a price alert that tells traders the best time to enter the market. It tells you the best time to trade for maximizing profit. 
  • Exit Signals: Exit signals are the opposite of entry signals. They are a close price alert that lets you know when it’s time to end the trade. You may receive an exit signal from an automated trading software when the market is becoming bearish and it’s time to cut your losses before it’s too late. 

How Obolon9 Can Help to Detect Candlestick Patterns

Obolon9 is an automated trading desk that makes cryptocurrency trading easier, even for beginners. While it doesn’t replace the hard work of a human trader, it simplifies the process through automation. 

The software was designed specifically for cryptocurrency traders who want to minimize risk and trade on the go. Obolon9 collects data from different sources to run multiple scenarios at the same time based on algorithms. 

Obolon9 is one of the best in quality among industry trading platforms, and at the same time, it’s affordable. You will only have to pay a token of 9.99 £ for a full month’s access. To enjoy a discount, you can subscribe yearly for just 99.9 £. You can start with a 30-day free trial and pay only after the first month.

What Is the Obolon9 Candlestick Pattern Detector?

The Obolon9 candlestick pattern detector is a state-of-the-art algotrading strategy that automatically identifies candlestick patterns and sends you a price alert when it’s an ideal time to trade or stop trading an asset. All you have to do is select the cryptocurrencies you want to watch, and you will be notified accordingly. 

The Obolon9 candlestick algorithm identifies 12 different candlestick patterns, which is a major step up from other tools that only identify three to five at a time. 

Discover Your New Candlestick Pattern Detector with the Obolon9 Alerting Scenario 

With Obolon9 it is easy to set up the parameters for your automated trades or indicators. To set up the candlestick price alert with Obolon9, all you have to do is visit the official website and follow the steps below. 

  1. Sign up on Obolon9: The sign-up process for this professional automated trading platform is easy and straightforward. It is also affordable compared to other automated scenarios out there. However, you can start with the demo account or try it free for 30 days before you commit. 
  2. Verify Your Account and Choose a Scenario: You’ll need to verify your account by clicking the link in your email. After that, go to the Scenarios page and create a trading scenario. Give your scenario a name and proceed to step three. 
  3. Choose the Trading Strategy, Platform, and Pair: Choose Candlestick Pattern Script as your preferred option. After that, you should see an option to select the platform for the trade and the cryptocurrency pairs you want to trade. 
  4. Set the Parameters: Your trading parameter refers to the variables in your bid like ask prices, market offset, cryptocurrency quantity, time interval, and other valuable information. 
  5. Save and Start: Crosscheck the information to be sure you got it right. Click on Save and Start to initiate the scenario. 

Candle Pattern Premium Statistics

If you have paid subscription on your account, you can write to us for premium statistics. We will share with you the real numbers of every candle spotted in a couple of months. It shows the effectiveness of every candle detection.

How is it helpful?

First of all, with these statistics, you can understand that some candles have been spotted with near 100% accuracy. You can plan your trades more accurately if you know that this candle was detected without any problems.

How can I get these statistics?

You need to have an active paid subscription on your account. Contact us in any convenient way and ask about candle pattern statistics. That’s all you need to do!

Summary

Candlestick patterns were invented many years ago. Today, these patterns are still useful in predicting the price movement of financial instruments across industries. When studied carefully, candlestick patterns can help you understand the driving forces of the market and use them to your benefit. 

No matter how experienced you are, monitoring different assets all at once is time-consuming and challenging, especially when you have other activities. 

With an automated trading desk like Obolon9, you don’t need to manually monitor the market to get trading insights all the time. In less than five minutes, you can create an account and set up scenarios. It will automatically detect price patterns and help you make good trading decisions.