Ever missed a reversal coz you blinked? Candle Pattern Scanner V1.2 for MT4 is here to make sure that never happens again. Manually spotting pin bars, engulfing patterns, or morning stars across multiple timeframes can feel like finding a needle in a haystack… but this indicator does it in real time. Whether you’re a scalper hunting quick entries or a swing trader looking for high-probability setups, Candle Pattern Scanner V1.2 spots key candlestick formations instantly—so you can focus on trading, not scrolling.
What Is Candle Pattern Scanner V1.2?
Candle Pattern Scanner V1.2 is a MetaTrader 4 expert indicator that scans charts for over 25 classic candlestick patterns and highlights them automatically. It’s designed to work on any symbol—forex pairs, indices, commodities or crypto CFDs. By combining pattern recognition with dynamic filtering, it delivers clean, easy-to-read signals right on your chart or via alerts.
- Platform: MT4
- Patterns Scanned: Doji, Hammer, Shooting Star, Engulfing, Morning/Evening Star, Harami, Tweezer Tops/Bottoms, and more
- Timeframes: M1–H4 (scan multiple at once)
- Ideal For: Traders who want an edge in spotting reliable candlestick reversals and continuations
Key Features
- 25+ Pattern Library: Automatically detects major reversal and continuation candles.
- Multi-Timeframe Scan: Monitor M5, M15, H1 and H4 in one dashboard pane.
- Realtime Alerts: Popup, email or push notifications when a new pattern forms.
- On-Chart Labels: Clearly marks patterns with icons and text (e.g., “Bull Engulfing”).
- Custom Sensitivity: Adjust pattern strictness to reduce false signals in choppy markets.
- Session Filter: Enable/disable alerts during low-liquidity hours like Asia session.
- Lightweight Code: Optimized MQL4 script for minimal CPU impact.
- Backtest Friendly: Use MT4 Strategy Tester with our demo EA wrapper to validate performance.
How It Works
- Flags the pattern on the chart with a coloured icon (green for bullish, red for bearish).
- Logs the event in the dashboard panel with timestamp, pattern name and timeframe.
- Fires an alert (popup/email/push) if enabled.
Installation & Setup
- Download
CandlePatternScannerV1.2.ex4from our download page. - In MT4, go to File → Open Data Folder → MQL4/Indicators, and paste the
.ex4file. - Restart MetaTrader 4. You’ll find “Candle Pattern Scanner V1.2” under Navigator → Indicators.
- Double-click or drag it onto your desired chart.
- Inputs Panel:
- Sensitivity: 1.0 (default; increase to 1.5 for stricter pattern matching)
- ScanTimeframes: “M5,M15,H1” (comma-separated list)
- AlertType: Popup, Email or Push
- Save your template (e.g.,
CandleScanner.tpl) for quick reuse across symbols.
Best Practices & Trading Tips
- Trend Alignment: Combine with a 200-period SMA to only take bullish patterns above the SMA and bearish below.
- Support/Resistance Confluence: Look for patterns forming at pivot levels or Fib retracements to boost signal reliability.
- Session Selection: Volatility spikes during London/New York overlap—expect more valid patterns then.
- Risk Management: Always use a stop loss just beyond the pattern’s wick; target at least 1.5× your stop.
- Backtesting: Run MT4’s Strategy Tester for each pair and timeframe to gauge historical win rate and drawdown.
Conclusion & Call to Action
Don’t let prime trading opportunities slip by—Candle Pattern Scanner V1.2 MT4 gives you instant, automated candlestick signals so you can trade smarter, not harder. Download it for free from our download page now, and start spotting high-probability setups in seconds. Trade responsibly, and if you need any help, ping us on WhatsApp or Telegram!