MT4 Version is available: Big Candle Scanner Dashboard MT4
MT5 Version is available: Big Candle Scanner Dashboard MT5
Complete User Documentation for MT4/MT5
1. OVERVIEW
The Big Candle Scanner Dashboard identifies significant bullish and bearish candles across multiple symbols and timeframes. It checks candle size, candle body vs wicks, volume, and optional ATR-based range filters (based on your enabled checks) and shows the latest signal on a dashboard.
Who Should Use It: This tool is useful for traders who want to spot strong momentum candles quickly across many pairs without manually opening charts. It can support breakout, momentum, and reversal-style workflows (you still decide how to trade the signal).
Main Benefit: Instead of monitoring many charts, you get one dashboard with BUY/SELL signals, optional alerts, and the signal age shown as a number.
2. INPUT PARAMETERS & SETTINGS
General Settings
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| General Settings | UI | — | UI separator / section header (no effect on signals). | — |
| Pairs List | string | EURUSD,GBPUSD,USDJPY,USDCHF,CADCHF,XAUUSD... | Comma-separated list of symbols to scan. Use exact broker symbol names from Market Watch (suffixes allowed). | EURUSD,USDJPY,XAUUSD |
| Take From Marketwatch | bool | true | When enabled, the indicator attempts to use symbols available in Market Watch (and can filter missing symbols automatically). | false if you want to strictly scan only the symbols in Pairs List |
| Scan last N candle | int | 200 | How many historical candles the scanner checks (per symbol/timeframe) to find the most recent valid big-candle signal. | 100 for faster scan, 300 for deeper scan |
| Header color | color | clrSeaGreen | Background color for group headers (EUR Pairs, USD Pairs, etc.). | clrDarkBlue |
| (Symbol) color | color | clrSteelBlue | Background color for the symbol buttons in the dashboard. | clrNavy |
| eur color | color | clrGray | Background color for EUR group rows/panel. | clrLightGray |
| usd color | color | clrGray | Background color for USD group rows/panel. | clrLightGray |
| gbp color | color | clrGray | Background color for GBP group rows/panel. | clrLightGray |
| nzd color | color | clrGray | Background color for NZD group rows/panel. | clrLightGray |
| aud color | color | clrGray | Background color for AUD group rows/panel. | clrLightGray |
| cad color | color | clrGray | Background color for CAD group rows/panel. | clrLightGray |
| chf color | color | clrGray | Background color for CHF group rows/panel. | clrLightGray |
| other color | color | clrGray | Background color for Others group rows/panel (e.g., XAUUSD). | clrLightGray |
| Panel Height | double | 26 | Controls panel height as a percentage of chart height. | 30 (taller) or 20 (compact) |
| Panel Width | double | 50 | Controls panel width as a percentage of chart width. | 60 for wide screens |
| Panel Text | double | 1.2 | Controls dashboard text scaling (responsive font size). | 1.5 larger text |
| OverBought Color | color | clrRed | Color used for SELL signals on the dashboard. | clrCrimson |
| OverSold Color | color | clrGreen | Color used for BUY signals on the dashboard. | clrLime |
| Arrow Up Size | int | 2 | Size of arrows/icons shown on the dashboard cells. | 3 larger arrows |
Big Candle Settings
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| BIGCANDLE 1 SETTINGS | UI | — | UI separator / section header (no effect on signals). | — |
| EnableDisable checks | UI | — | UI separator / section header for the checks below. | — |
| Enable Candle Size Relative to Average check | bool | true | Flags a candle as “big” if its High-Low range is larger than the average candle size (based on Lookback Period) multiplied by Size Threshold Multiplier. | true |
| Enable Candle Size based on pips input | bool | true | Flags a candle as “big” if its High-Low range is larger than the fixed Candle Pip Size. | false if you prefer only relative sizing |
