Description

Candle Size Alert Indicator MT4: A Momentum Trading Tool

The Candle Size Alert Indicator for MetaTrader 4 (MT4) is a powerful custom trading tool designed to alert traders whenever the market prints a momentum candle, commonly known as a “big candle.” This indicator is particularly beneficial for momentum and breakout traders. Let’s dive into the details:

Key Features:

• Alerts for Big Candles: The indicator alerts you immediately after a price forms a big candle. This helps reduce screen time and enhances productivity.
• Pips Calculator: The indicator incorporates a pips calculator, allowing you to pre-define the minimum size (in pips) of a candle to be alerted on.
• Suitable for All Traders: Whether you’re a novice, intermediate, or advanced forex trader, this indicator can be a valuable addition to your trading toolbox.
• Identifying Trading Opportunities: It’s suitable for identifying scalping, day trading, and swing trading opportunities.

How to Trade With the Candle Size Alert Indicator:

1. Define the Trend Bias:
   • Determine the trend bias of the market (e.g., uptrend or downtrend).
2. Big Candle Breakout:
   • Wait for the price to break out of a recent high (for an uptrend) or a recent low (for a downtrend).
   • Retest the breakout level to confirm its validity.
3. Generate BUY/SELL Signals:
   • For a BUY setup:
     • Confirm an uptrend.
     • Wait for a breakout and retest.
     • Open a BUY/LONG position.
   • For a SELL setup:
     • Confirm a downtrend.
     • Wait for a breakout and retest.
     • Open a SELL/SHORT position.

Recommended Settings:

• Bullish Candle Color: Choose your preferred color for bullish candles.
• Bearish Candle Color: Choose your preferred color for bearish candles.
• Color Size: Select from medium, large, or small size options.
• History Data: The indicator scans a specified number of previous candles.
• Big Candle Options:
  • Min Candle Body Size: Set the minimum candle size (depends on your chart time frame).
  • ATR Period: Customize the ATR (Average True Range) period according to your preference.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.📈

 

Stay Updated:

Instant Download: https://yoforex.org/product/candle-size-alert-indicator-mt4/
Telegram Link: https://t.me/yoforexrobot

 

📈🤖Happy trading 📈🤖