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