| Enable Volume Confirmation check | bool | true | Adds a volume-based confirmation by comparing the candle volume to the average volume over Volume Lookback Period. | true |
| Enable Open-Close Difference check | bool | true | Checks if the open-close distance is large enough relative to the candle’s total High-Low range. | true |
| Enable Body Size vs Wick Size check | bool | true | Checks if the candle body is large compared to wicks (based on Body Wick Ratio). | true |
| Enable Dynamic Range Filters check | bool | true | Checks if candle range is large compared to ATR (ATR Period and ATR Multiplier). | false if ATR signals are too strict for your market |
| Macth the condtions either AnyAll | ENUM | ANY | How multiple enabled checks are combined: ANY = signal triggers if any enabled check indicates bullish/bearish dominance, ALL = signal triggers only when all enabled checks point to the same direction. | ALL for stricter filtering |
| Lookback period for average candle size | int | 14 | How many past candles are used to compute the average candle size for the relative-size check. | 20 for a smoother average |
| Multiplier for detecting big candles | double | 1.5 | Higher values require a much larger candle to qualify as “big” (fewer signals). | 2.0 to catch only extreme candles |
| Candle Pip Size | double | 20 | Fixed pip threshold for the pip-based candle-size check (works with broker digits automatically). | 30 for volatile pairs, 10 for quieter pairs |
| Lookback period for average volume | int | 14 | How many candles are used to compute the average volume for the volume confirmation check. | 30 for a slower volume baseline |
| Multiplier for volume comparison | double | 1.2 | Higher values require a higher-than-normal volume candle to confirm a signal. | 1.5 for stricter volume confirmation |
| Minimum of High-Low for OpenClose range | double | 0.6 | Minimum ratio of (|Close - Open|) relative to (High - Low) to qualify as a strong candle body. | 0.7 to demand stronger body candles |
| Minimum body-to-wick ratio | double | 1.5 | Minimum body size compared to total wick size to qualify as a strong-bodied candle. | 2.0 to filter out candles with long wicks |
| ATR calculation period | int | 14 | ATR period used for the dynamic range filter check. | 21 for slower ATR filtering |
| Candle range must be X times the ATR | double | 1.5 | How large the candle range must be compared to ATR to be considered significant. | 2.0 to detect only very large range candles |
Individual Timeframe Signal Settings
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| TIMEFRAME SIGNAL SETTINGS | UI | — | UI separator / section header (no effect on signals). | — |
| Standard MT4 Timeframes | UI | — | UI separator / section header (no effect on signals). | — |
| Enable Individual 1Min Scan | bool | true | Enable scanning on M1. | true |
| Enable Individual 5Min Scan | bool | true | Enable scanning on M5. | true |
| Enable Individual 15Min Scan | bool | true | Enable scanning on M15. | true |
| Enable Individual 30Min Scan | bool | false | Enable scanning on M30. | true |
| Enable Individual 1Hour Scan | bool | false | Enable scanning on H1. | true |
| Enable Individual 4Hour Scan | bool | false | Enable scanning on H4. | true |
| Enable Individual 1Day Scan | bool | false | Enable scanning on D1. | true |
| Enable Individual 1Week Scan | bool | false | Enable scanning on W1. | true |
| Enable Individual 1Month Scan | bool | false | Enable scanning on MN1. | true |
| MT5-Only Minute Timeframes | UI | — | These timeframes work only on MT5. | — |
| Enable Individual 2Min Scan | bool | false | Enable scanning on M2 (MT5 only). | true |
| Enable Individual 3Min Scan | bool | false | Enable scanning on M3 (MT5 only). | true |
| Enable Individual 4Min Scan | bool | false | Enable scanning on M4 (MT5 only). | true |
| Enable Individual 6Min Scan | bool | false | Enable scanning on M6 (MT5 only). | true |
