The ADX Candlestick Signals MT4 indicator draws bearish and bullish colored candlesticks on the activity chart.
It’s based on the position of DI- and DI+.
- DI+ > DI- = Bullish
- DI- > DI+ = Bearish
Bullish ADX candlesticks are colored Lime and DarkGreen. Bearish ADX based candlesticks are colored Maroon and Red.
Lime colored candlesticks display strong bullish candlesticks. Red colored candlesticks display strong bearish candlesticks.
Deploy the ADX Candlestick Signals indicator together with price action techniques, MACD, moving average(s) or Bollinger Bands to generate more reliable forex trading signals.
When the overall currency trend is bullish, trade the Lime colored candlesticks.
When the overall currency trend is bearish, trade the Red colored candlesticks.
The EUR/USD Hourly chart below displays the ADX Candlestick Signals Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the ADX Candlestick Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a long trade when a Lime colored candlestick appears on the chart and the overall trend is upward.
Sell Signal: Open a short trade when a Red colored candlestick appears on the chart and the overall trend is downward.
Trade Exit: Close the open buy/sell trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (ADX Period, ADX Signal Level, Candle Width) 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 adx-candles-indicator.ex4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)