Big Candle Scanner Dashboard MT4

Overview

The Big Candle Scanner Dashboard MT4 is a powerful multi-currency, multi-timeframe scanner designed to detect significant bullish and bearish candles across various symbols and timeframes. This tool helps traders quickly identify potential breakout or reversal opportunities based on big candle formations.

The scanner monitors all major, minor, and exotic currency pairs, including popular symbols like BTCUSD and XAUUSD. It scans across all timeframes from M1 to MN1, ensuring comprehensive market coverage. The scanner detects big candles based on various criteria, such as identifying candles significantly larger than the average size, flagging candles with high trading volumes, highlighting candles with decisive price movements, detecting candles with dominant bodies over wicks, and using ATR-based thresholds to adapt to market volatility. The user-friendly dashboard displays detected candles in a well-structured table, allowing for quick decision-making. Alerts and notifications are available through pop-up alerts within MT4, email notifications for remote monitoring, and push notifications to your mobile device. Traders can customize settings by adjusting sensitivity thresholds, selecting timeframes and symbols, and configuring notification preferences to match their trading strategies.

How to Use

To install, download the indicator from the MQL5 Market and install it in your MT4 platform. Open the Navigator panel in MT4 and drag the indicator onto a chart. Configure the input settings according to your preferences.

Traders can adjust the candle size factor to determine how large a candle must be relative to the average size. The ATR filter uses the Average True Range (ATR) to adapt to market conditions. Timeframe selection allows users to choose which timeframes to scan for big candles, and symbol selection specifies the currency pairs or assets to monitor. Notification settings enable or disable alerts, emails, and push notifications.

Green cells indicate large bullish candles, while red cells indicate large bearish candles. Clicking on a cell opens the respective chart for deeper analysis.

Best Practices

For optimal results, use the scanner in conjunction with support and resistance levels to confirm trade opportunities. Applying trend filters, such as moving averages, enhances signal reliability. It is recommended to backtest different settings to determine the most effective parameters for your trading style.

Support and Documentation

For detailed documentation, visit the MQL5 Blog page here . If you have any questions or need support, contact me through the MQL5.com messaging system or leave a comment on the product page.

For traders using MetaTrader 5, the Big Candle Scanner Dashboard MT5 version is also available. You can find it here  Big Candle Scanner Dashboard MT5 .