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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
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