The indicator identifies consecutive High candles and consecutive Low candles. The first candle must have an (x) pip long adjustable body for the first condition to be met, the candle must also be below or equal to the 20 stochastic level for consecutive High candles or above or equal to the 80 stochastic level for consecutive Low candles. You can set your own stochastic levels.
If the above conditions are met, then the indicator looks at candle 2. Candle 2 must also have an (x) pip long adjustable body for the condition to be met, however, it is not dependent on the stochastic levels. If conditions for candle two are met then the indicator will send an alert just after candle 1 closes and place an arrow on the chart.
Inputs of interest
- Minimum pip size for candle one. Pips in actual points, this is automatically converted for 4-digit brokers.
- Minimum pip size for second candle.
- Minimum pip size for third candle.
- Turn on push notifications?
- Turn on popup notifications?
- Turn on email notifications?
- Arrow? Choose between Trend_Trading, Range_Trading, or No_Arrows.
- Candles before alert. Options are two or three
- Verbose = Turn details on or off in Expert Tab
- KPeriod = 5
- Slowing = 3
- DPeriod = 3
- MAMethod = sma
- PriceField = close/close
- overBought = 80
- overSold = 20
- BuyColor = Green
- SellColor = Red
For the purpose of clarity, let us divide trading styles into two types trend or range. With trend trading, if the price is going up you expect when you place your trade for it to continue in the same direction. With range trading, you expect the price to reverse so you place a trade in the opposite direction of recent movement.
So for example if three large bullish bars print according to your pip size specification and the stochastic was overbought at the time of the first bar printing are you expecting price to continue going up, and thus would like an up arrow printed on the chart, or if range trading and you would want a print down arrow at that time expecting price to go lower now that it has been in overbought territory for some time.
MT4 Indicators – Download Instructions
IcConsecutive Candles with Stochastic Filter Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.Subway provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install the software?
- Download the mq4 file from the zip file.
- Copy the mq4 file to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on the mq4 file.
- Attach to a chart
- Modify settings or press ok
- Indicator should be available on your Chart
How to remove tim.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: