Introduction

Sick of squinting at charts all day, hunting for pennants that barely appear? Yeah, spotting those tiny continuation patterns can be a real pain… especially when you miss the breakout and watch price zoom past you. That’s why we built Pennants Pattern Finder 3.0—a free MT4 indicator that does the heavy lifting, scanning your XAUUSD, EURUSD or any pair in real-time to flag high-probability pennant setups. No more FOMO, no more guessing. Just clear, on-chart signals that help you jump in right when breakout momentum builds. It’s fully tested across markets, tweaked by YoForex’s quant crew, and ready for any trader—newbie or vet—to plug in and trade smarter.

Overview

Pennants Pattern Finder 3.0 is a lightweight, CPU-friendly MT4 indicator that auto-detects pennant formations—those brief consolidation triangles that foreshadow continuation moves. Unlike generic pattern scanners that spit out false alarms, we’ve tuned v3.0 to focus on classic pennant geometry: converging trendlines, balanced volume compression, and a clear breakout threshold.

  • Real-time alerts: receive pop-ups, emails or push notifications when a pennant forms or breaks out.
  • Multi-symbol support: monitor up to 20 charts simultaneously.
  • Customizable filters: set minimum pattern size, swing strength, and breakout candlestick criteria.
  • Visual clarity: on-chart trendlines, shaded pennant zones, and entry/exit markers.

Whether you’re scalping small TFs or swing-trading on H4, this indicator gives you an edge by highlighting the setups you’d otherwise miss. New to chart patterns? Check out our Beginner’s Guide to Chart Patterns or compare with the popular Breakout Pattern Scanner to see why pennants matter.

Key Features

• +Auto-draws converging trendlines around potential pennant zones
• +Alerts on pattern formation, breakout, and false-break events
• +Configurable pattern size (min/max bars, price range)
• +Volume compression filter for higher accuracy
• +Breakout confirmation: choose candle close or high/low break
• +Supports M5, M15, M30, H1, H4, D1 timeframes
• +Multi-pair scanning with dashboard overview
• +Email and push notifications via MT4’s native mail/push system
• +Custom colors, line styles, and font sizes for chart clarity
• +Low CPU footprint—ideal for VPS or local desktop
• +Free lifetime updates and community-driven improvements

Backtest Results & Proof

We back-tested Pennants Pattern Finder 3.0 over two years of EURUSD H1 data (Jan 2023–Dec 2024), scanning for pennets with at least 20 bars duration and 50-pip range. Out of 120 detected patterns:

  • 85% produced a breakout in the expected direction within 3 bars.
  • Average breakout move: 45 pips.
  • False-break rate: 15%, filtered further by our volume-compression setting.

In a live-market verification (Jan–Apr 2025), YoForex’s demo accounts recorded 34 pennant signals across XAUUSD M15–H1 charts, with 28 accurate breakouts (82% win rate) and an average risk-reward of 1:1.8. See Image #1 for a sample chart overlay and Image #2 for a quick accuracy vs false-break infographic.

How to Install & Configure

  1. Download the indicator from the MQL5.software page.
  2. Copy PennantsPatternFinder3.ex4 into MT4 → MQL4/Indicators.
  3. Restart MT4 or click “Refresh” in Navigator under Indicators.
  4. Attach to any chart (e.g., EURUSD M15).
  5. Open the Inputs tab and tweak settings:
  6. MinBars = 15, MaxBars = 50
  7. MinPipRange = 30, VolumeFilter = true
  8. Notification options: AlertPopup, SendEmail, PushNotification
  9. Click OK and let it run—patterns will auto-draw and alerts fire.
  10. Use our recommended default settings (see Image #3) if you’re unsure.

Why Choose YoForex-Powered Tools?

YoForex Corp has been developing free, high-quality MT4 tools since 2018. We’re a tight-knit team of traders and devs, constantly refining our indicators based on user feedback. No paywalls, no trial-time bomb—just free lifetime access and active community support. Join thousands of traders who trust YoForex for reliable, performance-driven tools—check out our Dynamic Trendlines Indicator to complement your pennant strategy.

Support & Contact

Hit a snag or got a feature request? Reach out anytime:

Call to Action

Ready to spot those juicy pennants without the manual grind? Download Pennants Pattern Finder 3.0 now—totally free on MQL5.software! Attach it to your MT4 charts, set your alerts, and let the indicator do the heavy lifting. Try it today and see why pros trust YoForex tools for pattern-powered trading.

Schema/FAQ Suggestions:

  • What parameters define a valid pennant?

  • How do I adjust alerts for mobile push notifications?

  • Can I use this indicator on other symbols like BTCUSD?