The MA Candles Buy Sell indicator for Metatrader 4 transforms the price chart into buy and sell candlesticks.
How to interpret?
- A green candlestick is bullish.
- A red candlestick is bearish.
- A yellow candlestick is neutral.
The indicator works for any trading instrument and time frame.
Indicator Chart Example
The picture below shows the MA Candles Buy Sell Forex indicator attached to the USD/JPY H1 chart.
How to use the MA Candles Buy Sell indicator?
The indicator can be used in multiple ways, find an example below:
- The first green candle is your buy trade entry.
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed take profit target or wait for the first red candle.
- The first red candle is your sell trade entry.
- Place your stop loss the above most recent swing high.
- Exit the sell trade for a fixed take profit target or wait for the first green candle.
How to install the MA Candles Buy Sell indicator to the Metatrader 4 platform?
- Download the MA CandlesChannel.ex4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration