Overbought Oversold
Back to products
Fractal Indicator
MT4
Click to enlarge

Candle Overlay

Enhance your trading analysis with the Candle Overlay Indicator. Easily observe higher timeframe candlesticks on lower charts. Ideal for swing, day, and scalping strategies. This makes the Candle Overlay Indicator a great tool for both novice and experienced traders alike.

Trading Style

,

,

Indicator Type

,

Platform

Timeframe

Add to wishlist
0 People watching this product now!
Category:

Downloads - 204

Download now
Description

Features of the Candle Overlay Indicator

The Candle Overlay indicator overlays the candlesticks of higher time frames on a lower chart. The indicator is useful when conducting a top-down study of any trading instrument.

Essentially, it allows you to observe candlestick patterns of the 4-hour timeframe while on the 1-hour timeframe. This means that when viewing a 1-hour chart, you can see the body, wick, opening, and closing of a 4-hour candlestick. Consequently, the indicator eliminates the hassle of constantly alternating between various time frames while analysing the market.

The Candle Overlay MT4 indicator works best in the 4-hour timeframe and lower.

How the Indicator Can Benefit You

Using the Candle Overlay indicator when trading will make it easier to notice certain significant market levels over extended periods. With this information, you can predict how the price will respond as it approaches these key levels.

The Candle Overlay indicator can be used for trading swing, day, and scalping. The indicator can be used by new and seasoned traders (professionals). However, it would be more beneficial to seasoned traders because they know the significance of multi-timeframe analysis.

Indicator Setting Description

Time Frame: This input shows the higher time frame candlestick ( 240 minutes equals an H4 candle, etc.).

Up Candle: It allows you to select the colour of bullish candlesticks.

Dn Candle: It allows you to select the colour of bearish candlesticks.

Doji Color: It allows you to select the colour of all Doji candlesticks.

Width: This input shows the width of the candlestick.

Custom Candle Time Shift: You can change the time variable to form the candlestick.

BG Candle: This is used to define how a candlestick is displayed. This includes hollow candlesticks or solid candlesticks.

Reviews (0)

Reviews

There are no reviews yet.

Be the first to review “Candle Overlay”

Your email address will not be published. Required fields are marked *

1 2 3 4 5
1 2 3 4 5
1 2 3 4 5

How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

Related products

MT4
Quick view
Add to wishlist

Double Top Bottom Patterns

,
The Double Top Bottom Patterns indicator for MT4 is the best Forex indicator that identifies double tops/bottom patterns. It helps spot the patterns easily and confirms the price breakout after the pattern, providing BUY and SELL arrow trading signals.
MT4
Quick view
Add to wishlist

My Price Action

,
My Price Action Indicator is a nice and accurate forex trading indicator available for free on MT4 platrorm. This indicator uses historical price data to generate visual signals by highlighting support and resistance zones, trend lines, and chart patterns that can be used to make informed trading decisions. Whether you are a beginner or an experienced trader, My Price Action Indicator can provide valuable insights into the market to help you make profitable trades.
MT4
Quick view
Add to wishlist

Fractals Adjustable Period Trend Lines

,
The Fractals Adjustable Period Trend Lines Indicator is a useful and popular free Forex indicator for the MT4 trading platform. It works by plotting fractals on the chart, which are then used to draw trend lines that are adjustable in period. The indicator is also useful for spotting support and resistance levels, as well as for determining entry and exit points for trades. It is a great tool for both novice and experienced traders, as it provides a clear visual representation of the market and helps traders make informed decisions.
MT4
Quick view
Add to wishlist

Adr Order Block Finder

,
The ADR Order Block Finder MT4 Indicator is a Forex trading tool that detects order blocks and ADR zones for potential trend reversal and continuation trading opportunities. This indicator is a popular and useful tool for traders looking to capitalize on order blocks in the Forex market.
MT4
Quick view
Add to wishlist

James16 Patterns

This free Forex indicator for MT4, James16 Patterns, is a popular and useful tool for traders. It helps traders identify potential trading opportunities in the Forex markets by recognizing price patterns. This indicator also helps traders to identify support and resistance levels, and potential entry and exit points in the market. The indicator is easy to install and use, and it is free to download. It can be used by both beginners and experienced traders, and it is a great way to improve trading performance in the Forex markets.
MT4
Quick view
Add to wishlist

Price Pattern

The Price Patterns indicator for MT4 detects multiple price patterns on the chart. With its intuitive design, the Price Pattern Indicator can help traders identify potential trading opportunities with ease.
MT4
Quick view
Add to wishlist

Volume Weighted MA

,
Volume Weighted Moving Average (VWMA) is a popular, free and useful Forex indicator for the MT4 platform. This indicator plots the average of a security's volume-weighted price over a period. It does this by measuring the volume of an asset and comparing it to the price. By doing this, traders can see if there is strong buying or selling pressure in the market. The VWMA is a great tool for traders who want to determine the strength of a trend.
MT4
Quick view
Add to wishlist

PZ ABCD Retracement

,
The PZ ABCD Retracement Indicator is a popular and free forex indicator for MT4 that helps traders identify potential trading opportunities by identifying the AB=CD harmonic pattern. The indicator automatically plots Fibonacci retracement levels to help traders identify entry and exit points. It works by scanning the market for the AB=CD pattern and drawing the necessary lines and levels. It can be used by both a novice and an experienced trader, making it a versatile tool for traders who want to improve their trading results.