Candle Size Alert Indicator MT4: A Momentum Trading Tool
The Candle Size Alert Indicator for MetaTrader 4 (MT4) is a powerful custom trading tool designed to alert traders whenever the market prints a momentum candle, commonly known as a “big candle.” This indicator is particularly beneficial for momentum and breakout traders. Let’s dive into the details:
Key Features:
- Alerts for Big Candles: The indicator alerts you immediately after a price forms a big candle. This helps reduce screen time and enhances productivity.
- Pips Calculator: The indicator incorporates a pips calculator, allowing you to pre-define the minimum size (in pips) of a candle to be alerted on.
- Suitable for All Traders: Whether you’re a novice, intermediate, or advanced forex trader, this indicator can be a valuable addition to your trading toolbox.
- Identifying Trading Opportunities: It’s suitable for identifying scalping, day trading, and swing trading opportunities.
How to Trade With the Candle Size Alert Indicator:
- Define the Trend Bias:
- Determine the trend bias of the market (e.g., uptrend or downtrend).
- Big Candle Breakout:
- Wait for the price to break out of a recent high (for an uptrend) or a recent low (for a downtrend).
- Retest the breakout level to confirm its validity.
- Generate BUY/SELL Signals:
- For a BUY setup:
- Confirm an uptrend.
- Wait for a breakout and retest.
- Open a BUY/LONG position.
- For a SELL setup:
- Confirm a downtrend.
- Wait for a breakout and retest.
- Open a SELL/SHORT position.
- For a BUY setup:
Recommended Settings:
- Bullish Candle Color: Choose your preferred color for bullish candles.
- Bearish Candle Color: Choose your preferred color for bearish candles.
- Color Size: Select from medium, large, or small size options.
- History Data: The indicator scans a specified number of previous candles.
- Big Candle Options:
- Min Candle Body Size: Set the minimum candle size (depends on your chart time frame).
- ATR Period: Customize the ATR (Average True Range) period according to your preference.
Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.📈
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📈🤖Happy trading 📈🤖
