The 3rdcandle-indicator MT4 indicator is a typical buy sell forex indicator that delivers short-term trading signals on any currency pair.
This indicator draws buy and sell trading arrows on the main activity chart.
For reliable forex signals, this indicator needs to be combined with a longer-term trend-following indicator.
Examples of useful trend-following indicators are: simple moving average, exponential moving average, ADMI,…
This is a good indicator for scalping and day trading during the most volatile trading sessions.
The EUR/USD H1 chart below displays the 3rdcandle-indicator forex indicator in action.
Basic Trading Signals
Trading this short-term B/S indicator goes like this:
Buy Trade: Buy when the 3rdcandle indicator draws a blue arrow.
Sell Trade: Sell when the 3rdcandle indicator draws a red arrow.
Tip: It’s highly recommended to use the 3rdcandle-indicator MT4 in conjunction with a trend-following indicator and to trade in the overall trend direction as displayed by the trend-following indicator.
For example, combine with the 100 exponential moving average.
Trend bullish? Only trade blue arrows.
Trend bearish? Only trade red arrows.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (ShiftArrow, FilterBullBearCandle) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: buy/sell signal arrows
Copy and paste the 3rdcandle-indicator.mq4 indicator 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)