The Candle Bull & Bear Power indicator for Metatrader 5 shows the size and trend direction of candlesticks in a bottom chart window.
It might give you a clue about future trend direction and it’s easy to spot big price movements without staring at the regular chart.
The candles explained:
- A blue candle represents a bullish candlestick.
- A blue large candle indicates high market volume.
- A red candle represents a bearish candlestick.
- A red large candle indicates high market volume.
The following indicator inputs and parameters can be customized: bullish candle color, bearish candle color.
The Candle Bull & Bear Power indicator works for any trading instrument supported by the MT5 trading platform.
Make yourself familiar with this technical indicator and test it first on a practice account before using it in a real trading account.
It supports all time frames and Forex pairs.
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The following chart shows how the Candle Bull & Bear Power indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Candle Bull & Bear Power Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the overall market trend is heading upward and a large blue candle appears in the chart.
- Open a long trade and set a stop order below the most recent support area.
- Exit the buy trade for a predetermined number of pips.
- A sell signal is confirmed when the overall market trend is heading downward and a large red candle appears in the chart.
- Open a short trade and set a stop order above the most recent resistance area.
- Exit the sell trade for a predetermined number of pips.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Size_of_a_candle_6histogramm.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration