Forex indicator Mcandle , which I will describe in this article, refers to the technical market analysis tools. It does not generate signals for opening trade orders. This indicator has a different purpose. With it, you can evaluate the quality of signals from other market analysis tools. Some strategies include monitoring the market situation at the older, compared to the working, timeframe. Mcandle indicator and will provide the trader with such information.
Setting the indicator
There are few options in the settings. First of all, the indicator should indicate which senior timeframe you are interested in. To do this, we use the TF-Bar variable. But keep in mind that it must be prescribed in minutes. For example, if you trade on an hourly chart and want to know about the trend on the H4, then the TF-Bar parameter should be 240. With the BCGR variable, you can choose whether to display the range of price movements on the older timeframe as lines or as a shaded rectangle. The following parameter is Number-Of-Bar. Here we record the number of candles that the indicator will use in its calculations. Color-UP and Color-Down are the colors to display the older TF candles. If desired, you can change them. Setting the parameters of the indicator will not take much time. Setting it in the MT4 occurs in the usual way. That is, the copied indicator file is placed in the corresponding directory folder of the trading platform.
How to use the Mcandle indicator
After the indicator will be set on the chart of the trading currency pair, we will get approximately the following picture:
“Bull” candle of the senior timeframe is painted green, and “bear” – red. If the trading system generated a signal for the purchase and the candle of the older TF is green, then such a signal can be more trusted. Accordingly, if a signal for sale appears and the candle of the senior timeframe is painted red, then this increases the likelihood of a successful transaction. If the trend in the working time the period does not coincide with the trend on the older timeframe, then it is better to refuse to enter the market. In order for this indicator to benefit the trader, you need to gain skills in working with it. To do this, you can use a demo account. I think even a newcomer to the market will easily cope with such a task. Download the indicator file here: M candle Inga Fedorova 26.09.2021 Record The Mcandle indicator for confirmation of signals first appeared forex-for-you.ru.