Moving Average Candlesticks MetaTrader indicator — is a chart visualization of the standard moving averages using the candlestick bars. It draws the candlesticks based on the moving average values calculated for Close, Open, Low and High. It allows seeing a compact snapshot of the more detailed market information compared with the classic MA indicator. Works with any currency pairs, timeframes and MA modes. Available for MT4 and MT5.
MAPeriod (default = 10) — the period of the Moving Average used in calculations.
MAType (default = 0 (SMA)) — the method of the Moving Average.
How to trade with Moving Average Candlesticks
This indicator isn't a very good one to use for direct trading. It simply indicates the moving average cross as well as some other parameters of the chart. Use it to spot the irregularities in the price behavior by observing the candlestick body length and the lengths of shadows. Its change of color might seem a good entry signal but it will give a lot of fake signals too.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Moving Average Candlesticks” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.