Candlesticks BW Indicator For MT4



Table Of Contents:

  1. Candlesticks BW Indicator For MT4
  2. SIMPLICITY WINS
  3. NEAT WAY TO TRADE
  4. BAR CHARTS VS CANDLESTICK CHARTS
  5. THIS IS USEFUL

If there is any opportunity to simplify your trading system then do so. I am a firm believer in simplified-trading systems. The simpler the better really. The Candlesticks BW Indicator For MT4 is an unembellished trading indicator which provides compelling insight for triggering buy and sell trades.

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Look at the screenshot above, you can just easily see how the Candlesticks BW Indicator MT4 just presents price action in an effective way. The Candlesticks BW Indicator For MT4 does not have fancy devices. I describe it as a no-nonsense indicator because it helps technical-based traders interpret the market context easily.

I have seen so many traders with gimmicky trading systems that are based on very complicated principles. If it works for you then that is fine. In a contrary context, it is not good and well to have a complicated system that only causes you to be overwhelmed with the dreaded concept of analysis-paralysis. One way to defeat analysis-paralysis is to integrate the Candlesticks BW Indicator For MT4 into your trading system.

The Candlesticks BW Indicator For MT4 does indeed have the ability to complement your trading system in more ways than one.

SIMPLICITY WINS

I am a big fan of tools which has the capabilities to simplify my trading systems because it allows me, as a trader, to not overspend my time analysing charts just to make a trade. The Candlesticks BW Indicator For MT4 is no exception in this regard and it certainly helps me a lot in reducing my analysis time and buying/selling decision making process.

Ultimately every MT4 indicator which you introduce into your trading system should not slow you down in terms of formulating conclusive trading ideas 

NEAT WAY TO TRADE

The Candlesticks BW Indicator For MT4 is here to make your trading life easy in truth, provided you use it in a right way that produces consistent results for you. Not every MT4 indicator is suited for your trading system however the Candlesticks BW Indicator For MT4 does offer plenty of promise in it's functionality.

The Candlesticks BW Indicator For MT4 presents price action in a simplified way as per the image below.

The screenshot above shows a visual image of the Candlesticks BW Indicator For MT4. The green colour means that the candlesticks are bullish and the red/orange candlesticks represents bearish price movement for that time period to form that candlestick.

Yes, I know some of you will note that I am using the word candlesticks in an incorrect way. The Candlesticks BW Indicator For MT4 does not use the candlestick based chart. This indicator actually makes use of the bar charts in MT4 to display its visual parameters.

BAR CHARTS VS CANDLESTICK CHARTS

There are technical traders who prefer to use bar charts instead of candlestick charts but how do these two charts differ. Well, candlestick charts displays the price with the length of the close and opening price represented by coloured candles that are usually red or green. Green is usually for bullish candlesticks and red is usually for bearish candlesticks. Candlestick charts is used to easily see the nature of the body of a candlestick. 

This aspect of trading is very important for technical traders, because most of their trading strategies is based on candlestick patterns. Candlestick charts are basically more compatible for candlestick pattern recognition as oppose to using bar charts for the same purpose. However, experienced traders may still use bar charts for the same purpose but for them they are more zoned-in on the close of the bar.

THIS IS USEFUL

Bar charts and candlestick charts are very useful charts for trading. They both have their own intricacies about them but effectively they are the same thing. So long you know how to correctly interpret price action and market context - using both charts interchangeably will not hinder your trading system.

But what is really useful about the Candlesticks BW Indicator For MT4 is that it does have the ability to show the bars as candlesticks. These so called candlesticks are the green and red/orange bars in the charts.

Like I mentioned earlier, the Candlesticks BW Indicator For MT4 use the green bars in the chart to depict the bullish bars and the red/orange bars to depict the bearish bars. So those traders who make constant use of candlestick patterns in their trading are able to recognise those same patterns on the bar charts as it is being displayed by the Candlesticks BW Indicator For MT4

If you look closer at the Candlesticks Indicator For MT4 you will notice that there are those bars which are the bars that are normally displayed in bar charts. These bars have no green or red colours to give off the visual representation as though it is a candlestick.

This can be of potentially great and profitable use for your trading because they are almost like resting periods in the market price to show both short and prolonged zones of accumulation even during trending periods. Usually these zones are identified in down or up trends when these black bars are clustered together or concentrated in a sideways channel.

In the visual above is the EURDUSD trading pair on the H4 chart. It is being displayed with the use of the Candlesticks BW Indicator For MT4. I like using the H4 chart because it provides critical market sentiment data for both swing trading and day trading buying/selling opportunities.

As you can see that I have highlighted the "resting periods" using rectangles. You will notice that these accumulation zones are characterised by the clustered black bars on the chart. These are useful in that the Candlesticks BW Indicator For MT4 can be used for identifying possible trend continuation patterns in down trends and up trends. These accumulation zones are deliberately formed by the big banks so do approach with caution to ensure that you decipher the market context correctly. The Candlesticks BW Indicator MT4 is a top indicator for simplifying your trading in identifying trend conditions along with the small accumulation zones that may accompany each trend. However, analyse deeper to look for clues, given by the smart money, as to which way the market may go beyond these resting periods.

 

About Me

I'm Mike Semlitsch the owner of PerfectTrendSystem.com. My trading career started in 2007. Since 2013 I have helped thousands of traders to take their trading to the next level. Many of them are now constantly profitable traders. 

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