Introduction
Strength candles indicator is an mt4 indicator that shows the real-time strength of candlesticks on current, higher, and lower timeframes.
It will help you to determine the bullish or bearish candlesticks of multiple timeframes on a single screen so you can make the best decisions while trading.
Working of strength candles indicator in Metatrader 4
This indicator calculates the percentage of the bearish and bullish candle and then displays it in a dashboard. So that you don’t need to switch to multiple timeframes.
It will display the analytics of candles of the following timeframes—M1, M5, M15, M30, H1, H4 and Daily timeframe.
It is not a lagging indicator because it updates its data on every tick in the market. Another fantastic feature in this indicator is that the name of the currency pair is also mentioned on the dashboard.
How to check the strength of candlesticks using an indicator?
The total strength of a candlestick is 100% always. For example, a bullish marubozu will have 100% bullish strength. If the candlestick has wicks on the upper side, it will show some bearish strength.
The red colour shows the power of sellers in the market, whereas the green colour shows the strength of buyers.
When the percentage of green colour of a specific timeframe bar is more significant than the red colour, buyers are more substantial, and the price is going in the bullish direction.
If the percentage of red colour is more significant, price is decreasing.
Buy or Sell Signals
The candle strength indicator in mt4 shows the average percentage of all the seven timeframes above the bars in the dashboard.
Buy signal
If the average percentage of buy is more than 70, you should look for buy opportunities in the market.
Sell signal
If the average percentage of sell is greater than 70, you should look for sell opportunities in the market.
The Bottom Line
This indicator shows us the statistics of buyers and sellers in the market. It would help if you used this indicator to make buy or sell decisions.
It is not recommended to rely solely upon this indicator for trading. You should add other technical tools with this indicator for trading.
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