The CandleStop System Alert Metatrader 5 forex indicator is a technical analysis tool that paints the candles aligned beyond the CandleStop channel.
Then again, the CandleStop channel is the lavender colored area that is bordered by the upper lime green and lower orange lines.
In addition, candlesticks that are formed outside the CandleStop channel are filled with color that corresponds to the trend.
Candlesticks are said to be trending when they are filled with bright color, while the dark filled color depicts the candlesticks that go against the trend.
This MT5 forex indicator combines all the aforementioned features into delivering signals, push notifications and sending emails when the candles form outside the CandleStop channel.
The EUR//CHF H1 chart below displays the CandleStop System Alert Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue and blue candles of the CandleStop System Alert Metatrader 5 forex indicator break outside the upper lime green line of the CandleStop channel.
Sell Signal: Go short when the deep pink and purple candles of the CandleStop System Alert Metatrader 5 forex indicator break outside the lower orange line of the CandleStop channel.
Exit buy trade: Close all buy orders if while a bullish trend in ongoing, prices open and closes within the lavender filled CandleStop channel.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price open and closes within the lavender filled CandleStop channel.
Tips: Trading the CandleStop System Alert Metatrader 5 forex indicator on bigger timeframes yields more consistent patterns, thereby making it an appropriate technical indicator for swing and day traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 CandleStop_System_Alert.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)