The Candlestick Analyzer indicator for Metatrader 5 analyses the candlestick chart and identifies bullish and bearish candlestick patterns.
The following candlestick colors are considered bullish:
Light-blue, blue and green.
The following candlestick colors are considered bearish:
Purple, pink and red.
The indicator allows customizing the following settings and variables: colors, style.
- It’s important to trade the candlestick analyzer in agreement with the overall market trend.
- Before utilizing this indicator on a live trading account, it is advisable to first 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 Candlestick Analyzer indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Candlestick Analyzer Indicator?
Find a simple trading strategy below:
- Buy market condition: it is crucial for the market trend to demonstrate a clear uptrend.
- A buy signal is triggered when the light-blue colored candlestick gets shown on the chart.
- Open a buy trade and place your stop loss below the most recent swing low level.
- Exit the buy trade for a risk to reward ratio of at least 1.0, or hold and wait for a sell signal.
- Sell market condition: it is crucial for the market trend to demonstrate a clear downtrend.
- A sell signal is triggered when the pink colored candlestick gets shown on the chart.
- Open a sell trade and place your stop loss above the most recent swing high level.
- Exit the sell trade for a risk to reward ratio of at least 1.0, or hold and wait for a buy signal.
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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 CandlesticksBW.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