Strength candles buy sell forex MT4 Indicator introduction:
The forex indicator we use to measure the strength of the chart candle at all intraday and daily mt4 timeframes is called the forex strength candles buy sell indicator.
It is a very efficient forex indicator and simple to use. Even someone new to the forex trading world can easily use this forex indicator.
Features of Forex Strength candles buy sell Indicator:
It has the following features
- Easy to use
- Works on all timeframes for intraday trading
- Clear signal
- Shows the strength of an instrument
Following are the settings for the Strength candles Indicator, where you can change the color for all the visuals and offset values.
Working of Strength candles Indicator for mt4:
This indicator measures the strength of the mt4 currency pair it is applied to. It works perfectly on M5, M1, M15, M30, H4, H1, and D1 timeframes. The strength of a currency at smaller mt4 timeframes changes swiftly compared to H1 or above timeframes. After measuring the mt4 currency’s strength at all intraday mt4 timeframes, it displays the signal as a bar of two colors.
The colors are red and green.
The red color indicates the strength of the buy entry signal, and the red signal represents the strength of the sell entry signal.
The more percentage a color has in the chart bar, the stronger the signal.
Trading Strategy For forex Strength candles buy sell Indicator:
You should always pay attention to the percentage of red color and green in the chart bar for each timeframe.
An excellent forex strategy to use this indicator is
Buy entry when the percentage of green is more than 80 percent, and the percentage of red color is less than 20 percent at any timeframe.
Sell entry when the red in the bar is more than 80 percent, and the percentage of green color is less than 20 percent at any timeframe.
There is no doubt that the forex strength Candle indicator is excellent and very straightforward. Also, you can use this in combination with other indicators like the Signal bars indicator for MT4. But still, you should always be mindful of risk management and pay close attention to your technical analysis.