The Candle Trend Forex indicator for Metatrader 5 draws bullish and bearish Heiken Ashi styled candlesticks, helping traders to pinpoint trade entries and exits.
In order to achieve the best possible trading results using this tool, use it in agreement with the overall currency trend.
The indicator employs the following color scheme:
- A strong bullish candle is depicted in sea-green color.
- A strong bearish colored candle is depicted in magenta color.
Traders have the flexibility to customize various settings and variables, including colors and style.
Prior to employing the Candle Trend indicator in real trading, it is advisable to gain experience by practicing with it on a demo account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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The picture below illustrates how the Candle Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Candle Trend Forex Indicator?
Find a simple trading strategy below:
- Buy condition: the market trend must exhibit a clear upward direction.
- A buy signal is given when the sea-green colored candle appears in the price chart.
- Open a buy trade and place your stop loss below short-term support.
- Exit the buy trade for a risk/reward ratio of at least 1.5.
- Alternatively, close the buy transaction for a fixed take profit target that suits your preference.
- Sell condition: the market trend must exhibit a clear downward direction.
- A sell signal is given when the magenta colored candle appears in the price chart.
- Open a sell trade and place your stop loss above short-term resistance.
- Exit the sell trade for a risk/reward ratio of at least 1.5.
- Alternatively, close the sell transaction for a fixed take profit target that suits your preference.
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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 i-onethird.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