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Day Candle Forex Indicator (MT4)

The Day Candle indicator for MT4 wraps all candlesticks into one bigger candlestick and it provides overall trend direction.

At a glance, the indicator reveals where the overall trend is heading to.

From the indicator’s inputs, you can choose the day candlestick time frame yourself (default: daily).

After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.

Key Points

  • Reveals overall trend direction
  • Good for breakout trading
  • Pure price action, no lag
  • Well worth adding to your indicator collection

This indicator can work together with any existing trading strategy or system as a buy/sell trend confirmation tool.

Free Download 

Download the “ytg_Day_candle.mq4” MT4 indicator

Indicator Example Chart

The EUR/USD 1-hour chart below shows the Day Candle Forex indicator in action.

Basic Trading Signals

BUY:

  • A buy signal is given when the overall trend is going up and price breaks above the previous day high.
  • Set stop loss a few pips below previous swing low support.
  • Exit the buy trade for a predetermined profit target or close for a risk to reward ratio of 1.5 or better.

SELL:

  • A sell signal is given when the overall trend is going down and price breaks below the previous day low.
  • Set stop loss a few pips above previous swing high resistance.
  • Exit the sell trade for a predetermined profit target or close for a risk to reward ratio of 1.5 or better.

Download This Forex Indicator

Download the “ytg_Day_candle.mq4” MT4 indicator

Adjustable Parameters & Settings

Time frame, colors, style

Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.

More Info About This Indicator

Currency Pairs: works on any currency pair

Trading Platform: developed for Metatrader 4 (MT4)

Time Frames: any

Indicator Type: candlestick

How to install the Day Candle indicator in Metatrader 4?

  • Copy and paste the ytg_Day_candle.mq4 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