Multi-Currency Big Candle Scanner Dashboard: Real-Time Bullish & Bearish Candle Detection Across All Timeframes(MT4/MT5)
MT4 Version: Big Candle Scanner Dashboard MT4
MT5 Version:
Complete User Documentation — MT4 & MT5
1. OVERVIEW
The Big Candle Scanner Dashboard identifies significant bullish and bearish candles across multiple currency pairs and timeframes, helping traders spot potential trading opportunities. By analyzing candle size, volume, and other metrics, it enhances decision-making for both entry and exit points. This tool is essential for traders looking to capitalize on market volatility and price movements.
Who Should Use It: This product is ideal for retail forex traders who seek to improve their market analysis and trading strategies, regardless of experience level.
Main Benefit: The Big Candle Scanner Dashboard empowers traders to quickly identify key market movements, enabling timely and informed trading decisions.
2. INPUT PARAMETERS & SETTINGS
This product shares a common set of general input settings with all Multi-Currency Scanner Dashboard products in this series. The following sections are covered in the common guide: General Settings (pairs list, dashboard colors, panel size), Timeframe Signal Settings (individual TF scan per symbol), Timeframe Confluence Settings (multi-TF confluence scan), and Alert Settings (popup, push notification, email). For full details refer to the Common Multi-Currency Scanner Dashboard Settings Guide. The sections below cover only the product-specific inputs unique to this product.
Bigcandle Settings
This section covers settings that control the parameters for identifying significant candles based on various criteria.
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| Enable Candle Size Relative to Average check | bool | true | This option allows the scanner to filter candles based on their size relative to the average size over a specified period. Traders may adjust this to focus on more significant price movements. | Set to true to only detect candles larger than the average, useful in trending markets. |
| Enable Candle Size based on pips | bool | true | This setting enables filtering based on the actual pip size of the candles. Adjusting this can help traders focus on candles that meet specific volatility criteria. | Use this with a pip size of 20 to filter for larger price movements. |
| Enable Volume Confirmation check | bool | true | This option checks if the candle's volume exceeds average volume, providing additional confirmation of the candle's significance. Traders can adjust this to ensure they only act on strong signals. | Enable this to avoid false signals during low-volume periods. |
| Enable Open-Close Difference check | bool | true | This setting evaluates the difference between the open and close prices of candles. Adjusting this helps traders focus on candles that show stronger directional movement. | Set to true to ensure only candles with significant open-close differences are considered. |
| Enable Body Size vs Wick Size check | bool | true | This option compares the size of the candle body to its wicks. Adjusting this can help traders identify candles with strong bullish or bearish sentiment. | Enable to focus on candles with a strong body relative to their wicks, indicating decisiveness. |
| Enable Dynamic Range Filters check | bool | true | This setting allows traders to apply dynamic range filters based on market conditions. Adjusting this can help refine the detection of significant candles in varying market environments. | Use this to adapt to changing volatility conditions in the market. |
| Macth the condtions either Any/All | ENUM | ANY | See options explained below. | Set to ANY to trigger on any condition met. |
| Lookback period for average candle size | int | 14 | This setting defines the period used to calculate the average candle size. Adjusting this can help traders adapt to different market conditions by changing the historical context. | Use a lookback period of 20 for a broader historical context. |
| Multiplier for detecting big candles | double | 1.5 | This multiplier is used to determine what constitutes a "big" candle relative to the average size. Adjusting this can help traders refine their focus on more significant market moves. | Set to 2.0 to filter for even larger candles in volatile markets. |
| Candle Pip Size | double | 20 | This setting defines the minimum size of candles in pips that the scanner will consider. Adjusting this can help traders focus on candles with significant price action. | Set to 30 to capture only larger price movements. |
| Lookback period for average volume | int | 14 | This setting specifies the lookback period for calculating average volume. Adjusting this can help traders adapt to periods of varying liquidity. | Use a lookback period of 10 during high volatility events. |
| Multiplier for volume comparison | double | 1.2 | This multiplier is applied to the average volume to determine if the current volume is significant. Adjusting this helps traders ensure they are acting on strong signals. | Set to 1.5 to require a higher volume for confirmation. |
| Minimum % of (High-Low) for Open/Close range | double | 0.6 | This setting specifies the minimum percentage of the range (high-low) that the open-close difference must meet. Adjusting this can help traders focus on candles with strong movement. | Set to 0.7 for a more stringent requirement on open-close differences. |
| Minimum body-to-wick ratio | double | 1.5 | This setting defines the minimum ratio of the body size to the wick size. Adjusting this helps traders identify candles with a stronger directional bias. | Set to 2.0 to focus on candles with a very strong body compared to wicks. |
| ATR calculation period | int | 14 | This setting specifies the period for calculating the Average True Range (ATR), which helps gauge market volatility. Adjusting this can help traders adapt to different market conditions. | Use a period of 20 during periods of high volatility. |
| Candle range must be X times the ATR | double | 1.5 | This setting requires the candle range to exceed a multiple of the ATR to be considered significant. Adjusting this can help traders filter out less impactful candles. | Set to 2.0 for a stricter filter on candle significance. |
Macth the condtions either Any/All — Options Explained
This setting determines how the scanner evaluates the conditions set for identifying significant candles. Traders can choose between two modes to suit their trading strategy.
