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Candle Meter

The Candle Meter Indicator for MT4 is a popular and useful Forex indicator that can help traders identify the strength of a trend. It’s completely free and easy to use. The indicator is based on a combination of the candle’s open, high, low, and close prices, which are then used to calculate an overall strength value. It can also be used to confirm a trend, or to help identify when a trend is about to reverse.

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Description

Candle Meter Indicator is a useful and popular free Forex indicator for MT4 that helps traders identify the strength of the current trend. The indicator uses the candle closing price to calculate the strength of the trend and displays it on a scale from 0 to 100 on the chart.

Features of the Candle Meter Indicator for MT4

The Candle Meter Indicator shows the trend strength with numerical values and graphical elements on a scale. It displays the strength of the current trend on a scale from 0 to 100, where 0 indicates a weak trend and 100 indicates a strong trend. This indicator can be used on any timeframe and is an excellent tool for scalpers and swing traders who want to identify the trend strength before entering a trade.

The indicator calculates the trend strength based on the price fluctuations of the candle, making it highly sensitive to price changes and continuously reflecting them. The graphical representation of the indicator allows traders to quickly assess the trend strength and make appropriate trading decisions.

Benefits of Using the Indicator

The primary benefit of this indicator is the ability to determine the strength of the current trend. This enables traders to make informed decisions about entering and exiting trades, as well as adjusting stop loss and take profit levels.

In general, traders can use this indicator to:

  • Determine the entry point when the trend is gaining strength.
  • Determine the exit point when the trend is weakening.
  • Adjust stop loss and take profit levels based on changes in trend strength.
  • Add to a position when the trend is strengthening.
  • Close a position when the trend is starting to weaken.

The Candle Meter Indicator does not provide direct trading signals, but it helps traders better understand the strength of the current trend and make more informed trading decisions.

Thus, the Candle Meter Indicator is a powerful tool for any trader looking to improve their results in the Forex market by accurately determining the trend strength and adapting their strategy accordingly.

Indicator Settings Description

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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.

 

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