Bull/Bear Candlestick Metatrader 4 Forex Indicator
The Bull/Bear Metatrader 4 forex indicator displays bullish and bearish candlesticks in one easy to read separate trade window.
Green bars above the zero level displays bullish candlesticks.
Green bars below the zero level displays bearish candlesticks.
It’s strongly recommended to use this indicator together with a trend following forex indicator.
For instance, the 100 EMA or 200 SMA would fit in this case.
Price above the 100 EMA or 200 SMA (bullish trend)? Only trade bullish candlesticks.
Price below the 100 EMA or 200 SMA (bearish trend)? Only trade bearish candlesticks.
The EUR/USD H1 chart below displays the Bull/Bear forex indicator in action.
Basic Trading Signals
Signals from the Bull/Bear forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position at the first green bullish candlestick (above the zero level).
Sell Signal: Open sell position at the first green bearish candlestick (below the zero level).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (A1, A2, A3) 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 sf-6-am-indicator.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)