The Candle Shadow indicator follows the prevailing trend with the help of colored bars that appear above and below the candlesticks.
The colored green and red bars are composed of moving averages.
Buy & sell signal:
- A buy signal occurs as soon as the bars are colored green.
- A sell signal occurs as soon as the bars are colored red.
It can also be used as an additional trend filter.
For scalping and day trading purposes, the indicator tends to work the best during the London and American trading sessions.
Free Download:
Download the “cCandle Shadow.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
The example chart below displays the Candle Shadow mt4 indicator in action on the trading chart.
Trading Tips:
Utilize your own favorite trade entry, stop loss and take profit method to trade with the Candle Shadow indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Signals
Repaint? No.
Download Now:
Download the “cCandle Shadow.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading.
The Candle Shadow indicator was programmed for the MT4 trading platform and can be deployed as a standalone technical analysis indicator.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the cCandle Shadow.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
