The Consecutive Candles Stochastic Filter MT4 indicator is essentially a Stochastics type technical tool that displays consecutive highs and lows (in relation to the time frame that is in current view).
It works on Stochastic with a filter to deliver more accurate trading signals.
For this indicator to adequately highlight the candles portraying these highs and lows, the torch is required to be above or below some particular level on the stochastic, and also a defined number of pips must also be fulfilled within the candle movement.
The indicator pops up within a sub-window on the lower end of the chart area.
- The indicator maintains the standard levels of 20 and 80 for lows and highs respectively.
- The indicator also prints the faster KPeriod as a dual filled colored line that displays intermittent green and red dots on its line.
- The slower DPeriod line is a corn flower blue dotted line.
Feel free to explore the Consecutive Candles Stochastic Filter indicator’s different parameters and settings to create your own personalized indicator setup.
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Breakout Pattern Forex Indicator Chart (EUR/CAD M15 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Consecutive Candles Stochastic Filter MT4 Indicator
Buy Signal: Go long when the Consecutive Candles Stochastic Filter MT4 indicator prints its dual colored KPeriod and corn flower blue dotted lines above the 50-signal level.
When the green and red Relative Vigor Index indicator lines surge and stay above the 0.00 horizontal level, it is a buy signal confirmation.
Sell Signal: Go short when the Consecutive Candles Stochastic Filter MT4 indicator prints its dual colored KPeriod and corn flower blue dotted lines below the 50-signal level.
When the green and red Relative Vigor Index indicator lines dip and stay below the 0.00 horizontal level, it is a sell signal confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is running, the faster dual colored KPeriod Consecutive Candles Stochastic Filter indicator line breaks below the 50-signal level. Else, the green line of the RVI indicator falls below the 0.00 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the faster dual colored KPeriod Consecutive Candles Stochastic Filter indicator line climbs above the 50-signal level. Else, the green line of the RVI indicator surges above the 0.00 level.
Tips: The Consecutive Candles Stochastic Filter MT4 indicator can be used with the RVI, MACD, CCI and ADX indicator.
The indicator does not result in slowdowns during trading, neither does it allow for account drawdowns.
The best approach is to open a demo account, tryout and implement the strategy that works best for you.
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What Type Of Trade Arrows? Settings for consecutive candles indicator, minimum pip size for candle one in points, minimum pip size for second candle in points, minimum pip size for third candle in points, turn on push notifications? turn on popup notifications? turn on email notifications? Candle before alert, turn details on or off in expert tab, stochastic settings, kperiod, slowing, dperiod, note 4, mamethod, note 5, price field, note 6, overbought, note 7, oversold, buy color, sell color.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Oscillator
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.