The Candle Shadow Forex Trend MT4 indicator follows the real currency trend with the help of moving averages.
The Candle Shadow indicator draws the most profitable trend on the chart in the form of green and red colored bars.
It’s an easy to follow trend-following indicator that will suit many beginner traders.
Key Takeaways
- A green Candle Shadow bar represents a bullish trend.
- A red Candle Shadow bar represents a bearish trend.
- Easy to follow trend indicator, even for Forex beginners.
- Can be combined with technical oscillators for finding low risk scalping opportunities.
Learn below how to open buy and sell trades with the Candle Shadow Forex Trend MT4 indicator.
Free Download
Download the “cCandle Shadow.ex4” Metatrader 4 indicator
Indicator Example Chart
Here’s an example (EUR/USD M15 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 Shadow Forex Trend MT4 indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Buy the currency pair whenever a green Candle Shadow indicator bar appears on the chart.
Set stop loss below the previous swing low price, or use your own favorite SL method.
Exit long trade when the indicator draws a red colored Candle Shadow bar (opposite signal), or use your own favorite take profit method.
Alternatively, close the buy trade for a reward/risk ratio of 2.0 or better, or deploy your own favorite take profit method.
Sell Trigger: Sell the currency pair whenever a red Candle Shadow indicator bar appears on the chart.
Set stop loss above the previous swing high price, or use your own favorite SL method.
Exit short trade when the indicator draws a green colored Candle Shadow bar (opposite signal), or use your own favorite take profit method.
Alternatively, close the sell trade for a reward/risk ratio of 2.0 or better, or deploy your own favorite take profit method.
Download This Forex Indicator
Download the “cCandle Shadow.ex4” MT4 indicator
Adjustable Parameters & Settings
MA method, MA period, 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 strategies.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
