The Speed Candles Buy Sell Signal indicator for Metatrader 4 is an awesome tool that generates fast entry signals on any currency pair and for all available timeframes.
The indicator displays green and red bars for all time’s in a small window in the upper left corner of the activity chart.
Green bars indicate the trend is up and red bars indicate the trend is down.
Wait for the bars to reach extreme levels, for example anything between 85% and 100%.
Extreme Speed Candles indicator readings suggest the trend is really up or down.
This indicator fits for scalping and day trading.
Confirm buy and sell entries from this indicator with other technical tools, for instance, oscillators, trend following indicators, price action,…
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Download the “speed-candles-indicator.ex4” MT4 indicator
Indicator Chart (EUR/USD D1)
The EUR/USD D1 chart below displays the Speed Candles Buy Sell Signal forex indicator in action.
Basic Trading Signals
Signals from the Speed Candles Buy Sell Signal forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the green price bar reaches extreme levels, between 85% and 100%.
Sell Signal: Open sell trade when the red price bar reaches extreme levels, between 85% and 100%.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Strategy: Speed Candles + Forex Buy Sell Indicator M1 Scalping Method
This MT4 scalping strategy combines the Speed Candles Buy Sell Signal Indicator and the Forex Buy Sell Indicator for rapid trading on the M1 chart.
The Speed Candles indicator signals overbought or oversold extremes with green and red bars, while the Forex Buy Sell Indicator confirms trend direction using blue arrows for bullish momentum and red arrows for bearish momentum.
Together, these indicators provide fast, high-probability scalping opportunities.
This method works best on highly liquid pairs such as EURUSD, GBPUSD, and USDJPY during London and New York sessions.
By combining extreme price bar levels with arrow trend confirmation, traders can capture quick intraday moves with low risk and small, consistent profits.
The strategy is ideal for scalpers who prefer multiple trades per hour and tight take profit targets.
Buy Entry Rules
- The green price bar from the Speed Candles indicator reaches extreme levels between 85% and 100%.
- A blue arrow appears from the Forex Buy Sell Indicator confirming bullish momentum.
- Enter the trade immediately once both conditions are met.
- Place a stop loss a few pips below the recent swing low.
- Take profit between 4 to 9 pips or when the arrow changes from blue to red.
Sell Entry Rules
- The red price bar from the Speed Candles indicator reaches extreme levels between 85% and 100%.
- A red arrow appears from the Forex Buy Sell Indicator confirming bearish momentum.
- Enter the trade immediately once both conditions are met.
- Place a stop loss a few pips above the recent swing high.
- Take profit between 4 to 9 pips or when the arrow changes from red to blue.
Advantages
- Fast and clear entries based on price extremes and trend confirmation.
- Small take profit targets allow multiple trades per session.
- Works on M1 for rapid scalping in highly liquid markets.
- Helps traders avoid counter trend trades by using arrow confirmation.
- Easy to follow, reducing decision-making stress on fast charts.
- Can be applied to major and cross pairs with high volatility.
Drawbacks
- High frequency of trades increases the potential for overtrading.
- Requires fast execution and discipline due to the short M1 timeframe.
- Stop loss placement is tight, so sudden spikes may cause occasional losses.
Case Study 1: EURUSD M1
During the London session, EURUSD showed a green Speed Candle at 90% extreme levels.
A blue arrow appeared on the same candle, confirming bullish momentum.
A buy trade was entered with a stop below the recent swing low.
Price quickly moved up and reached a 6 pip target before the arrow switched to red.
The trade captured a fast scalp with minimal risk.
Case Study 2: GBPUSD M1
GBPUSD formed a red Speed Candle at 88% extreme levels during the New York session.
A red arrow appeared simultaneously, confirming a bearish trend.
A sell trade was executed with a stop above the nearest swing high.
The price moved down 7 pips before the arrow flipped to blue, securing a quick scalp profit.
Strategy Tips
- Focus on major pairs during high liquidity sessions for the best scalping results.
- Maintain strict discipline with stop loss and take profit levels to manage risk.
- Quickly monitor multiple pairs using MT4 tabs or multiple charts to catch the best setups.
- Use the arrow color change as an exit signal to capture profits efficiently and safely.
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Download the “speed-candles-indicator.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (M1 buy signal, M1 sell signal, M5 buy signal, M5 sell signal, M15 buy signal, M15 sell signal, M30 buy signal, M30 sell signal, H1 buy signal, H1 sell signal, H4 buy signal, H4 sell signal, D1 buy signal, D1 sell signal, W1 buy signal, W1 sell signal) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend
