White Crows MT4
White Crow Indicator
A simple yet powerful candle analysis based indicator using the White Soldiers & Crow patterns.
Works with timeframes 1H and higher and tested on all major pairs. Pay attention to the signal: An arrow indicating a long or short entry.
How It Works:
Arrows indicate a ongoing trend. After multiple bullish or bearish candles in a row the chances for another candle towards that trend is higher.
- Crow Count: Set the number of candles that need to support a bearish trend in a row. Default is 2.
- White Soldiers Count: Set the number of candles that need to support a bullish trend in a row. Default is 2.
Recommendation for setting SL and TP:
Set the SL slightly below/above (bullish/bearish) the opening of the signal candle. Set the TP for a similar amount towards the other direction and use a trailing stop loss. Using a trailing stop loss is essential for this strategy!
Use this indicator as decision support and do not enter trades purely on the signal. Depending on Volume and other factors the signals might be misleading.