Swing Highs Lows & Candle Patterns Indicator for MT4 and MT5

Written by Dominic Walsh · Published 10 Jul 2026 · Last updated 24 Sep 2026

Swings and candles each say something; together they say more. The swing highs lows & candle patterns indicator dots every confirmed swing high and low, and adds a signal mark only when a strong reversal candle forms right at that swing. You can drop the candle requirement to see every swing instead.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	4: Swing High, Swing Low, Buy Signal, Sell Signal
Alerts	popup, push notification, email, sound
Inputs	12

Which plots exist

Two dot plots and two signal marks.

`Swing High` dots orange red with code 159.

`Swing Low` dots dodger blue with code 159.

`Buy Signal` prints lime with arrow 233.

`Sell Signal` prints red with arrow 234.

A status line reports the settings.

• Swing High: arrow, orange red, width 2, arrow code 159
• Swing Low: arrow, dodger blue, width 2, arrow code 159
• Buy Signal: arrow, lime, width 2, arrow code 233
• Sell Signal: arrow, red, width 2, arrow code 234

What the formula does

The swing

`SwingLen` `3` bars either side confirm a high or low. Every confirmed swing gets a dot, whether or not a signal follows.

The candle

`MinBodyRatio` `0.6` defines a strong candle: a body filling over sixty percent of its range, turning the right way at the swing.

The signal

With `RequireCandlePat` on, only a swing with that candle earns a mark. `SignalCooldown` `3` keeps same-side marks apart.

What the output means

Dots show every swing, marked or not.

Marks show swings confirmed by a candle.

Blue dots sit under lows, orange red over highs.

`ArrowOffsetATR` `0.6` spaces marks by range.

Swings confirm three bars late.

Warm-up needs about seventeen bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

A swing confirmed by a reversal candle is what reports. `EnableAlerts` is the top switch; the popup and the sound playing `SoundFile` ship on, while push and email wait.

Every Swing Highs Lows & Candle Patterns Indicator input

Core settings

Setting	What it does	Default
SwingLen	Fractal half-width (bars each side). Bars either side of a swing, `3`.	3
MinBodyRatio	Min body/range for a strong candle. Body share for a strong candle, `0.6`.	0.6
ATRPeriod	ATR period (arrow offset scale). Range window for spacing, `14`.	14
RequireCandlePat	Require a reversal candle at the swing. Demand a reversal candle, `true`.	on
SignalCooldown	Min bars between same-side arrows. Bars between same-side marks, `3`.	3

Display settings

Setting	What it does	Default
ArrowOffsetATR	Arrow offset in ATR multiples. Mark gap as a range share, `0.6`.	0.6

Alert settings

Setting	What it does	Default
EnableAlerts	Master alert switch. Top switch for swing signals, `true`.	on
EnablePopup	Popup alert. Popup, `true`.	on
EnablePushNotify	Push to mobile MetaTrader. Push to mobile MetaTrader, `false`.	off
EnableEmail	Email alert.	off
EnableSound	Sound alert. Sound, ships on, `true`.	on
SoundFile	(see inputs panel)	alert.wav

Fitting the settings to a market

Three-bar swings with a candle filter work on most liquid charts. EURUSD H1 is the reference chart, with a few marks a day. On M5 dots crowd but marks stay sparse. On H4 each mark is a swing worth studying.

The catch

Swings confirm three bars after the fact.

A strong candle at a swing can still fail.

Dots on every swing clutter a long history.

The sound route ships on.

Copy the compiled Swing Highs Lows & Candle Patterns Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Swing Highs Lows & Candle Patterns Indicator: Candlestick at Investopedia, Candlestick chart on Wikipedia.

Download the Swing Highs Lows & Candle Patterns Indicator for MT4 and MT5

The zip holds the compiled Swing Highs Lows & Candle Patterns Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why do some Swing Low dots have no Buy Signal?

Because the dot marks every confirmed swing, but the signal also needs a strong reversal candle there. Swings without that candle stay as dots only.

What does MinBodyRatio 0.6 treat as strong?

A candle whose body fills more than sixty percent of its range and closes in the turning direction. Long-wicked, hesitant candles do not qualify, even when they sit right at a swing.

What changes with RequireCandlePat off?

Every confirmed swing earns a signal mark as well as a dot. That shows all the structure, at the cost of many more marks to sort through.

Why does ArrowOffsetATR follow ATRPeriod 14 instead of points?

So the gap between mark and bar suits the market’s pace. Six tenths of the 14-bar range is a wide gap in fast markets and a small one in quiet ones, so marks never sit on the candle.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Swing Highs Lows & Candle Patterns Indicator as one input. Always backtest before trading live.