M-Candles Indicator

MT4 Free Download

Introduction to the M-Candles Indicator

The M-Candles Indicator is a simple but useful tool that displays bigger time frame candles in your current TF chart.

By default, it is set to show daily candles on an hourly chart.

You can use it for spotting accurate trade entries and exits when using technical analysis of higher timeframes.

It fits most kinds of timeframes and all 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 M-Candles indicator in MT4?

Installation Guide

Download the M-Candles.rar archive at the bottom of this post, unpack it, then copy and paste the M-Candles.ex4 or M-Candles.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 M-Candles forex indicator is well worth adding to your trading collection but remember about having realistic expectations. This tool doesn’t generate trading signals on its own, but still, it will be very useful for many traders, especially for multi time frame analysis. Feel free to develop your own trading system based around it.