Candlestick Arrow Signals Metatrader 4 Forex Indicator
The Candlestick Arrow Signals Metatrader 4 forex indicator identifies bullish and bearish single candlestick trading patterns on the activity chart.
It identifies Bear Cross, Bull Cross, Bull Pierce, Hammer, Dark Cloud and Evening Star single candlestick patterns.
The indicator displays a blue arrow on the chart when the pattern is bullish and a red arrow when the pattern is bearish.
Use the Candlestick Arrow Signals forex indicator together with other analysis tools or technical indicators.
For example, use together with trading oscillators (MACD, Stochastics, RSI,..) or trend following indicators (SMA, EMA, ADMI, Bollinger Bands,…)
The AUD/USD Hourly chart below displays the Candlestick Arrow Signals Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Candlestick Arrow Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when a bullish candlestick pattern (blue arrow) appears on the trading chart.
Sell Signal: Open sell trade when a bearish candlestick pattern (red arrow) appears on the trading chart.
Trade Exit: Close the open buy/sell forex position 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 indicator
Customization options: Variable (AlertON, DrawCandle) 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 figures-candle-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)