Candlestick Difference Forex Metatrader 4 Indicator
The Candlestick Difference MT4 indicator measures the percentage difference up or down between the current candlestick and the previous candlestick.
It displays the outcome in a mini dashboard that appears in the upper left part of the MT4 chart.
It’s a great tool for scalpers and intraday traders.
- A positive percentage means the short-term currency trend is rising.
- A negative percentage means the short-term currency trend is falling.
- Works on any time frame and pair.
Learn below how to open buy and sell trades with the Candlestick Difference 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 Difference MT4 Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a long trade when the underlying trend is upward and the candlestick difference percentage exceeds 0.15%.
Set stop loss below short-term support, or use your own favorite SL method.
Close the buy trade for a reward/risk ratio of 1.0 or better, or deploy your own favorite take profit method.
Sell Trigger: Initiate a short trade when the underlying trend is downward and the candlestick difference percentage exceeds -0.15%.
Set stop loss above short-term resistance, or use your own favorite SL method.
Close the sell trade for a reward/risk ratio of 1.0 or better, or deploy your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Pair 1, Pair 2, Pair 3, Pair 4, Pair 5, Pair 6, Pair 7, Pair 8, 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 (moving averages, Bollinger Bands,..), technical oscillators (RSI, MACD,..) 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: candlestick
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.