Introduction to the Candle Direction Indicator
The Candle Direction Indicator is a convenient forex tool that shows if the current candles of other time frames are bullish and bearish. It is very useful for traders utilizing multiple time frame (MTF) analysis.
This indicator is displayed in the top left corner of the main chart. You will find information on the current trend momentum for the current candle for each time frame.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Candle Direction indicator in MT4?
Copy and paste the candle-direction-indicator.mq4 or candle-direction-indicator.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Candle Direction indicator is well worth adding to your trading collection. This forex indicator doesn’t generate buy sell signals on its own. It should be rather used as a filter when trading. Feel free to develop your own trading system based around it.
Candle Direction Indicator Free Download
To download the Candle Direction Indicator for Metatrader 4 (MT4) for free just click the button below: