Ever spent hours flipping through charts, hunting for that perfect pin bar or engulfing candle… only to miss the move when it happens? Manual scanning across multiple pairs and timeframes can feel like searching for a needle in a haystack—coz markets don’t wait. Enter the Candle Pattern Scanner V1.2 Indicator MT4, a free, lightning-fast tool from YoForex that automatically spots and highlights high-probability candle patterns across dozens of symbols. No more constant chart-switching; you’ll get instant visual cues and alerts so you can pounce on setups as they form. Ready to trade smarter, not harder? Let’s dive in!

Overview

The Candle Pattern Scanner V1.2 Indicator MT4 is designed to streamline your technical analysis by scanning your entire Market Watch for classic reversal and continuation patterns—pin bars, hammers, shooting stars, engulfing bars, and more. Once it detects a pattern, it:

  • Marks your chart with clear icons and colored zones
  • Filters signals by strength and pattern type
  • Sends real-time pop-up, email, or push notifications

Built for M5, M15, H1, and H4 timeframes, this MT4 indicator runs silently in the background with minimal CPU draw. YoForex’s QA team stress-tested it on 20+ popular pairs over 6 months of tick data, ensuring accuracy and speed even during high-volatility sessions. Whether you’re a day-trader chasing quick reversals or a swing-trader waiting for bullish breakouts, Candle Pattern Scanner V1.2 keeps you in the loop—coz missing that signal really stings.

Key Features

• + Multi-Pair, Multi-TF Scanning: Instantly scan up to 30 symbols on M5–H4
• + 15+ Pattern Library: Recognizes pin bars, engulfing, hammers, dojis, morning/evening stars, and more
• + Custom Pattern Filter: Enable or disable specific patterns per your strategy
• + Strength Filter: Rate patterns (1–5 stars) based on body size, wick ratio, and trend context
• + Real-Time Alerts: Pop-up, email, Telegram/WhatsApp notifications when patterns emerge
• + No Repainting: Signals are confirmed at candle-close, so you trade on facts, not ghosts
• + Dashboard View: See all active patterns in one sortable panel—no chart-switching needed
• + Email & Push Reports: Automated daily summary of detected patterns by time slot
• + Lightweight Code: Under 25 KB, ensuring your MT4 stays snappy
• + EA Signal Buffer: Integrate with Expert Advisors for fully automated entries
• + Session Filter: Restrict scanning to high-liquidity hours (London, NY)
• + Backtest Report Generator: Export pattern stats to CSV for deeper analysis

Backtest Results & Proof

In a rigorous 6-month backtest across EURUSD, GBPUSD, USDJPY, AUDUSD, and XAUUSD (H1), Candle Pattern Scanner V1.2 flagged over 1,800 valid patterns. Of these:

  • 54% were followed by a 20-pip move in favor within 5 candles
  • 21% hit a 1:2 reward-to-risk threshold before reversing
  • Max false-signal streak: just 4 in a row

The equity curve of a simple “buy pin bar / sell shooting star” strategy based on these signals showed smooth stair-step growth with a max drawdown under 6%. Live-demo testing mirrored backtest stats within a 3% variance—proof this indicator’s scanning logic holds up in real markets.

How to Install & Configure

  1. Download the ZIP from MQL5.software:
    https://mql5.software/candle-pattern-scanner-v1-2-mt4
  2. Extract and copy CandlePatternScanner.ex4 into your MQL4/Indicators folder.
  3. Restart MT4; find Candle Pattern Scanner V1.2 under Navigator → Indicators.
  4. Drag & drop onto any chart—no need to attach to every symbol, scanning runs globally.
  5. Open the inputs panel:
  6. ScanSymbols: comma-separated list (default: all Market Watch)
  7. Timeframes: select M5, M15, H1, H4
  8. PatternsEnabled: choose which patterns to detect
  9. StrengthThreshold: filter 1–5 stars
  10. AlertType: 0=popup, 1=email, 2=Telegram/WhatsApp

Why Choose YoForex-Powered Tools?

YoForex builds tools we actually use in our own trading… then share them for free. With Candle Pattern Scanner V1.2, you get:

  • Lifetime Updates & Improvements as patterns evolve
  • Transparent Backtests—full logs published for you to verify
  • Community-Driven Features—suggest new patterns or filters on our Telegram
  • Zero Cost—no trial periods, no subscriptions, no paywalls

We’re traders first, devs second—so every indicator is optimized for real-world performance, not marketing fluff.

Support & Contact

Hit a bug? Need help with a custom pattern filter? We’ve got you covered:

Disclaimer: Past performance doesn’t guarantee future results. Always demo-test before trading live; trade responsibly.

Call to Action

Stop second-guessing your candle patterns—download Candle Pattern Scanner V1.2 MT4 now, 100% free on MQL5.software. Get instant alerts, global scans, and start catching high-probability setups today!