The Signal Candles forex MT4 indicator displays buy and sell trading arrows directly on the main activity chart.
Blue arrows suggest the trend is up and traders should buy the currency pair.
Red arrows suggest the trend is down and traders should sell the currency pair.
It is recommended to use this indicator together with other indicators or analysis tools.
For instance, combine it with a longer period moving average (type SMA or EMA).
Signal Candles suits Scalpers, day traders, swing traders and position traders.
The USD/JPY M15 chart below displays the Signal Candles forex indicator in action.
Basic Trading Signals
This trading indicator is easy to trade, its signals goes as follows:
Buy Trade: Open buy trade when a blue arrow appears on the chart
Sell Trade: Open sell trade when a red arrow appears on the chart
Exit Trade: Exit an open trade at an opposite arrow signal or use your own preferred exit method
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Minimum Candle Size in Points, Candle Direction, Alerts, Email Notification, Push Notification) Colors, 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 Signal 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)