About the Bull Bear Candlestick Indicator
The Bull/Bear Metatrader 4 forex indicator displays bullish and bearish candlesticks in one easy to read separate trade window.
Green bars above the zero level display bullish candlesticks.
Green bars below the zero level display bearish candlesticks.
It’s strongly recommended to use this indicator together with a trend following forex indicator.
For instance, the 100 EMA or 200 SMA would fit in this case.
Price above the 100 EMA or 200 SMA (bullish trend)? Only trade bullish candlesticks.
Price below the 100 EMA or 200 SMA (bearish trend)? Only trade bearish candlesticks.
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Download the “sf-6-am-indicator.mq4” MT4 indicator
Key Features
- Displays bullish and bearish candlesticks in a separate window.
- Zero-level reference for quick momentum assessment.
- Clear visual distinction between buying and selling pressure.
- Pairs effectively with moving average trend filters.
Indicator Chart
The chart below shows the Bull Bear Candlestick Indicator plotted in a lower window.
Bars above the zero level reflect bullish momentum, while bars below indicate bearish pressure.
Traders use the chart to confirm momentum direction and align entries with the prevailing market trend.
Guide to Trade with Bull Bear Candlestick Indicator
Buy Rules
- Confirm price is trading above the 100 EMA or 200 SMA.
- Wait for the first bullish candlestick to appear above the zero level.
- Open a buy trade after the bullish bar is confirmed.
- Trade only while price remains above the trend filter.
Sell Rules
- Confirm price is trading below the 100 EMA or 200 SMA.
- Wait for the first bearish candlestick to appear below the zero level.
- Open a sell trade after the bearish bar is confirmed.
- Avoid sell trades during bullish trend conditions.
Stop Loss
- Place the stop beyond a key technical level on the chart.
- Allow space for normal price fluctuations.
Take Profit
- Close the trade when opposite candlesticks appear.
- Use nearby support or resistance as profit targets.
Bull Bear Candlestick and X Super Trend Candles Forex Scalping Strategy
This MT4 scalping strategy combines the Bull Bear Candlestick Metatrader 4 Forex Indicator with the X Super Trend Candles Forex Indicator MT4.
The Bull Bear Candlestick indicator signals entries at the first green bullish candlestick above the zero level for buys and the first red bearish candlestick below the zero level for sells.
The X Super Trend Candles indicator confirms the trend, with green candles representing bullish conditions and red candles indicating bearish conditions.
By combining these tools, scalpers can enter trades in the direction of the prevailing trend with higher probability setups.
This strategy is suitable for lower timeframes such as M1, M5, and M15, offering traders the ability to capture rapid intraday price movements.
By only taking trades that align with both the trend and candlestick signals, traders can reduce false entries and increase the likelihood of consistent scalping profits.
Buy Entry Rules
- The X Super Trend Candles must show green candles, confirming a bullish trend.
- Enter a buy trade at the close of the first green bullish candlestick above the zero level from the Bull Bear Candlestick indicator.
- Place a stop loss below the low of the entry candlestick or the nearest support level.
- Set a take profit for a short-term target of 7–20 pips, depending on the market conditions and timeframe.
- Close the trade early if the X Super Trend Candles turn red or a red bearish candlestick appears.
Sell Entry Rules
- The X Super Trend Candles must show red candles, confirming a bearish trend.
- Enter a sell trade at the close of the first red bearish candlestick below the zero level from the Bull Bear Candlestick indicator.
- Place a stop loss above the high of the entry candlestick or the nearest resistance level.
- Set take profit for a short-term target of 7–20 pips.
- Close the trade early if the X Super Trend Candles turn green or a green bullish candlestick appears.
Advantages
- Combines trend confirmation with precise candlestick entries for high-probability trades.
- Quick visual signals make it simple to identify scalping opportunities on lower timeframes.
- Suitable for M1, M5, and M15 charts, allowing traders to capture fast intraday price moves.
- Helps traders avoid countertrend entries by requiring alignment of trend and candlestick signals.
- Applicable to a variety of currency pairs for frequent trade setups.
Drawbacks
- Profit potential is limited per trade due to the short-term nature of scalping.
- Overtrading is possible if trades are taken without confirming both the trend and candlestick alignment.
Case Study 1
On EURCAD M1 during the London session, the X Super Trend Candles showed green, signaling a bullish trend.
The first green bullish candlestick above the zero level appeared, prompting a buy trade.
The position was later closed for 19 pips as the next few candlesticks showed slowing momentum and a minor retracement began, successfully capturing a short-term upward move.
Case Study 2
On USDJPY M5 during the New York session, red X Super Trend Candles indicated a bearish trend.
A red bearish candlestick formed below the zero level, initiating a sell trade.
The trade was exited for 18 pips as candlestick patterns suggested a slight upward correction, effectively capturing the intraday downward swing.
Strategy Tips
- Focus on currency pairs that show clear trends to increase the reliability of the signals.
- Use the strategy primarily during active market sessions such as London and New York for higher liquidity and price movement.
- Avoid entering trades during choppy or consolidating markets where candlestick signals may give false entries.
- Combine this strategy with basic support and resistance levels to improve entry and exit timing.
- Monitor the trend direction on higher timeframes to confirm the overall market bias before scalping on lower timeframes.
- Keep trade sizes consistent to manage risk effectively on multiple quick trades.
- Consider waiting for confirmation from at least two consecutive candlesticks in the trend direction before entering a trade.
- Track performance for each currency pair to identify the most responsive pairs for this scalping method.
Download Now
Download the “sf-6-am-indicator.mq4” Metatrader 4 indicator
FAQ
What does the zero level represent?
The zero level separates bullish from bearish momentum.
Bars above it reflect buying pressure, while bars below reflect selling pressure.
Can this indicator be used alone?
It can be used on its own, but results improve significantly when combined with a moving average trend filter.
Is the indicator suitable for scalping?
Yes, it works well on lower timeframes when paired with a clear trend direction.
Summary
The Bull Bear Candlestick Indicator offers traders a simplified way to read market momentum through visual candlestick separation.
By isolating bullish and bearish pressure in a clean indicator window, it reduces chart noise and speeds up decision-making.
When combined with a reliable trend-following indicator such as the 100 EMA or 200 SMA, it helps traders stay aligned with the dominant market direction.
This makes it a practical choice for scalping, intraday, and swing trading strategies on MT4.
