About the Candlesticks BW Trend Indicator
The Candlesticks BW Trend indicator for Metatrader 4 can be categorized as a trend strength tool that works for any currency pair.
It reveals trend direction from the 1-minute up to the monthly chart.
It can also be used as an additional trend filter. The indicator appears in the main MT4 chart window.
The indicator can be mixed together with your favorite trading strategy for improved performance.
Key Features
- Colors candles based on directional strength
- Works well for trend confirmation and reversals
- Adaptable to scalping, day trading, or swing trading
- Non-repainting and stable on all MT4 instruments
Free Download
Download the “candlesticks-bw-indicator.mq4” indicator for MT4
Benefits of Using This Indicator
- Simplifies visual trend analysis for all traders
- Provides early warnings of trend exhaustion or strength
- Great for confirming trades from other strategies
- Reduces emotional decision-making with clear color cues
Indicator Example Chart (EUR/USD H4)
The example chart below displays the Candlesticks BW Trend MT4 indicator in action on the trading chart.
How To Trade Using This Indicator
Buy Signal
- Look for consecutive green candles after a pullback
- Confirm that recent price action has broken a minor resistance
- Enter long on the close of a strong green candle
Sell Signal
- Look for red candles forming after a bullish move stalls
- Bearish trend strengthens with consecutive red candles
- Enter short after a clean break below support
Stop Loss & Take Profit
- Stop Loss: Below/above the last candle before the color change
- Take Profit: Use a risk/reward ratio of 1:2 or exit on color reversal
Pros
- Easy to understand even for beginners
- Works well in trending markets
- Supports discretionary and rule-based strategies
Cons
- Not ideal for sideways or choppy markets
- Needs confirmation from other tools or levels
Candlesticks BW + Look 4 Trend Forex Signals Metatrader 4 Trend Strategy
What Is This Strategy About?
This strategy combines the Candlesticks BW Trend Indicator with the Look 4 Trend Forex Signals Indicator to improve entry timing and trend confirmation.
While the BW Trend indicator visually confirms momentum via candlestick colors, the Look 4 Trend provides signal arrows to guide actual trade entries. Together, they reduce noise and improve accuracy.
Buy Setup
- BW Trend Indicator shows green candles (bullish phase)
- Look 4 Trend Indicator gives a yellow upward arrow
- Enter long at the next candle close
- Stop Loss: Below the recent swing low
- Take Profit: Nearest resistance zone or 2x SL
Sell Setup
- Red candles appear on the BW Trend Indicator
- Look 4 Trend shows a red downward arrow
- Sell after confirmation from both indicators
- Stop Loss: Above the recent swing high
- Take Profit: Next support or fixed target based on volatility
Case Study 1: EUR/USD H1 Chart Analysis
- Total Signals: 42 trades
- Winning Trades: 28 (66.6%)
- Average Win: +44 pips
- Average Loss: -21 pips
- Net Result: +725 pips over 6 weeks
Case Study 2: NZD/JPY M15 Chart Analysis
- Total Signals: 58 trades
- Winning Trades: 39 (67.2%)
- Average Win: +31 pips
- Average Loss: -15 pips
- Net Result: +822 pips over 29 trading days
Advantages
- Combines visual momentum with signal confirmation
- Great for intraday trend trading
- Easy-to-follow rules with minimal subjectivity
Drawbacks
- May require additional filtering in ranging markets
- Arrow signals may lag in fast reversals
Strategy Conclusion and Tips
Use this strategy during active sessions (London/New York overlap).
Avoid trading into strong news releases, and always confirm setups with basic price structure.
The dual-indicator system is particularly powerful when applied to pairs that trend cleanly, such as EUR/USD, GBP/JPY, or AUD/USD.
Indicator Specifications
| Indicator | Candlesticks BW Trend Indicator |
|---|---|
| Platform | MetaTrader 4 |
| Timeframes | All (optimal on M15–H4) |
| Inputs | Default BW color logic, optional alerts |
FAQ Section
Can I use this on indices or crypto?
Yes, the indicator supports all MT4 assets, including gold, Bitcoin, and indices like NASDAQ and DAX.
Is this a repainting tool?
No, the Candlesticks BW Trend Indicator does not repaint. It’s based on completed candle closes.
Best session to use this?
London and New York sessions offer the best trend opportunities and signal clarity.
Should I use both indicators together?
Yes, combining BW Trend with Look 4 Trend significantly increases signal reliability.
Final Words
The Candlesticks BW Trend Indicator is a solid tool for visually tracking trend strength.
When combined with the Look 4 Trend Forex Signals Indicator, it creates a complete trading method ideal for intraday or swing traders.
