The Candle Size Info indicator for Metatrader 5 displays the numerical values of all candlesticks that are visible on the price chart.
Furthermore, bullish candles are represented by hollow bodies, whereas bearish candles are depicted with filled bodies.
It’s important to trade with this indicator in the overall direction of the trend.
Avoid counter-trend trading.
The indicator allows customizing the following settings and variables: check historical data, font type, colors.
Before utilizing the Candle Size Info indicator on a live trading account, it is advisable to first gain experience by practicing with it on a demo account.
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The picture below illustrates how the Candle Size Info indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Candle Size Info Indicator?
Find a simple trading strategy below:
- The market should demonstrate a clear uptrend.
- A buy signal is generated when a large bullish candle appears on the chart.
- Open a buy trade and place your stop loss slightly below the large bullish candle.
- Exit the buy trade for a fixed pips target of your preference (for example +25 pips on the M15 chart).
- The market should demonstrate a clear downtrend.
- A sell signal is generated when a large bearish candle appears on the chart.
- Open a sell trade and place your stop loss slightly above the large bearish candle.
- Exit the sell trade for a fixed pips target of your preference (for example +10 pips on the M1 chart).
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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_size_info_jj.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