| Enable Individual 10Min Scan | bool | false | Enable scanning on M10 (MT5 only). | true |
| Enable Individual 12Min Scan | bool | false | Enable scanning on M12 (MT5 only). | true |
| Enable Individual 20Min Scan | bool | false | Enable scanning on M20 (MT5 only). | true |
| MT5-Only Hour Timeframes | UI | — | These timeframes work only on MT5. | — |
| Enable Individual 2Hour Scan | bool | false | Enable scanning on H2 (MT5 only). | true |
| Enable Individual 3Hour Scan | bool | false | Enable scanning on H3 (MT5 only). | true |
| Enable Individual 6Hour Scan | bool | false | Enable scanning on H6 (MT5 only). | true |
| Enable Individual 8Hour Scan | bool | false | Enable scanning on H8 (MT5 only). | true |
| Enable Individual 12Hour Scan | bool | false | Enable scanning on H12 (MT5 only). | true |
Confluence Timeframe Signal Settings
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| TIMEFRAME SIGNAL SETTINGS(CONFLUENCE) | UI | — | UI separator / section header (no effect on signals). | — |
| Standard MT4 Timeframes | UI | — | UI separator / section header (no effect on signals). | — |
| Enable 1Min Scan | bool | true | Include M1 in confluence analysis. | true |
| Enable 5Min Scan | bool | true | Include M5 in confluence analysis. | true |
| Enable 15Min Scan | bool | true | Include M15 in confluence analysis. | true |
| Enable 30Min Scan | bool | false | Include M30 in confluence analysis. | true |
| Enable 1Hour Scan | bool | false | Include H1 in confluence analysis. | true |
| Enable 4Hour Scan | bool | false | Include H4 in confluence analysis. | true |
| Enable 1Day Scan | bool | false | Include D1 in confluence analysis. | true |
| Enable 1Week Scan | bool | false | Include W1 in confluence analysis. | true |
| Enable 1Month Scan | bool | false | Include MN1 in confluence analysis. | true |
| MT5-Only Minute Timeframes | UI | — | These timeframes work only on MT5. | — |
| Enable 2Min Scan | bool | false | Include M2 in confluence analysis (MT5 only). | true |
| Enable 3Min Scan | bool | false | Include M3 in confluence analysis (MT5 only). | true |
| Enable 4Min Scan | bool | false | Include M4 in confluence analysis (MT5 only). | true |
| Enable 6Min Scan | bool | false | Include M6 in confluence analysis (MT5 only). | true |
| Enable 10Min Scan | bool | false | Include M10 in confluence analysis (MT5 only). | true |
| Enable 12Min Scan | bool | false | Include M12 in confluence analysis (MT5 only). | true |
| Enable 20Min Scan | bool | false | Include M20 in confluence analysis (MT5 only). | true |
| MT5-Only Hour Timeframes | UI | — | These timeframes work only on MT5. | — |
| Enable 2Hour Scan | bool | false | Include H2 in confluence analysis (MT5 only). | true |
| Enable 3Hour Scan | bool | false | Include H3 in confluence analysis (MT5 only). | true |
| Enable 6Hour Scan | bool | false | Include H6 in confluence analysis (MT5 only). | true |
| Enable 8Hour Scan | bool | false | Include H8 in confluence analysis (MT5 only). | true |
| Enable 12Hour Scan | bool | false | Include H12 in confluence analysis (MT5 only). | true |
Alert Settings
| Setting Name | Type | Default Value | Description | Example |
|---|---|---|---|---|
| ALERT SETTINGS | UI | — | UI separator / section header (no effect on signals). | — |
| Allow Alert | bool | true | Enable pop-up alerts in the MetaTrader terminal when a new signal appears. | true |
| Allow Notification | bool | true | Send push notifications to your phone via the MetaQuotes app (requires setup). | true |
| Allow Email | bool | true | Send email alerts when new signals occur (requires email setup in terminal). | false if you don’t use email alerts |
3. HOW IT WORKS
How Big Candles Are Detected
The scanner checks each enabled symbol and timeframe and evaluates the candle at different “indexes” (current candle, previous candle, etc.) until it finds the most recent candle that matches your enabled big-candle conditions.
