The Strength Candles forex indicator for Metatrader 4 gauges the strength of the candlesticks in real-time.
It’s a great indicator for scalping and intraday trading.
Strength Candles works for M1, M5, M15, M30, H1, H4 and D1 candlesticks.
The dual colored strength bars display sell versus buy in %.
A buy signal occurs when the indicator displays at least 90% buy and 10% sell.
This is a strong buy signal.
Conversely, a sell signal occurs when the indicator displays at least 90% sell and 10% buy.
This is a strong sell signal.
It’s highly recommended to confirm buy and sell signals from this indicator with other technical tools or simple price action techniques.
For scalping purposes, use the indicator during the London and New York session on low spread currency pairs.
The EUR/USD 1-Minute chart below displays the Strength Candles Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Strength Candles MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy order when the Strength Candles MT4 indicator displays at least 90% buy and 10% sell. A stop-loss should be placed below short-term support.
Sell Signal: Initiate sell order when the Strength Candles MT4 indicator displays at least 90% sell and 10% buy. A stop-loss should be placed above short-term resistance.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (xoffset, yoffset) 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 strength
Copy and paste the strength-candles-indicator.ex4 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)