Candle Direction Indicator (MT4) - Free Download - Best Forex Indicators

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 forex 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.

The Candle Direction Indicator 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 MetaTrader (MT4)?

Installation Guide

Download the Candle Direction.rar archive at the bottom of this post, unpack it, then copy and paste the Candle Direction.ex4 or Candle Direction.mq4 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, which 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.

Bottom Line

The Candle Direction indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.