The Candle Stop Cloud Forex indicator for Metatrader 5 draws a trend-following cloud in the price chart and it can be used for trade entry and exit signals.
The indicator appears in the price chart as a colored cloud wrapped around the candles.
Overall, the Candle Stop Cloud indicator is a reliable trading tool that should be working for any trader, regardless of prior trading experience.
How to trade with the indicator?
- The upsloping candle stop cloud indicates a rising market.
- The downsloping candle stop cloud indicates a declining market.
The following indicator inputs and parameters can be modified: period, middle color, upper color, and lower color.
The Candle Stop Cloud indicator can be used as a buy and sell technical tool.
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It works for any currency pair (majors, minors, exotics) and time frame.
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CandleStop_Cloud.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Candle Stop Cloud indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Candle Stop Cloud Forex Indicator?
Find a simple trading example below:
Buy Signal
- The candle touches the middle blue line from above and the Candle Stop Cloud is sloping upward.
- Execute a buy order and place a stop loss slightly below the Candle Stop Cloud indicator.
- Exit the buy trade for a risk/reward ratio of at least 1, or wait for a bearish trend reversal.
Sell Signal
- The candle touches the middle blue line from below and the Candle Stop Cloud is sloping downward.
- Execute a sell order and place a stop loss slightly above the Candle Stop Cloud indicator.
- Exit the sell trade for a risk/reward ratio of at least 1, or wait for a bullish trend reversal.
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CandleStop_Cloud.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the CandleStop_Cloud.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration