MT4 Candlestick Patterns Indicator (Scanner)
MT4 Candlestick Patterns Indicator identifies common candlestick formations based on Japanese candlestick charts. It visualizes widely used patterns associated with trend continuation, reversal structures, and key support and resistance zones. The indicator consolidates multiple pattern types into a single tool, providing a structured view of price action directly on the chart.
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What the Candlestick Patterns Indicator (Scanner) Does
MT4 Candlestick Patterns Indicator allows you to visualize common candlestick patterns on the chart and analyze how these patterns relate to current price structure. Some patterns are associated with potential trend reversal structures, others with trend continuation context, while others reflect price interaction with support and resistance zones.
Candlestick patterns represent recurring price formations based on historical data. Their interpretation depends on broader market context and should be used as part of a structured analytical approach.
The indicator identifies the following common candlestick patterns:
- Morning and Evening Star
- Piercing
- Dark Cloud
- Three White Soldiers
- Three Black Crows
- Hammer
- Shooting Star
- Bullish and Bearish Engulfing
- Rising and Falling Three
- Inside Up and Inside Down
- Bullish and Bearish Marubozu
- Bullish and Bearish Harami
The indicator is designed in a form of a scanner that allows you to see the most recent pattern formed on a particular instrument/time frame chart. This approach provides the ability to view recent pattern activity across multiple instruments and timeframes in a structured format, highlighting instruments and timeframes where patterns have recently formed.
How to Interpret and Use the Candlestick Patterns Indicator
The indicator plots visual markers (arrows) to show the technical bias associated with each detected pattern. The candlestick patterns trading concept is commonly used as a reference for evaluating directional bias within broader analysis in the context of potential trend continuation or reversal structures (depending on the current market situation).
Pattern Frames and Labels
Each pattern consists of a different number of candles: there are simple 1-candle patterns, more complex 2- and 3-candle patterns, as well as even 5-candle patterns such as “Rising Three” or “Falling Three” patterns.
The indicator highlights each pattern with a frame that is drawn around the group of candles that form the pattern, and shows the directional bias of the formation. Next to the visual marker and the frame, the name of the related pattern is printed.
Multi-Asset Monitoring with the Dashboard
The dashboard allows you to see the patterns formed in the market on different instruments and timeframes at a glance.
Each currency pair/timeframe cell contains the name of the most recent pattern identified on the related chart and the number of bars ago this pattern has formed. The color of the box specifies whether the pattern was bullish or bearish — the more bars ago the pattern was identified, the paler the color of the cell will be.
Clicking on the related cell will change your chart to the instrument and timeframe of the clicked cell.
Indicator Settings & Parameters
The indicator input parameters allow you to configure monitoring scope and pattern selection.
| Parameter | Description |
|---|---|
| Scanner & Patterns | |
| Currency pairs and timeframes | Select the currency pairs and timeframes that you want to monitor. |
| max_bars | Limits the amount of calculations in order to speed up the indicator in case you do not need it to identify the patterns too far in the past. |
| Pattern selection | Select which candlestick patterns to visualize on the chart in case there are some patterns that you do not want to follow or in case there are only specific patterns in which you are interested. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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"Best Seller" and "Trending" reflect Nordman Algorithms sales and usage data, January–September 2026.
Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
Every project is delivered with full source code and post-delivery support. Fixed-price quote before development begins.
