Signal Candles Indicator For MT4

Signal Candles Indicator For MT4

The Signal Candles Indicator For MT4 is a very clever indicator which provides traders with simple trading opportunities and signals to take buy and sell trades. It includes features such as push, email and alert notifications so that you do not miss your signals and the other fascinating thing about this indicator is that it is a non-repaint article so it does not give you a false sense of market accuracy because on hindsight you might feel as though you might have gotten every trade if the indicator was a repainting indicator. The blue arrows of the indicator signals to you a buy trade and the red arrows signals to you a sell trade, but just ensure that this indicator correctly compliments your own successful trading system.

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Trading ideas with the Signal Candles Indicator For MT4


As stated in the above section, the Signal Candles Indicator For MT4 is very simple to use. We shall outline how a trader should use it to maximize his or her profits in the sections below.



The indicator only provides the trader with the trading signals in terms of red and blue arrows (although the trader can change the colours of the arrows in the indicator settings) after doing the calculations behind the scenes.

This gives the trader the advantage of not having stress about interpreting indicator lines, graphs, clouds or histograms as most indictors do. That way, the trader can save on time; he or she places the trade immediately the indicator gives the signal. Secondly, it makes it easy for even beginners to use since there is no much technical interpretation that is required.

The blue arrows appear below the candlesticks pointing upwards to indicate that the indicator has identified a bullish trade that the trader can capitalize on. On the other hand, the red arrows appear above the candlesticks pointing downwards indicating that the indicator has identified a bearish trend that the trader can capitalize on.

The blue arrows are generated on long (bullish) candlesticks while the red arrows are generated on short (bearish) candlesticks. To generate either of the arrows, the indicator checks the tail to candle size ratio.

For the blue arrow (arrow pointing upwards), the indicator uses the minimum upper tail to candle size ratio, which is by default set to 0.6 while for the red arrow (arrow pointing downwards), the indicator uses the minimum lower tail to candle size ratio, which is by default set to 0.6.



A tail to candle size ratio of 0.6 means that the arrows are generated when a hammer candlestick is formed. Therefore, in other words, the blue arrow is formed when a bullish hammer candlestick is formed and the red arrow is formed when a bearish hammer candlestick is formed.

Normally, when a hammer candlestick is formed, it is a sign that a trend reversal is about to occur. Therefore, the Signal Candles Indicator For MT4 uses the hammer candlesticks to identify trend reversals.

Traders should avoid altering the minimum upper tail to candle size ratio and minimum lower tail to candle size ratio since doing so would change the entire strategy of using the hammers to identify the trend reversals.

Enabling Sound alert, and email and push notifications forSignal Candles Indicator For MT4


When loaded, the sound alerts, email notifications and push notifications for the Signal Candles Indicator are normally deactivated. If you check at the above screenshot, you shall realize that they are all set to false.

If you want the indicator to generate a sound whenever an arrow is generated, you should change the status of the ‘Enable Alert’ to ‘True’. Likewise, if you want to get an email notification, you should change the status of the ‘Enable Email Notification’ to ‘True’. Also, to get a push notification (a pop-up message indicating the type of signal generated), you should change the status of the ‘Push Notification’ to ‘True’.



Signal Candles Indicator For MT4 - Buy Entries


To place a buy trade using the Signal Candles Indicator For MT4, the trader should look out for the formation of the blue arrow or upward facing arrow in case he or she has changed the colour from blue to a colour of his or her preference.

When the bullish hammer candlestick on which the upwards facing arrow forms finishes forming, the trader should place a buy order on the next candlestick. If possible, the trader should place the order at the beginning of the formation of the next candlestick after the hammer to maximize the anticipated price movement.

The trader should however be careful to ensure that he or she only places a buy order if the candlestick succeeding the bullish hammer candlestick is bullish.

If the candlestick forming after the hammer candlestick is bearish, the trader should assume the generated signal and wait for the indicator to give another signal.

The buy trade should be closed when a red (downward facing arrow appears).



Signal Candles Indicator For MT4 - Sell Entries



To place a sell trade using the Signal Candles Indicator For MT4, the trader should look out for the formation of the red arrow or downward-facing arrow in case he or she has changed the colour from red to a colour of his or her preference.

When the bearish hammer candlestick on which the downwards facing arrow forms finishes forming, the trader should place a sell order on the next candlestick. If possible, the trader should place the order at the beginning of the formation of the next candlestick after the hammer to maximize the anticipated price movement.

The trader should however be careful to ensure that he or she only places a sell order if the candlestick succeeding the bearish hammer candlestick is bearish.

If the candlestick forming after the hammer candlestick is bullish, the trader should assume the generated signal and wait for the indicator to give another signal.

The sell trade should be closed when a blue (upwards facing arrow appears).



Signal Candles Indicator For MT4 - Conclusion


Signal Candles Indicator For MT4 is a good forex indicator for both professionals and beginners. Besides the fact that it is simple to use, it is not a repainting indicator and traders can use it to determine when to enter and close trades.

 

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