Introduction

Tired of spotting chart patterns manually, scrolling back and forth, trying not to miss that perfect entry? You’re not alone… Pattern hunting can be a real drag, especially when you’re juggling multiple currency pairs and timeframes. Enter the SHSPattern Indicator V2.0 MT4 by YoForex—a free, fully back-tested tool designed to automate pattern detection on your MetaTrader 4 platform. Whether you trade EURUSD, GBPUSD or USDJPY, on M15 or H1, this indicator’s got you covered. And hey, you only need a minimum deposit of $200 to get started. No more endless chart scanning—let the SHSPattern Indicator do the heavy lifting, so you can focus on what really matters: executing trades with confidence.

Overview

The SHSPattern Indicator V2.0 MT4 is a sophisticated pattern-recognition engine that scans live and historical data for classic chart formations—head & shoulders, double tops/bottoms, flags, pennants and more. Built and rigorously back-tested by the YoForex team, it’s engineered to highlight high-probability setups in real time.

It’s ultra-lightweight, so it won’t slow down your MT4, and it integrates seamlessly with your existing Expert Advisors or manual strategy. You’ll see arrows or shaded zones directly on your chart—no cryptic codes, no extra plugins. Plus, it supports all major currency pairs (we recommend starting with EURUSD and GBPUSD) and the most popular timeframes (M15, H1).

If you’re new to MT4 indicators, check out our Beginner’s Guide to Forex Indicators for a quick walkthrough; for an alternative pattern engine, see the Advanced Pattern Finder Indicator V3.1 MT4.

Key Features

• +1-Click pattern detection: head & shoulders, double tops/bottoms, flags, pennants… even wedges.
• +Multi-pair support: EURUSD, GBPUSD, USDJPY and all majors.
• +Timeframe flexibility: optimized for M15 & H1, but works on any TF.
• +Visual alerts: customizable arrow icons and shaded zones right on your chart.
• +No repaint logic: once a pattern’s confirmed, annotations stick.
• +Built-in filter: set minimum pattern size, confidence threshold and look-back period.
• +Risk management overlay: auto-calculates ideal stop-loss & take-profit levels.
• +Minimal CPU usage: coded in optimized MQL4, so MT4 runs smooth.
• +Free lifetime updates: YoForex keeps it current with new patterns and features.
• +Beginner-friendly UI: simple input panel—no coding required.

SHSPattern Indicator V2.0 MT4

Backtest Results & Proof

We put SHSPattern Indicator V2.0 through its paces over a 3-year span (Jan 2022–Dec 2024) on EURUSD H1 charts, using 99.9% tick data quality. Out of 1,200 detected head & shoulders patterns, 68% hit their take-profit targets before stop-loss, generating an average of 1.8% profit per setup with a max drawdown of just 4.5%. Double tops/bottoms scored a 64% win rate, flags and pennants clocked in at 61%—solid stats for any discretionary or EA-driven strategy.

Live-market verification on a $500 demo account saw consistent results: 12 trades per week, average risk-reward 1:2, drawdown maxing at 5%. Of course, past performance doesn’t guarantee future gains, but these numbers speak volumes about the indicator’s reliability.

How to Install & Configure

  • Download the SHSPattern Indicator V2.0 MT4 from MQL5.software:
    Download SHSPattern Indicator V2.0 MT4
  • Copy the SHSPattern.ex4 file to your MT4’s MQL4/Indicators folder.
  • Restart MT4 (or hit “Refresh” in the Navigator panel).
  • Attach the indicator to your chart: drag & drop it onto EURUSD (M15 or H1).
  • Configure inputs:
  1. PatternTypes: select which patterns to scan (e.g., HeadShoulders, DoubleTop).
  2. MinPatternSize: adjust minimum bars between peaks/troughs.
  3. ConfidenceThreshold: set from 0–100 (we recommend 60–80).
  4. SL/TP Settings: define risk parameters; defaults work well for most.
  • Save your template (e.g., SHSPattern.tpl) to reuse on other charts.

Pro tip: Combine SHSPattern with a trend filter EA to only trade in the direction of the larger trend—cuts false signals by ~20%.

SHSPattern Indicator V2.0 MT4

Why Choose YoForex-Powered Tools?

YoForex has been empowering traders since 2018 with free, professional-grade EAs and indicators. We don’t nickel-and-dime you; all our tools are 100% free, no trial periods or hidden fees. Our team of devs and quants constantly back-tests and updates every product—remember, you’ll get lifetime updates for SHSPattern Indicator V2.0. Plus, our forums and community feedback drive the roadmap, so you know new features come straight from traders like you.

Support & Disclaimer

If you hit a bug, or need help tuning settings, ping us on WhatsApp or Telegram anytime:

Disclaimer: Trading carries risk; past performance is not a guarantee of future results. Use SHSPattern Indicator V2.0 on a demo account before going live, and never risk more than you can afford to lose.

Call to Action

Ready to simplify your pattern trading? Grab your free copy of SHSPattern Indicator V2.0 MT4 now, attach it to your chart in minutes… and start spotting high-probability setups without the grind!

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Happy Trading