The Semaphore Identical Candles buy/sell MT4 indicator provides trading signals in the direction of the bullish/bearish candlestick trend selected from multiple timeframe’s.
You can select them directly from the indicator’s input menu (from the 1-minute chart up to the monthly chart).
A buy signal arrow is generated on the chart when all candlesticks of the selected timeframe’s are bullish (up).
On the contrary, a sell signal arrow is generated on the chart when all candlesticks of the selected timeframe’s are bearish.
This indicator can be useful to generate short-term trading signals.
It’s a good idea to use it together with a longer term moving average such as the 100 period exponential moving average.
The USD/CHF M5 chart below shows the Identical candles forex indicator in action.
Basic Trading Signals
Buy Trade: Go long at the blue arrow
Sell Trade: Go short at the red arrow
Tip: Use it together with a longer-term period trend following indicator and only trade in the direction of the longer-term period trend following indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Only signal change, TF M1, TF M5, TF M15, TF M30, TF H1, TF H4, TF D1, TF W1, TF MN) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend following
Copy and paste the Identical candles.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)