Candlestick Body Size Forex Metatrader 4 Indicator
The Candlestick Body Size MT4 indicator displays the candlestick’s body size in pips for each candlestick.
The indicator gives you an idea about the bulls versus bears buy and sell market pressure.
- A big lime candlestick body represents bullish market pressure.
- A long white candlestick body represents bearish market pressure.
- Small candlestick bodies represent a range-bound market.
- Candlesticks are very popular and used in any financial market (Forex, Stocks, Futures,..)
Learn below how to open buy and sell trades with the Candlestick Body Size MT4 indicator.
Indicator Example Chart
Here’s an example (EUR/USD H1 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 Candlestick Body Size MT4 Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Enter a long trade when a big lime colored bullish candlestick appears on the chart and the underlying trend is upward.
Set stop loss below the low of the big lime candlestick, or use your own favorite SL method.
Exit long trade when a big white candlestick appears on the chart (bearish), or use your own favorite take profit strategy.
Alternatively, close the buy trade for a fixed TP, for instance, +30 pips on the M5 intraday chart.
Sell Trigger: Enter a short trade when a big white colored bearish candlestick appears on the chart and the underlying trend is downward.
Set stop loss above the high of the big white candlestick, or use your own favorite SL method.
Exit short trade when a big lime candlestick appears on the chart (bullish), or use your own favorite take profit strategy.
Alternatively, close the sell trade for a fixed take profit, for instance, +20 pips on the M1 scalping chart.
Download This Forex Indicator
Adjustable Parameters & Settings
Color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
The indicator can’t be deployed as a standalone price action trading system or strategy.
Use together with trend indicators and technical oscillators.
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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.