The Ninja Candlesticks MT4 indicator shows the candles with shadows in a separate color and the candle body in different color. This helps forex candlestick pattern traders to identify the best profitable and result oriented patterns.
Features of Ninja Candlesticks MT4 Indicator
The indicator plots the candles in red and blue on the price chart in the bar chart or candlestick chart. Moreover, it changes the color of the body of bullish candlestick to blue. Similarly, it fills the color of a bearish candlestick to red.
This indicator is suitable for new forex traders. However, new traders should equip themselves with the necessary understanding of these forex chart pattern and candlestick patterns before trading.
The chart reveals multiple candlestick patterns that traders can use to trade them. Effectively these patterns not only reflect the trend continuation patterns, but also provide reversal signals. However, trading candlestick patterns with price action is a profitable trading strategy.
Generally, forex traders look for single candlesticks like Doji, Hammer to identify potential reversal signals. On the other hand two candlestick patters like the bullish engulfing and bearish engulfing provide valuable information to initiate a buy or sell trade according the their location. The above examples are only a few of many candlestick patterns available for traders.
Benefits of Ninja Candlesticks MT4 Indicator
The candlestick patterns like Doji, Bullish engulfing, bearish engulfing, and hammer are a few patterns that are profitable and rewarding to forex traders.
This indicator works well in all chart time frames. So, it is very efficient for scalpers, short and long-term trades in technical analysis and to formulate trading strategies.
Another benefit of using this indicator to identify candlestick patterns is to trade them in confluence with other technical indicators.
Indicator Settings Description
This indicator does not provide any user input settings except the candle color.
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