Strength Candles Metatrader 4 Forex Indicator

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 %.

The Signals:

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.

Free Download

Download the strength-candles-indicator.ex4” MT4 indicator

Example Chart

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.

Download

Download the strength-candles-indicator.ex4” Metatrader 4 indicator

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

Installation

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)

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