The Candle Shadow Scanner indicator for Metatrader 5 identifies candlesticks without upper or lower shadows and then places an alert arrow on the price chart.
How does it work?
- A blue alert arrow appears on the chart when a candlestick without upper shadow has been identified.
- It’s called a bullish candlestick.
- A red alert arrow appears on the chart when a candlestick without lower shadow has been identified.
- It’s called a bearish candlestick.
The following indicator inputs and parameters can be customized: arrow up color, arrow down color.
The Candle Shadow Scanner 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 Shadow Scanner indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Candle Shadow Scanner Indicator?
The indicator identifies bullish and bearish candlesticks in the price chart.
Please use in conjunction with trend indicators (for example, moving averages) to design a complete Forex strategy.
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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 Candle_Shadow.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