The Candlestop 2 Metatrader 4 indicator can be used to confirm trade entries and exits.
The indicator consists of 2 lines that fluctuate above or below the currency pair price.
In strong trends, the price is aligned above or below the two Candlestop lines (purple & green).
- During strong up trends, price is aligned above the purple and the green line.
- During strong down trends, price is aligned below the green and the purple line.
Use together with other indicators or analysis tools to built a complete trading system or strategy.
The indicator can be applied to any currency pair and timeframe.
The GBP/USD D1 chart below displays the Candlestop 2 forex indicator in action.
Basic Trading Signals
No trading signals from this indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (TrailPeriods) 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 candlestop2.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)