Mastering Consecutive Candles with Stochastic Filter for MetaTrader 4

If you're looking to enhance your trading strategy, the Consecutive Candles with Stochastic Filter indicator for MetaTrader 4 might just be what you need. This handy tool helps identify consecutive High and Low candles, giving you a clearer picture of market movements.

To get started, the first candle must have an adjustable body size of (x) pips. For consecutive High candles, this body should close at or below the 20 level on the Stochastic indicator. Conversely, for consecutive Low candles, it should close at or above the 80 level. Don’t worry, you can customize these Stochastic levels to fit your trading style.

Once the conditions for the first candle are met, the indicator then checks the second candle. This candle must also meet the (x) pip body size requirement, but it isn’t tied to the Stochastic levels. If both conditions are satisfied, you’ll receive an alert right after the first candle closes, and an arrow will appear on your chart.

Inputs of Interest

Minimum pip size for the first candle (automatically converted for 4-digit brokers).
Minimum pip size for the second candle.
Minimum pip size for the third candle.
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Select Arrow Type: Trend_Trading, Range_Trading, or No_Arrows.
Candles before alert: Choose between two or three.
Verbose Mode: Toggle details on or off in the Expert Tab.
KPeriod = 5
Slowing = 3
DPeriod = 3
MAMethod = sma
PriceField = close/close
overBought = 80
overSold = 20
BuyColor = Green
SellColor = Red

To keep things straightforward, let's break down trading styles into two categories: trend trading and range trading. In trend trading, you expect the price to maintain its upward momentum when you enter a trade. In contrast, range trading anticipates a reversal, prompting you to trade against the most recent price movement.

For example, if you see three substantial bullish candles that meet your pip size criteria, and the Stochastic indicates overbought conditions at the time of the first candle, are you leaning toward expecting the price to keep climbing, thus wanting an upward arrow on your chart? Or perhaps you’re in range trading mode, expecting a downward reversal, which would call for a down arrow on your chart as the price is in overbought territory.

Mastering Consecutive Candles with Stochastic Filter for MetaTrader 4

Inputs of Interest

Trend Mode

Range Mode

Some Inputs

Verbose Mode

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