Hikkake Pattern Detector
The Hikkake ("trap" in Japanese trading slang) was published by Daniel Chesler in Stocks & Commodities magazine in 2003. Most "Hikkake" indicators online mark any inside bar and call it a day, which throws away the part of the pattern that actually gives it an edge: the false breakout and the confirmed reversal. This indicator applies the rule as published, in three steps. First, an inside bar forms - its high and low both sit inside the prior bar's range. Second, the very next closed bar breaks out of the INSIDE bar's own range in exactly one direction - this looks like a breakout, and is the trap. Third, within a further InpConfirmBars closed bars, price has to close back through the inside bar's range in the OPPOSITE direction - that close is the confirmed signal, fired in the reversal direction. A setup that never gets its step-three confirmation is never marked at all; nothing is drawn for a trap that did not spring. A dotted box around the inside bar links each confirmed signal back to the setup that produced it, so the whole three-step structure is visible on the chart, not just the final arrow. Notes and limitations - Every bar used in the test is fully closed at the time it is used, and a signal is only written once the confirmation bar itself has closed - it never repaints once drawn. - If the bar immediately after the inside bar breaks BOTH sides of the inside range (an unusually wide bar), the setup is skipped outright - there is no single direction to call a "false breakout" against. - This detects the geometric pattern only. It says nothing about location, trend context, or volume - read a confirmed signal against your own chart, not as a standalone trade trigger.
Indicator · MT4 · v1.0 · Free
About Hikkake Pattern Detector
Hikkake Pattern Detector is an indicator for MetaTrader 4. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 3 settings, such as Confirm bars, Show setup box and Alerts. MQL source code included.
Files in the download: HikkakePatternDetector.ex4, HikkakePatternDetector.mq4, HikkakePatternDetector.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Confirm bars | 3 | Bars allowed, after the false breakout, for the reversal close to confirm |
| Show setup box | true | Draw a box around the inside bar that set up each confirmed pattern |
| Alerts | true | Alert once per closed bar on a new confirmed signal |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Breakout · Candlestick Patterns · Buy/Sell Arrows · Alerts · MT4 Indicator · MQL4 Source Code