The Forex Trend Candlestick Painter indicator for Metatrader 4 Forex indicator follows the major trend with the help of an array of colored candlesticks.
The indicator appears in the main MT4 chart window as green and red colored candlesticks.
The indicator works for any trade style and provides simple to understand trading signals for both long and short trades.
Buy & sell signals:
- Open a buy trade as soon as the first green colored candlestick appears on the chart.
- Open a sell trade as soon as the first red colored candlestick appears on the chart.
- Reverse the open position whenever an opposite signal appears on the chart.
The indicator can be used as a standalone trading tool for both trade entry and exit.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download:
Download the “painter indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M5)
The picture below shows the Forex Trend Candlestick Painter mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Forex Trend Candlestick Painter indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick
Repaint? No.
Download Now:
Download the “painter indicator.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping (preferred), day trading and swing trading.
The Candlesticks Scalper indicator was developed for the MT4 trading platform and can be deployed as a standalone technical analysis indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the painter indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.