The Speed Candles Buy Sell Signal indicator for Metatrader 4 is an awesome tool that generates fast entry signals on any currency pair and for all available timeframe’s.
The indicator displays green and red bars for all timeframe’s in a small window in the upper left corner of the activity chart.
Green bars indicate the trend is up and red bars indicate the trend is down.
Wait for the bars to reach extreme levels, for example anything between 85% and 100%.
Extreme Speed Candles indicator readings suggest the trend is really up or down.
This indicator fits for scalping and day trading.
Confirm buy and sell entries from this indicator with other technical tools, for instance, oscillators, trend following indicators, price action,…
Download the “speed-candles-indicator.ex4” MT4 indicator
The EUR/USD D1 chart below displays the Speed Candles Buy Sell Signal forex indicator in action.
Basic Trading Signals
Signals from the Speed Candles Buy Sell Signal forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the green price bar reaches extreme levels, between 85% and 100%.
Sell Signal: Open sell trade when the red price bar reaches extreme levels, between 85% and 100%.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download the “speed-candles-indicator.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (M1 buy signal, M1 sell signal, M5 buy signal, M5 sell signal, M15 buy signal, M15 sell signal, M30 buy signal, M30 sell signal, H1 buy signal, H1 sell signal, H4 buy signal, H4 sell signal, D1 buy signal, D1 sell signal, W1 buy signal, W1 sell signal) 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 speed-candles-indicator.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)