Moving Average Candlesticks for MetaTrader 4 is a handy tool that visualizes standard moving averages using candlestick bars. This indicator plots candlesticks based on moving average values calculated from the Close, Open, Low, and High prices. It provides a compact snapshot of detailed market data compared to the classic MA indicator. Plus, it’s versatile enough to work with any currency pair, timeframe, and moving average mode. You can find it available for both MT4 and MT5 platforms.
Input Parameters
- MAPeriod (default = 10) — This sets the period of the moving average for calculations.
- MAType (default = MODE_SMA) — This determines the method of the moving average used.
Example and Trading Strategy
While the Moving Average Candlesticks indicator isn't the best standalone tool for trading, it’s great for highlighting moving average crossings and other chart parameters. Use it to identify irregularities in price action by observing the lengths of candlestick bodies and their shadows (wicks). Although color changes may seem like solid entry signals, be cautious as they can also generate a fair number of false signals.
Comments 0