The Strength Candle Forex Indicator is a unique indicator that shows the strength of a bar, candle or line.
Most traders don’t place orders exactly at the beginning of a candle formation. Mostly one will opt to see the direction of the candle and then open an order. In so doing, the trader is only depending on luck or intuition for profits because it is not a guarantee that the direction of candle formation will be maintained throughout the candle formation timeframe (M1, M5, M15, H1, H2…. D1)
The market movement is determined by various forces, with one of those forces being the forces due to traders. If traders place the same type of orders at a certain market level, that level becomes overbought or oversold and there will be no liquidity in the market and the market will tend to retrace a little to gain liquidity. In so doing if you had placed your stop loss, it might be hit or if your funds weren’t enough to withstand the retracement due to the lot you had opened the trade with, then your account will be wiped clean.
Therefore it would be an added advantage for you if you were well aware of the nature of the market at a level before deciding to open a position.
This is actually the reason as to why you have to use indicators such as the strength candle indicator.
Trading using the strength candle indicator
The Strength Candles Indicator is an informant that shows a graph of trading tools exhibiting the muscle between bull candles and the bears on the M1 to D1 timeframes as red and green histograms with ratios ranging from 0 to 100%.
It put on show the total balance between the forces of the traders that have placed buying orders and those who have opened selling positions and present it in percentage form. It indicates the strength of the candles of all the timeframes regardless of the timeframe you arte using. For example from the chart above it is visible that there are histograms showing the strength of M1 to D1. The sell orders strength is shown using red and the buy strength using green. Then the percentages are indicated at the bottom of each histogram.
It is advisable for the trader to analyze the strength shown an all the timeframe indicators before opening a position. From the above chart it is visible that the buyers have a greater force of moving the market so the probability of the market rising are high.
This exchange strength indicator usually doesn’t use or depend on other indicator like the moving averages or any other. Therefore it doesn’t delay in providing its information; its information is almost instant.
This indicator is designed and made in for use with the Metatrader4 platforms on any currency pair and using any time frame in the range of M1 to Daily.
However, traders should be advised that this indicator is not enough on its own to indicate whether to open a position or not. It should always be used in combination with other indicators.
Forex Indicators Download – Instructions
Strength Candle Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Strength Candle Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Strength Candle Forex Indicator.mq4?
- Download Strength Candle Forex Indicator.mq4
- Copy Strength Candle Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Strength Candle Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Strength Candle Forex Indicator.mq4 is available on your Chart
How to remove Strength Candle Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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