The Candlesticks Recognition Indicator MTF indicator for Metatrader 4 transforms the default candlesticks into an easy to use buy/sell candlestick chart.
The indicator appears in the main chart window in the form of blue and orange colored candlesticks.
Candlesticks Recognition Indicator MTF is a versatile and lightweight technical indicator that won’t slow down your trading platform.
Key Points
- Provides buy & sell candlestick signals.
- Can be combined with other technical indicators.
- Excellent indicator for beginners
- Well worth adding to your indicator collection.
Candlesticks Recognition Indicator MTF can work together with any existing trading strategy or system as an additional candlestick pattern indicator.
Free Download
Download the “candlesticks-recognition-indicator-mtf.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD H1 chart below shows the Candlesticks Recognition Indicator MTF Forex indicator in action.
Basic Trading Signals
Signals from the Candlesticks Recognition Indicator MTF indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- Open a buy position when the first blue candlestick appears on the chart and the overall trend is upwards.
- Set a stop loss below previous swing support.
- Utilize your own take profit strategy.
SELL:
- Open a sell position when the first orange candlestick appears on the chart and the overall trend is dwownwards.
- Set a stop loss above previous swing resistance.
- Utilize your own take profit strategy.
Download This Forex Indicator
Download the “candlesticks-recognition-indicator-mtf.ex4” MT4 indicator
Adjustable Parameters & Settings
Candles to show, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Candlestick
How to install the Candlesticks Recognition MTF indicator in Metatrader 4?
- Copy and paste the candlesticks-recognition-indicator-mtf.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button