Sick of missing those reversal setups at the last second? I’ve been there… staring at charts, waiting for that perfect engulfing candle or pin bar, only to catch it too late. Candle Pattern Scanner V1.2 Indicator MT4 is your new best friend, scanning dozens of currency pairs and timeframes in real time so you’ll never be late to the party. Totally free on ForexFactory.cc and powered by YoForex’s back-tests, this ForexFactory MT4 indicator flags major candle patterns—engulfing, hammer, doji, you name it—with pop-up alerts and push notifications. No more manual scanning; let the scanner do the heavy lifting, coz your time is better spent analyzing entries, not hunting patterns.


Overview


Candle Pattern Scanner V1.2 Indicator MT4 is a real-time pattern detection tool built for MetaTrader 4. It sweeps up to 28 symbols across M1, M5, M15, H1, and H4, identifying 12 classic candlestick formations—Engulfing, Pin Bar, Two-Bar Reversal, Morning Star, Evening Star, Doji, Hammer, Hanging Man, Shooting Star, Harami, Three White Soldiers, and Three Black Crows. It’s not just a static MT4 indicator; it’s a dynamic scanner that updates every tick, highlights patterns on your chart, and fires off alerts via pop-ups, emails, or mobile push. Whether you trade majors, minors, or exotics, this tool saves you hours of chart-watching.


Key Features


• Multi-symbol & multi-timeframe scanning (M1–H4)
• Detects 12 high-prob candle patterns in real time
• Popup, email & mobile push alerts for instant signals
• No repaint logic—once plotted, signals stay put
• Adjustable sensitivity & pattern filters
• Customizable alert sounds & chart labels
• Auto-highlight on chart with arrow markers
• Light CPU usage—even on busy terminals
• Works on all MT4 brokers (tested on IC Markets, Pepperstone)
• Free lifetime updates from YoForex
• Intuitive Inputs panel—tweak patterns without code
• 100% free download on ForexFactory.cc


Backtest Proof & Live Performance


YoForex back-tested Candle Pattern Scanner V1.2 Indicator MT4 over 5 years (Jan 2019–Dec 2023) on EURUSD H1, capturing 512 pattern signals. With a simple 1:1 risk-reward on each engulfing and pin bar, traders saw an average win rate of 68% and a net return of 42% over the period. Here’s the equity-curve snapshot:



In live-demo runs on multiple pairs (GBPUSD, USDJPY, AUDUSD), the scanner maintained a 65% signal accuracy and helped execute 350+ trades with minimal whipsaws. Below is a chart comparing signal accuracy vs. pattern coverage:


How It Works



  1. Scan: Every tick, the scanner checks each chart for defined candle pattern criteria.

  2. Filter: Applies user-set filters—timeframe, spread, volatility—to reduce false positives.

  3. Plot: Marks valid patterns on the chart with arrows & labels.

  4. Alert: Fires pop-up, email, or push notification based on your preference.

  5. Cooldown: Optional timer to avoid repeat alerts on the same candle.


Installation & Setup


Getting Candle Pattern Scanner V1.2 Indicator MT4 up and running is a breeze:



  1. Download the .ex4 file from the product page:
    https://www.forexfactory.cc/indicator/candle-pattern-scanner-v1-2-mt4

  2. Copy CandlePatternScannerV1.2.ex4 into your MT4 MQL4/Indicators folder.

  3. Restart MT4 or hit Refresh in the Navigator panel.

  4. Drag & drop the indicator onto any chart—EURUSD H1, GBPUSD M5, you name it.

  5. Customize settings in the Inputs tab: choose patterns, timeframes, alert types.


Tweak sensitivity or enable specific patterns only—no coding needed.



Why YoForex-Powered Tools?


YoForex isn’t some random coder; we’re a team of traders who build, back-test, and optimize every tool we release. With Candle Pattern Scanner V1.2 Indicator MT4, you get:



  • Free lifetime updates—we push tweaks as markets evolve

  • Transparent performance reports on our User reviews page

  • Community support in the Newest Indicators forum

  • No hidden fees—ever


Trading’s tough; your tools shouldn’t be.


Support & Disclaimer


Got a question or spotted a bug? Hit us up anytime:



Disclaimer: Past performance isn’t a guarantee of future results. Always demo-test before going live, and use sound risk management.


Call to Action


Ready to stop hunting candles and start trading them? Download Candle Pattern Scanner V1.2 Indicator MT4 for free on ForexFactory.cc and let YoForex’s tool do the scanning. Attach it to your favorite chart, set your alerts, and you’ll never miss a high-prob reversal again.