The Large Time Frame Candlestick Forex indicator for MT4 enables technical traders to plot larger time frame candlesticks on the chart.
For example, you could plot the daily candlestick on the 1-hour chart or on the 5-minute chart.
It gives you an idea of the overall trend seen on the larger time frame.
The indicator allows you to change the larger time frame candlestick.
Edit the indicator ‘Timeframe” input.
Free Download
Download the “LargeTimeFrame.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Large Time Frame Candlestick mt4 indicator in action on the trading chart.
Trading Tips:
Utilize your own favorite trade entry, stop loss and take profit method to trade with the Large Time Frame Candlestick Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick
Repaint? No.
MT4 Day Trading Strategy Using Large Time Frame Candlestick and MACD Signal Bars
This MT4 day trading strategy combines the Large Time Frame Candlestick Forex Indicator MT4 with the MACD Signal Bars Metatrader 4 Forex Indicator to help traders identify strong intraday trends.
The Large Time Frame Candlestick indicator allows you to plot higher timeframe candles on lower timeframe charts.
A blue large candlestick indicates a bullish trend, and a red large candlestick indicates a bearish trend.
The MACD Signal Bars provide precise buy and sell entries with green bars for buys and red bars for sells.
This combination is ideal for M15, M30, and H1 charts for day traders seeking high-probability setups.
Buy Entry Rules
- Confirm the Large Time Frame Candlestick is blue, indicating a bullish trend.
- Wait for the MACD Signal Bars to turn green, signaling a buy.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss a few pips below the recent swing low.
- Close the trade when a red MACD Signal Bar appears or when the large candlestick changes color to red, signaling a trend reversal.
Sell Entry Rules
- Confirm the Large Time Frame Candlestick is red, indicating a bearish trend.
- Wait for the MACD Signal Bars to turn red, signaling a sell.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss a few pips above the recent swing high.
- Close the trade when a green MACD Signal Bar appears or when the large candlestick changes color to blue, signaling a trend reversal.
Advantages
- Combines trend confirmation from higher timeframes with precise intraday entries.
- Helps traders stay on the right side of the trend and avoid counter-trend trades.
- Clear exit signals from MACD bars or large candlestick color change.
- Works well for multiple currency pairs and active day trading sessions.
Drawbacks
- Large candlestick color changes may lag in highly volatile conditions.
- Stop loss placement is important to prevent early exits in minor retracements.
Example Case Studies
Case Study 1 – EUR/USD
On the EUR/USD M30 chart, the daily candlestick plotted on the chart was blue, indicating a bullish trend.
Shortly after, the MACD Signal Bars turned green, triggering a buy entry at 1.1055 with a stop loss at 1.1040.
The trade was closed when a red MACD bar appeared at 1.1080, resulting in a 25-pip gain over a few hours.
This shows how higher timeframe trend confirmation plus precise MACD entries can produce reliable intraday trades.
Case Study 2 – GBP/JPY
On the GBP/JPY H1 chart, the daily large candlestick turned red, signaling a bearish trend.
A red MACD Signal Bar appeared, prompting a sell entry at 178.80 with a stop loss at 179.20.
The trade closed when a green MACD bar appeared at 178.35, achieving a 45 pip profit within the day.
This example demonstrates the effectiveness of combining higher timeframe trends and MACD signal bars for day trading.
Strategy Tips
- Use this strategy during active sessions, such as London and New Yor,k for stronger trend movements.
- Focus on volatile currency pairs for faster and more profitable day trades.
- Always wait for both the large candlestick trend and MACD signal bar confirmation before entering.
- Exit trades promptly when MACD bars or large candlestick colors indicate a potential reversal.
- Consider adjusting stop loss and trailing stop based on recent swing points to protect profits.
Download Now
Download the “LargeTimeFrame.mq4” indicator for Metatrader 4
