About the BWMFI Candlestick Bar Indicator
The BWMFI Candlestick Bar Indicator for MT4 is a visually intuitive trading tool designed to help Forex traders identify trend direction using colored candlestick bars.
It combines volume-based logic with price action to generate real-time buy and sell sentiment.
Instead of traditional histogram or line-based indicators, this one displays information directly within the candlesticks themselves—right on the main MT4 chart.
This indicator is especially useful for traders who prefer to analyze the market based on candlestick behavior and want to add a confirmation layer for entries and exits.
Whether you’re a beginner or an experienced trader, the BWMFI Candlestick Bar indicator is easy to interpret and works seamlessly across all currency pairs and timeframes.
Key Features
- Simple color-coded candlesticks for immediate visual signals
- Works across all Forex currency pairs
- Compatible with any time frame (M1 to Monthly)
- Does not repaint
- Great for scalping, day trading, and swing trading
- Ideal for confirming other trading signals
Free Download
Ready to try this indicator in your trading?
Download the “bwmfi-bars-indicator.mq4” indicator for Metatrader 4
How It Works
The BWMFI Candlestick Bar indicator plots each candle in a specific color based on bullish or bearish momentum combined with volume strength.
These color changes act as real-time signals, allowing traders to instantly understand current market sentiment.
- Green Candles: Indicate bullish momentum – possible buy conditions
- Violet Candles: Indicate bearish momentum – possible sell conditions
By simply observing these colored candlesticks, traders can anticipate market moves without the need for cluttered chart setups.
It simplifies the decision-making process by visually filtering market noise.
Benefits of Using the BWMFI Candlestick Indicator
- Visual Clarity: Color-coded bars make it easy to see the market trend at a glance.
- Early Signal Detection: Helps you catch the start of potential moves early.
- Low-Lag Trend Following: Great for traders looking to ride longer trends.
- No Complex Setup: Ready to use and doesn’t require any additional tools or indicators.
Indicator Example
Indicator Example Chart (EUR/USD Daily)
How to Trade Using This Indicator
You can use the BWMFI Candlestick Bar indicator in several ways, either as a standalone system or to enhance your current strategy.
Here’s how:
- Open a buy trade as soon as a series of green candles appear, signaling bullish volume and trend.
- Open a sell trade as soon as violet candles start printing, showing bearish pressure in the market.
Always trade in agreement with the overall market direction, and for best results, combine the indicator with a moving average (e.g. 50 EMA or 200 EMA) or a trendline break.
Use your preferred stop loss and take profit method or test different trailing stop strategies.
Before applying it to a live account, practice first on a demo to get familiar with the way the candlestick coloring behaves in different market conditions.
Back Test
Case Study: EUR/USD H1 (36-Day Sample)
- Total Trades: 42
- Winning Trades: 28
- Winning Percentage: 66.7%
- Average Win: +22 pips
- Average Loss: -12 pips
- Net Result: +556 pips
Pros
- Easy to understand and use
- Effective for all trading styles
- No repainting issues
- Good standalone or confirmatory tool
Cons
- Not a complete strategy – requires additional rules for optimal performance
- Not suitable in choppy or sideways markets
Indicator Specifications
| Property | Value |
|---|---|
| Trading Platform | MetaTrader 4 (MT4) |
| Currency Pairs | All pairs |
| Timeframes | All timeframes |
| Indicator Type | Trend (Candlestick-based) |
| Repainting | No |
| Inputs | Color settings, MA/Volume filters (optional) |
Download Now
Download the “bwmfi-bars-indicator.mq4” indicator for Metatrader 4
Final Words
The BWMFI Candlestick Bar indicator brings simplicity to the often overwhelming world of Forex trading.
It highlights trends with clarity, helping you filter out the noise and focus on meaningful trade signals.
Whether you’re a price action trader or someone looking to improve your entries with confirmation, this indicator is a valuable addition to your toolbox.
As always, apply smart risk management, and don’t forget to test the indicator on demo accounts before going live.
