The Moving Average Candlesticks Signals Metatrader 4 forex indicator is a chart visualization of the standard moving averages using the candlestick bars.
The candlesticks are plotted in relation to the values of the moving averages that are calculated for Close, Open, Low ad High.
The Moving Average Candlesticks indictor allows users get a compact snapshot of a more detailed market information compared with the standard moving average indicator.
The indicator works with just about any currency pair and its change in color (blue to yellow and vice versa), can be interpreted as a good buy and sell entry signals.
Works for scalpers, day traders and swing traders.
The USD/CAD M15 chart below displays the Moving Average Candlesticks Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Moving Average Candlesticks Metatrader 4 forex indicator pops up blue candlesticks that are aligned slightly below the price bars.
Sell Signal: Go short when the Moving Average Candlesticks Metatrader 4 forex indicator pops up yellow candlesticks that are placed somewhat above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Moving Average Candlesticks indicator puts on display a yellow candlestick.
Exit sell trade: Close all sell order if while a bearish trend is running, the Moving Average Candlesticks indicator pops up a blue candlestick.
Tips: The length of the body of the candlesticks and those of its shadows on the Moving Average Candlesticks indicator helps us spot the irregularities in the price behavior.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (color1, color2, color3, color4, MAPeriod, strType, stm0, stm1, MAType), 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 moving-average-candlesticks.ex4 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)