The Momentum Candle indicator for Metatrader 5 displays bullish and bearish candlesticks based on market momentum in a separate chart window.
Upward momentum (bullish) is represented by a blue candlestick, while downward momentum (bearish) is indicated by a red candlestick.
To utilize the Momentum Candle indicator, follow the guidelines below:
- Consecutive blue momentum candles indicate a bullish market trend.
- Consecutive red momentum candles suggest a bearish market trend.
You can adjust the following inputs and parameters: momentum period, colors, and style.
The indicator is compatible with any trading instrument supported by the MT5 charting platform.
For optimal results, it is recommended to combine the Momentum Candle indicator with other technical analysis tools.
This combination will enhance the likelihood of successful Forex trades.
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The following chart shows how the Momentum Candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Momentum Candle Indicator?
Find a simple trading strategy below:
- Buy market condition: it is crucial for the currency pair to show a clear uptrend.
- Initiate a buy market order when the first blue colored momentum candle gets displayed on the chart.
- Exit the buy trade for a predetermined profit target, for example, +20 pips on the 5-minute trading chart.
- Sell market condition: it is crucial for the currency pair to show a clear downtrend.
- Initiate a sell market order when the first red colored momentum candle gets displayed on the chart.
- Exit the sell trade for a predetermined profit target, for example, +40 pips on the 1-hour trading 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 momentumcandle.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
- To access the indicator list, simply open the dropdown menu and select it
- Click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration