The 4 MA Candles Metatrader 5 forex indicator is simply a 25-period exponential moving average that is designed to use candles as a means of displaying bullish and bearish market sentiments.
The candles are colored differently on the activity chart, with the lime green candles representing bullish sentiment, while the sandy brown candles are indicative of bearish price action.
The displayed candles are put up based on the 4 averages i.e. average of open, close, high and low.
Forex Traders can also select from any of the four basic types of averages (simple, smoothed, linear-weighted, and exponential) that are included within the inputs parameter.
Despite its simplistic design, the 4 MA Candles MT4 indicator is quite successful at predicting when price is being pushed higher or dragged lower.
Just pay attention to the color of the candles in display.
Feel free to experiment with the 4 MA indicator’s settings to suit your needs.
The EUR/CHF H4 chart below displays the 4MA Candles Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the 4MA Candles Metatrader 5 forex indicator forms lime green candles that are aligned somewhat below price bars.
Sell Signal: Go short when the 4MA Candles Metatrader 5 forex indicator forms sandy brown candles that are aligned somewhat above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the 4MA Candles indicator forms a sandy brown candle on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the 4MA Candles indicator forms a lime green candle on the price chart.
Tips: There is no doubt that the 4MA Candles is a reliable MT5 trend indicator and can be included into any swing, intraday and scalping trading strategy.
It’s quite easy to master, and I recommend some experimenting with value of the “Averages period”.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Averages period, Averages method), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the 4_ma_candles.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)