The Consecutive Candlesticks With Stochastic MT4 forex indicator identifies consecutive high and low candlesticks.
The indicator draws green and red dots together with a Stochastic filter in a separate Metatrader 4 window.
A green dot is a buy signal while a red dot is a sell signal.
The Stochastic filter oscillates between two extremes, 0 and 100.
The 0 value is said to be extremely oversold while the 100 value is said to be extremely overbought.
Like almost any other trading oscillator, it is highly recommended to use the Consecutive Candlesticks oscillator together with a trend following indicator.
Trade the Consecutive Candlesticks oscillator signals in the direction of the underlying trend to increase the success rate of your forex transactions.
Trend up? Trade the green dots.
Trend down? Trade the red dots.
This indicator fits scalping and intraday trading.
The EUR/USD Daily chart below displays the Consecutive Candlesticks With Stochastic Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Consecutive Candlesticks with Stochastic MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when a green dot appears on the chart and the underlying trend is up.
Sell Signal: Open sell order when a red dot appears on the chart and the underlying trend is down.
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 (Type of trade arrows? Trend or Range, KPeriod, Slowing, DPeriod, MAMethod) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Oscillator Signals
Copy and paste the consecutive-candles-with-stochastic-filter-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)