The Candlestick Signals MT4 forex indicator scans and displays the most profitable candlestick patterns signals on the activity chart.
It tells you whether to buy or to sell the currency pair based on the identified candlestick pattern.
The candlestick forex indicator displays a green buy arrow to buy or a red sell arrow to sell together with the price at which you should buy or sell the currency pair (see the image below).
It’s often used to trade short-term trend reversals in the direction of the overall trend.
The indicator can be used as a standalone or together with other technical indicators or analysis methods.
For instance, use the Candlestick Signals MT4 forex indicator in agreement with the overall trend.
Trend direction up? Only trade buy signals from this indicator.
Trend direction down? Only trade sell signals from this indicator.
The USD/JPY Daily chart below displays the Candlestick Signals Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Candlestick Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the Candlestick Signals displays a green arrow on the chart. Confirm the buy trade with additional analysis tools or technical indicators.
Sell Signal: Open sell trade position when the Candlestick Signals displays a red arrow on the chart. Confirm the sell trade with additional analysis tools or technical indicators.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (alerts, send notification) 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 candlesticks-signals.mq4 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)