The Trend Candlesticks MT4 forex indicator is an excellent technical tool for scalping and day trading pairs.
The indicator displays colored buy/sell trend candlesticks on the Metatrader 4 chart.
- A buy signal occurs when the candlestick is colored green.
- A sell signal occurs when the candlestick is colored pink.
In order to yield the best possible results with the Trend Candlesticks indicator, use it together with a longer period trend trading indicator.
For instance, combine it with a 100 period simple moving average or 50 period exponential moving average.
Trade in the direction of the overall trend.
How it works?
When the candlesticks are positioned above the longer term moving average, only trade the green candlesticks (buy trades).
When the candlesticks are positioned below the longer term moving average, only trade the pink candlesticks (sell trades).
The USD/JPY 4-Hour chart below displays the Trend Candlesticks Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Trend Candlesticks MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the Trend Candlesticks MT4 indicator displays a green candlestick on the chart. Be sure to confirm the uptrend. Place a stop-loss below the most recent swing low price.
Sell Signal: Open sell trade when the Trend Candlesticks MT4 indicator displays a pink candlestick on the chart. Be sure to confirm the downtrend. Place a stop-loss above the most recent swing high price.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: 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 trend-candlesticks.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)