The Forex candle predictor MT4 indicator helps forex traders to understand the potential direction of the market for the next few candles. It predicts the next 13 candles of any forex currency pair. Furthermore, it predicts the bullish and bearish candles. As a result, forex traders can identify the trend direction and calculate best stop loss and take profit targets.
Features of Forex Candle Predictor MT4 Indicator
The indicator plots the candle body in Aqua, Bull candle in Black and Bear candle in White. It is easy and effective for new and advanced forex traders. The prediction candles form continuously next the current candle and adjust according to the market conditions.
In effect, the indicator changes the prediction candles according to the changes in the high and low of the current candle. So, traders should follow them closely and adjust the trading plan or stop loss and profit target accordingly.
For best results, traders should use the predictions in confluence of the trend direction and other technical indicators. Moreover, the indicator tends to provide better results in higher time frames above the H4.
Benefits of Forex Candle Predictor MT4 Indicator
The indicator does most of the technical analysis for you and predicts the upcoming candles and their direction. It works on all forex chart time frames and is suitable for scalpers, short and long-term forex traders.
Getting a preview of the future price movement is beneficial to the forex traders in multiple ways. In fact, the predictions may not reflect the exact price movement or open, high, low and close of candles. However, the best use is to place the stop loss and profit target within the range of predicted candles.
Indicator Settings Description
CandleBody:, BullCandle:, BearCandle: Color of the predicted candles.
IndicatorNameView: Display the name of indicator on the price chart.
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