Signal Steps
Step 1: Choose which checks to use Enable/disable the checks like candle size, volume, body vs wick, and ATR range filters.
Step 2: Evaluate bullish/bearish outcomes per check Each enabled check can contribute a bullish or bearish “vote” based on candle direction (close vs open).
Step 3: Combine checks using Any/All If Condition Operator is ANY, a signal can trigger when the bullish or bearish side dominates across enabled checks. If it is ALL, signals require full agreement.
Step 4: Dashboard display The scanner shows signals in a grid format:
- Rows: Symbols grouped by base currency (EUR, USD, GBP, etc.).
- Columns: Timeframes (M1, M5, M15, etc.).
- Green Up Arrow: Bullish big candle detected (BUY signal).
- Red Down Arrow: Bearish big candle detected (SELL signal).
- Number in parentheses = How many candles ago the signal appeared (0 = current candle, 1 = 1 candle ago, etc.).
Step 5: Alerts and actions If alerts are enabled, the indicator can notify you when a new signal is detected (and when confluence is detected across enabled confluence timeframes).
4. RISK MANAGEMENT FEATURES
This indicator is a scanner (not a trading robot), but it includes features that can help you avoid low-quality signals:
| Feature | Description |
|---|---|
| Multi-check filtering | You can require confirmation from candle size, volume, body/wick structure, and ATR-based range checks to reduce noise. |
| Any vs All mode | Switch between a flexible mode (ANY) and a strict mode (ALL) depending on your risk tolerance. |
| Confluence timeframe filtering | You can enable confluence scanning so that multiple timeframes must align before you treat the setup as higher confidence. |
| Signal age indicator | The number in parentheses helps you avoid trading older signals that may already be “priced in.” |
5. IMPORTANT NOTES & WARNINGS
Known Limitations
| Issue | Explanation |
|---|---|
| Heavy CPU usage | Scanning many symbols across multiple timeframes can slow MetaTrader. Reduce symbols/timeframes if your terminal becomes laggy. |
| MT5-only timeframes | M2, M3, H2, H3, etc. work only on MT5 and will not work on MT4. |
| History required | If there is not enough historical data for a symbol/timeframe, the scanner may show missing/late signals. Load history or reduce Lookback Period. |
Settings Beginners Should NOT Change
| Setting | Why to Leave Default |
|---|---|
| Lookback period for average candle size | Default values are a reasonable balance. Very low values can be too noisy; very high values can miss sudden shifts. |
| Multiplier for detecting big candles | Changing this drastically changes signal frequency. Raise it to reduce signals; lower it to get more signals. |
| Condition Operator | ALL can become too strict and show almost no signals unless you understand how each check behaves. |
| ATR Period / ATR Multiplier | If set too strict, the range filter can block most candles; if too loose, it adds little value. |
Dashboard Usage Tips
-
Click Symbol Buttons: Click a symbol name to switch your chart and verify the candle visually before acting.
-
Use Signal Age: Prefer fresher signals; the number in parentheses shows how many candles ago the signal appeared.
-
Start simple: Begin with fewer checks enabled (e.g., relative size + body/wick) and add volume/ATR filters later if needed.
-
Pause Alerts: Use Pause Alerts during news/high volatility if you want fewer notifications.
Quick Start Guide
- Attach the indicator to any chart in MT4/MT5.
- Choose your symbols using Pairs List (and optionally Take From Marketwatch).
- Set Scan last N candle to control how deep the scanner searches for the latest big candle signal.
- Enable timeframes you want to scan (and confluence timeframes if needed).
- Enable/disable checks like volume, body/wick ratio, and ATR range filters.
- Choose Condition Operator (ANY for more signals, ALL for stricter signals).
- Enable alerts if you want popup/push/email notifications.
- Watch the dashboard and use the signal age number (in parentheses) to avoid stale signals.
