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It is no secret that many forex strategies use trend filtering by a higher timeframe. Because of this, opening an extra chart is not always convenient, and one wants to be able to take a quick look at, say, the current daily candle and again return to the working time frame for direct transactions. A good solution to this problem is the MCandle indicator.
The MCandle indicator is a custom development intended for use in the MT4 trading terminal. That is why in order to use the indicator, you first need to download it on our website page, and then install it directly in the MT4 trading terminal.
Indicator Settings
The MCandle has the following input parameter settings:
TFbar. The most key parameter in the indicator settings that a trader will have to work closely with is TFbar. In the TFbar variable, you can specify the time frame in minutes that you would like to display on your chart. For example, if you need data from a four-hour chart, then specify 240 minutes.
It should be understood that the indicator will only display information according to the standard MT4 charts, so if you specify 11 minutes, you will not see the received information.
Bcgr. This auxiliary parameter allows you to enable or disable the shading of the candlestick area of the future timeframe.
NumberOfBar indicates the number of displayed candles of the additional timeframe.
ColorUp, ColorDown are setting the colors of bull and bear bars.
The MCandle indicator is a particularly useful tool for scalping traders who do not have enough time to switch to a higher time frame. The essence of the application is to buy the main instrument that you are using if the Mcandle indicator confirms the uptrend with a green candle in the higher time frame.
Sales based on the main strategy signal are allowed only if the Mcandle indicator candlestick, which displays a downward trend in the older period, is colored red. The indicator itself does not have a signal function.
Conclusion
In conclusion, it is worth noting that the Mcandle indicator copes well with its function of controlling the higher timeframe, and thanks to it there is no need to switch between timeframes to reconcile the current and global trends.
