The Candle Direction Dashboard MT4 indicator displays the direction of the current candlestick in an easy to read MTF dashboard.
It updates the candlestick data in real-time, with every tick.
Basics
- A candlestick is considered bullish when the close price is higher than the open price.
- A candlestick is considered bearish when the close price is lower than the open price.
The Candle Direction Dashboard measures candlestick direction for the following time frames: M1, M5, M15, M30, H1, H4, D1, W1 and MN.
Key Takeaways
- A green square represents a bullish candlestick. The current price is higher than the open price.
- A red square represents a bearish candlestick. The current price is lower than the open price.
- Easy to use dashboard candlestick indicator.
Learn below how to open buy and sell trades with the Candle Direction Dashboard MT4 indicator.
Free Download
Download the “candle-direction-indicator.ex4” Metatrader 4 indicator
Indicator Example Chart
Here’s an example (EUR/USD H4 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The Candle Direction Dashboard MT4 Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy order when the current time frame and the two higher time frames display a green square.
For instance, trading off the M1 chart, the M1, M5 and M15 square should be colored green.
Set stop loss below previous swing support, or use your own favorite SL method.
Close the buy trade for a reward/risk ratio of 1.5 or better, or deploy your own favorite take profit method.
Sell Trigger: Open a sell order when the current time frame and the two higher time frames display a red square.
For instance, trading off the M5 chart, the M5, M15 and M30 square should be colored red.
Set stop loss above previous swing resistance, or use your own favorite SL method.
Close the sell trade for a reward/risk ratio of 1.5 or better, or deploy your own favorite take profit method.
Download This Forex Indicator
Download the “candle-direction-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Corner, color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
Usage
The indicator can be deployed as a standalone trend trading system or strategy.
It can also be combined with technical oscillators and price action methods.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: candlestick
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
