The Multi Candle indicator for Metatrader 5 is a highly effective trading system that utilizes 7 different candles for precise trend verification.
The indicator gets displayed as 7 colored candle bars in a dedicated chart window.
Here’s a breakdown of how the trading system generates buy and sell signals:
- When all seven candle bars are colored green, it indicates a strong uptrend, serving as a buy signal.
- When all seven candle bars are colored magenta, it indicates a strong downtrend, signaling a sell opportunity.
The indicator includes the following inputs and variables: candle color for uptrend and candle color for downtrend.
To build confidence and proficiency in utilizing the Multi Candle Forex system, it is highly recommended to extensively test it on a demo account for an extended period.
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The picture below shows how the Multi Candle trading system looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Multi Candle Trading System?
Find a simple trading strategy below:
- A strong buy trend occurs when the 7 candle bars are painted green.
- Open a buy trade and set a protective stop order below the most recent swing low.
- Exit the buy trade for a fixed profit target of your preference.
- Alternatively: hold the buy transaction and wait for a valid sell signal.
- A strong sell trend occurs when the 7 candle bars are painted magenta (see chart example above).
- Open a short trade and set a protective stop order above the most recent swing high.
- Exit the sell trade for a fixed profit target of your preference.
- Alternatively: hold the sell transaction and wait for a valid 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 multicandlesignal.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