ANY: The scanner will trigger if any of the specified conditions are met, allowing for more flexible detection of potential trades. ALL: The scanner will only trigger if all conditions are satisfied, leading to more stringent criteria for trade signals.
3. HOW IT WORKS
Core Calculation & Logic
The Big Candle Scanner Dashboard monitors multiple currency pairs and timeframes to identify significant bullish and bearish candles. It uses a combination of price action analysis and predefined thresholds to detect market movements.
This tool is particularly effective during high volatility periods, allowing traders to spot potential trading opportunities based on price momentum and candle size.
How Signals Are Generated
A BUY signal is generated when a bullish candle exceeds a specified size threshold, indicating strong buying pressure. The scanner checks for this condition across selected timeframes.
A SELL signal occurs when a bearish candle surpasses a defined size, suggesting significant selling activity. Both signals are visually represented on the dashboard for easy identification.
The confluence logic applies when multiple timeframes confirm the same signal direction, enhancing the reliability of the trading signals.
The dashboard displays symbols in rows with corresponding timeframes in columns. Arrow colors indicate the signal type, and a number in parentheses shows the signal age, helping traders prioritize their actions.
Step-by-Step Workflow
Step 1: Select Currency Pairs Choose the currency pairs you want the scanner to monitor from the settings.
Step 2: Configure Timeframes Enable the desired timeframes for scanning to align with your trading strategy.
Step 3: Adjust Candle Size Settings Set the minimum candle size to filter out insignificant movements.
Step 4: Monitor Dashboard Observe the dashboard for real-time signals and their respective ages.
Step 5: Execute Trades Use the generated signals to make informed trading decisions based on your analysis.
4. USAGE TIPS & BEST PRACTICES
Implementing best practices enhances the effectiveness of the Big Candle Scanner Dashboard.
| Feature | Description |
|---|---|
| Pairs List | Customize the pairs list to focus on currencies relevant to your trading strategy. |
| Scan Last N Candle | Adjust this setting to control how many candles the scanner evaluates for signals. |
| Timeframe Settings | Enable specific timeframes to tailor the scanner to your trading style and timeframe preference. |
| Color Customization | Change colors for better visibility and to match your charting preferences. |
5. IMPORTANT NOTES & WARNINGS
Known Limitations
| Issue | Explanation |
|---|---|
| Limited Timeframes | Not all timeframes may be available for scanning, limiting analysis options. |
| Market Conditions | Signals may be less reliable during low volatility or sideways market conditions. |
| Signal Lag | There may be a delay in signal generation due to the time taken for calculations. |
Settings Beginners Should NOT Change
| Setting | Why to Leave Default |
|---|---|
| PANEL_HEIGHT_PCT | This setting optimally sizes the dashboard for visibility; changing it may hinder usability. |
| ARROW_SIZE | Default size ensures clarity of signals; altering it may affect signal recognition. |
| HEADER_COLOR | Maintaining the default color enhances readability and consistency across the dashboard. |
Dashboard Usage Tips
- Regularly Update Settings: Adjust settings based on market conditions to optimize performance.
- Monitor Multiple Timeframes: Use the dashboard to analyze various timeframes for better decision-making.
- Combine with Other Tools: Use the scanner alongside other indicators for a comprehensive analysis.
- Stay Informed: Keep an eye on market news that may affect currency pairs being scanned.
- Practice Risk Management: Always apply risk management techniques when trading based on signals.
Quick Start Guide
Follow these steps to get started in under 5 minutes:
- Install the Scanner: Download and install the Big Candle Scanner on your trading platform.
- Open the Dashboard: Launch the scanner and open the dashboard to view signals.
- Select Currency Pairs: Choose the currency pairs you wish to monitor from the settings.
- Set Timeframes: Enable the desired timeframes for scanning based on your strategy.
- Adjust Candle Size: Configure the minimum candle size to filter signals effectively.
- Monitor Signals: Keep an eye on the dashboard for real-time buy and sell signals.
- Execute Trades: Use the signals to make informed trading decisions as per your analysis.
You may also be interested in these related products:
Installation Guide for MQL Products | Updating Purchased MQL Products on MT4/MT5 | General Troubleshooting Guide | Indicator Settings / Guide
Check all my products: https://www.mql5.com/en/users/biswait50/seller
Contact me for support: https://www.mql5.com/en/users/biswait50
