Master Candle Breakout Pattern Forex Indicator For Metatrader 4
The Master Candle pattern breakout MT4 indicator provides accurate buy and sell range breakout trade entries without any lag.
This price action indicator identifies the popular Master Candle trading pattern and then displays it on the activity chart.
All you need to do is trade the breakout price action pattern.
- When price breaks above the Master Candle rectangle box, it suggests price will go up.
- When price breaks below the Master Candle rectangle box, it suggests price will go down.
The Master Candle indicator for MT4 can be used as a stand-alone price action indicator or together with other technical indicators to confirm the buy/sell breakout trade.
You can adjust the rectangle box colors by editing the Master Candle’s indicator inputs parameters.
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Master Candle Pattern Breakout Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Master Candle Pattern Breakout Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy breakout price action trade when price closes above the Master Candle’s yellow rectangle box.
Place initial stop loss below the low of the yellow box, or use your own stop loss placement method.
Close the buy trade for a reward/risk ratio of 2.5 or better.
Alternatively, take profit at predetermined profit target, for example 35 pips on the M5 chart.
Sell Trigger: Open a sell breakout price action trade when price closes below the Master Candle’s yellow rectangle box.
Place initial stop loss above the high of the yellow box, or use your own stop loss placement method.
Close the sell trade for a reward/risk ratio of 2.5 or better.
Alternatively, take profit at predetermined profit target, for example 100 pips on the H4 chart.
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Minimum bars, maximum body ratio, minimum body ratio, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: price action
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.