Introduction to the Candle Size Alert Indicator
Momentum is one of the hints that technical traders look for when trying to decipher where the market is moving, but what is it really. Momentum has two main elements, which is speed and size. The Candle Size Alert Indicator is a tool which can objectively qualify a candle if it has enough size to be considered as a momentum candle.
What is the Candle Size Alert Indicator?
Just as its name suggests, the Candle Size Alert Indicator is a custom technical indicator which alerts traders whenever it detects a candlestick which is substantially larger than other candles.
This technical indicator identifies a large candlestick by plotting a yellow dot above the identified candlestick.
How the Candle Size Alert Indicator Works?
The Candle Size Alert Indicator has a threshold limit wherein if a candle has a range larger than the predetermined threshold, the indicator will identify the candle as a large sized candle and place a dot above the identified candle. This threshold limit can be modified by the user according to their preference and according to their trading strategy.
How to use the Candle Size Alert Indicator for MT5
The Candle Size Alert Indicator allows traders to modify the candle size threshold within the indicator settings. This can be tweaked on the “Size level” variable on the indicator settings. Note that the “Size level” variable is measured in points. If you are measuring by pips, simply add another “0” to convert the measure into points.
The “Displays only last bar” option toggles the option to display a dot only on the last candle on or off.
The “Use alerts” option toggles the alerts on or off.
This indicator can be used as a tool to measure whether a candle has enough size to be considered as a momentum candle. This can then serve as a confirmation of a trade setup based on momentum breakouts.
Different currency pairs and tradeable instruments have varying volatility ranges. This is also true with differing timeframes and trade horizons. Users can standardize the threshold by using a multiple of the Average True Range (ATR) as a basis.
Buy Trade Setup
When to Enter?
Identify a trade setup which requires a bullish momentum breakout to confirm the trade. Open a buy order on the confluence of a bullish momentum candle and a dot placed by the indicator. Set the stop loss below the entry candle.
When to Exit?
Close the trade as soon as price action shows signs of a bearish reversal.
Sell Trade Setup
When to Enter?
Identify a trade setup which requires a bearish momentum breakout to confirm the trade. Open a sell order on the confluence of a bearish momentum candle and a dot placed by the indicator. Set the stop loss above the entry candle.
When to Exit?
Close the trade as soon as price action shows signs of a bullish reversal.
Many traders use momentum breakout candles as an entry trigger. However, most would try to identify such momentum breakout candles based on a subjective observation of the candle. The Candle Size Alert Indicator can help traders standardize what they would consider as a momentum candle which is an important trigger for many trading strategies.
MT5 Indicators – Download Instructions
Candle Size Alert Indicator for MT5 is a Metatrader 5 (MT5) indicator and the essence of this technical indicator is to transform the accumulated history data.
Candle Size Alert Indicator for MT5 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT5 Strategies
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How to install Candle Size Alert Indicator for MT5.mq5 to your MetaTrader 5 Chart?
- Download Candle Size Alert Indicator for MT5.mq5
- Copy Candle Size Alert Indicator for MT5.mq5 to your Metatrader 5 Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your mt5 indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on Candle Size Alert Indicator for MT5.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Candle Size Alert Indicator for MT5.mq4 is available on your Chart
How to remove Candle Size Alert Indicator for MT5.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader 5 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Candle Size Alert Indicator for MT5 (Free Download)
Click here below to download: