"Candle Direction" Indicator
Please use this indicator for MT4 if you are wondering how the candlesticks of other time frames are changing. You can see the price movement of the most recent candle bar on each time frame in one shot by looking at this indicator. This indicator is particularly suitable for multiple time frame (MTF) analysts.
Here we will introduce how to use such a useful indicator.
An example of using this indicator on the 1-hour chart
Look at the above image. You should see that the indicator is depicted at the top left of the chart. In this way, using this indicator you can easily find out the price movement on each time frame candle - whether the most recent candlestick is bullish or bearish.
The mechanism is very simple, and it will display green if the candlestick closed positive, or red if the candle ended the session negative. This will allow you to trade more efficiently, without switching the chart every time when you want to check the candles on other time frames.
This indicator should be very useful for those who do MTF analysis.
There are many usages for this indicator among which the most common use is for trend analysis. For example, if all the boxes have the same color, it means that there may be a strong trend on that currency pair. However, it is necessary to be careful because this indicator only displays the price movement of the latest candlestick of each time frame.
It can also be used as a filter when trading. For example, it may be better to be careful if the candlestick of the upper time frame is a hidden line when placing a buy order.
- Corner - Defines where the indicator is depicted
- UpColor - Defines a box color when a candle bar is bullish
- DownColor - Defines a box color when a candle bar is bearish
- NeutralColor - Defines a box color when a candle bar is neutral
Download the "Candle Direction" Indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.