Big Candle Alert Indicator
Big Candle Alert indicator for mt4 – download free. Best momentum mt4 indicator. Trend breakout mt4 indicator.
Description
The Big Candle Alert indicator for MetaTrader is a custom trading tool designed to alert you whenever the market prints a momentum candle, otherwise known as a big candle. It is one of the best technical indicators that would be most beneficial to momentum and breakout traders.
This forex indicator helps to reduce screen time and enhance productivity by simply alerting you immediately after the price formed a big candle. It is incorporated with a pips calculator to pre-define the minimum size (in pips) of a candle to be alert on.
The indicator is recommended for novice, intermediate and advanced forex traders. Besides, it is also suitable for identifying scalping, day, and swing trading opportunities.
How to Trade With Big Candle Alert Indicator
The above screenshot depicts how the indicator would look on your MT4 chart. It is recommended to be used along with price action/technical indicators for better trade efficiency.
BUY/SELL Signals: Firstly, define the trend bias of the market, in this instance, an uptrend. Now, wait for the price to break out of a recent high and retest it before opening a BUY/LONG position.
The above BUY principle is also applicable to generate a SELL setup and entry.
Conclusion
The Big Candle Alert indicator for MT4 essentially helps you to keep a tab on big candles (momentum) generated in the market. Finally, it is free to download.