Author:
Oje Uadia
Introduction to Jays Candle Display
If you’re looking to enhance your trading analysis, the Jays Candle Display indicator for MetaTrader 4 is a game-changer. This nifty tool lets you visualize multiple candles across various timeframes, from one minute to one day, all in one place.
When you’re scanning the charts, bear candles will pop up in red, while bull candles will shine in green. It’s a simple yet effective way to get the lay of the land at a glance.
Customizing Your Candle Observations
By default, this indicator showcases the current candle, but you can easily tweak it to view previous candles. Want to check out the last candle? Just adjust the candle shift to 1. If you're curious about the candle two steps back, set the shift to 2. It’s as easy as pie!
This feature is particularly advantageous for traders who love to dive deep into statistics. It allows you to quickly grasp the movements of selected candles without getting lost in the numbers.
Understanding Candle Metrics
Jays Candle Display features two essential columns: Body and Swing.
- Body: This column reveals how many pips the candle moved from open to close. Essentially, it tells you how many pips you could’ve pocketed if you jumped in at the open and held until the close.
- Swing: This metric shows the total movement of the candle, calculated by subtracting the low from the high of each displayed candle.
With the Jays Candle Display, you’ll have a clearer picture of market movements, helping you make more informed trading decisions. Give it a try and see how it can elevate your trading game!
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