The Candlestop MT4 Forex indicator is generally used to trail stop losses but it can also be used for accurate trade entries.
The trailing stop loss function works as follows:
- In an uptrend, trail your stop loss up below the green dotted Candlestop indicator line.
- In a downtrend, trail your stop loss down above the purple dotted Candlestop indicator line.
Key Takeaways
- The green dotted Candlestop line is used to trail your initial stop loss up in a bullish market.
- The purple dotted Candlestop line is used to trail your initial stop loss down in a bearish market.
- The indicator can also be used for trade entry signals.
- Works for scalping, day trading and swing trading.
Learn below how to open buy and sell trades with the Candlestop MT4 indicator.
Free Download
Download the “candlestop-indicator.mq4” Metatrader 4 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 Candlestop MT4 Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade whenever price closes above the purple Candlestop indicator line from below.
Set and trail your stop loss up just below the green dotted line, or use your own favorite SL method.
Exit long trade whenever price turns back below the green dotted Candlestop line, or use your own favorite take profit method.
Sell Trigger: Open a sell trade whenever price closes below the green Candlestop indicator line from above.
Set and trail your stop loss down just above the purple dotted line, or use your own favorite SL method.
Exit short trade whenever price turns back above the purple dotted Candlestop line, or use your own favorite take profit method.
Download This Forex Indicator
Download the “candlestop-indicator.mq4” MT4 indicator
Adjustable Parameters & Settings
Trail periods, 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.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Forex signals
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
