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Candle Strength Indicator

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About the Candle Strength Indicator

The Candle Strength Indicator determines base on the candle formation, the percentage of chance in which direction the next candle will go.

The 2 boxes on the right above corner will show you the strength of the current candle in real time. Just below, the time until the next candle opens.

The histogram helps to visualize the strength of each candle. Its 2 moving averages show the average of the candle strength, which helps you to detect trends and take only the trades with the highest probability.

In order to not miss strong candles, the indicator sends notifications directly to your email account or smartphone few seconds before a new candle opens.

How to trade

You basically want to take a trade few seconds before or after a new candle opens if the current candle strength is relatively high and correlates with the current market trend.

If for example the current candle strength is 64% bullish and 36% bearish, the next candle will probably go up.

Parameters

  • Fast
    The averaging Period of the Fast MA in the Histogram
  • Slow
    The averaging Period of the Slow MA in the Histogram
  • Smooth
    The value of the smooth factor for the candle strength. Should be between 0 and 3.
  • Display only Values above x
    Hide all numbers with a value less than x.
  • Show opposite Values
    Hides the opposite numbers if set to false.
  • Max Bars
    Define how many candles back the Candle Strength Indicator should start to display.

Notifications

  • Seconds Left
    Define how many seconds before the current candle closes, you want to receive a notification.
  • Min Value
    Only get notified if the candle strength is above this value.
  • Send Alert
    Displays Alerts in Metatrader
  • Send Email
    Sends you an email
  • Send Push Notification
    Sends you a push notification to your Metatrader mobile app

Example of use

On the picture below the indicators shows only values above 65. The smooth is set to 1.5.

In the small uptrend movement on the screenshot, you can see that the 2 moving average are above the zero line showing an uptrend, which is a good signal to go long. You would want to place a market order or a pending order on the high of the candle.

Candle Strength Indicator Example

About the Demo version

The demo version works only on EURUSD and does not include the notification functions.

More about the Candle Strength Indicator

  • You can install the Candle Strength Indicator on limitless demo and live accounts.
  • The license of every Metatrader Indicator you download is time limited, but you can re-download newer versions any time in your purchase history.
  • MT4 v1.00
  • Jun 03, 2017

  • Initial Release MT4 Version

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17 thoughts on “Candle Strength”

  1. tanya says:

    Hello Yannick, great new indicator! Do you have MT5 version, many thanks

    1. Yannick says:

      No, only for MT4

  2. Roberto says:

    Hello Yannick,
    Please note that, after deleting the indicator, your copyright comment is still displayed.

    BR,

    Roberto

    1. Yannick says:

      Yes, you have to close the chart or use a script to remove it.

  3. David says:

    Any chance of adding option to disable window bar indicator without it disabling the main chart numbered strength indicators?

    1. Yannick says:

      I put it on my to-do list.

  4. barbara says:

    it only works with eurusd

    1. Yannick says:

      Yes, the demo version works only with EURUSD

  5. jo says:

    can not open demo file

    1. Yannick says:

      Use this manual, but install it into the MQL4/indicators folder.

      1. jo says:

        ich mein die datei ist nach dem download nicht zu öffnen weil unbekanntes Format oder beschädigt.

        1. Yannick says:

          Du musst die Datei nicht öffnen. Kopiere sie einfach ins richtige Verzeichniss (MQL4/indicators) und starte Metatrader neu.

  6. cappello says:

    salut je veux bien un indicateur qui fonctionne je mes le prix pas de soucis

    1. Yannick says:

      You can test the demo version to see if this indicator fits your needs.

  7. Titos Ieronymakis says:

    Hello Yannick, great new indicator! Will you make an EA out of it soon?

    1. Yannick says:

      Thanks 🙂
      I do not plan to make an EA soon.

  8. elenilson says:

    bom

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