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.
- 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.
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Day Candle Forex indicator in action.
Basic Trading Signals
- 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.
- 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
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