• Overview
  • Reviews (4)
  • Comments (23)

Master candle strategy

5

Features

  • This is an indicator that recognizes a special type of Inside Bar formation which is formed by a Master candle followed by 4 smaller candles (please see the strategy explanation below).
  • Plots buy/sell stop lines on the chart as well as well as take profit and stop loss levels. The TP/SL levels are based on the Average True Range (ATR) indicator.
  • Object colors are changeable.
  • Sends you a real-time alert when a Master candle formation is identified - sound / pop-up / email / push notification.

Once a suggestion is given, you can confirm it with your own chart analysis. Generally the best setups to be traded are the ones occurring around important supports/resistances, round numbers, supply and demand zones, etc.

If you would like to use this indicator on multiple charts you might consider taking advantage of the inside bars scanning in my Pennants and Triangles scanner which you can find here.

Input parameters

  • Number of inside candles: For best signal quality it is recommended to set it to 4. Please see the strategy explanation below.
  • Maximum candles signal is valid for: This setting controls how for how long the suggested entry level lines will expand.
  • Distance in pips for buy/sell stop: The offset/buffer for the entry lines. Recommended at least 5 pips away for Master candle high/low.
  • Minimum master candle size in pips: Please see the strategy explanation below.
  • Maximum master candle size in pips: Please see the strategy explanation below.
  • Wait for candle close: true/false. Default is True. If set to False then the alert will come already when the 4 thcandle opens.
  • Ignore wicks on inside bars: true/false. Default is False. If set to True then wicks are allowed above/below the Master candle high/low.
  • Ignore wicks on master bar: true/false.
  • ATR Period: Period for the Average True Range indicator. Default is 14.
  • TP 1 ATR multiplier: Used for the first take profit level.
  • TP 2 ATR multiplier: Used for the second take profit level.
  • SL ATR multiplier: Used for stop loss level.
  • Objects: In this section you can change the colors of the Master formation rectangle and the buy/sell stop lines. You can also set the width of the buy/sell stop lines.
  • Max history candles: For how many candles back in time the formation will be drawn on the chart.
  • Alerts: Set to true for each alert type you would like to receive. All alert types are supported.


Strategy

Master Candle (MC) is a trading strategy based on a candle formation where the first (master) candle is followed by 4 smaller candles which are inside the first candle. The whole formation is built of 5 candles, independent of if bearish or bullish.

Timeframes: H1 and H4 charts. Even if the MC strategy works best on H1 it can be traded on all timeframe and currency pairs. Mainly on H4, H1 and M30 charts.

Currency pairs: Trades best on volatile pairs such as GBPUSD and GBPJPY.

After breaking MC high/low a position will be taken in the direction of the break. It is recommended that the MC has a size of 40 to 100 pips (but it depends on the volatility of the currency pair in question). It is also recommended to put stop orders for instance 5 pips above and below the MC high/low.

Some traders also use the rule that a break in any direction should occur during the next 3 candles after the MC creation (5 thcandle). Anyway, it is highly recommended to cancel any stop order if there is no break after 24 hours.

Finally it is for better results recommended to trade in the direction of the trend as well as to avoid trading at strong and important price levels - resistances and supports. It is also advisable not to trade MC which appears inside another MC.

Reviews 4
intan08
1382
intan08 2021.09.01 11:54 
 

Great!

suresh2425
236
suresh2425 2020.09.21 16:53 
 

very good indicator.Need your own strategy.

nsrajpal
248
nsrajpal 2020.07.22 07:01 
 

Great Tool especially in trending markets. I have also bought the scanner so far so good. Pls guide if this indicator is available in mt5 as I want to trade 2 min charts and it would only be possible in mt5. my email is nsrajpal@gmail.com

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4.67 (9)
up-down indicator is no repaint and works all pairs and lower than weekly time frames charts. it is suitable also 1 m charts for all pairs. and hold long way to signal. dont gives too many signals. when red histogram cross trigger line that is up signal.and price probably will down when blue histogram cross trigger line that is down signal.and price probably will go up. when the signals not seen press + button on terminal . too see weekly chart because of low data on chart ,it needs to lower p
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This multi time frame and multi symbol indicator scans for Pin bars, Morning/Evening stars, Engulfings, Tweezers, Three line strikes, Inside bars and Pennants and Triangles. The indicator can also be used in single chart mode. Please read more about this option in the product's blog . Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system. Features Can monitor all symbols visible in your Market Watch window at the same time. Ap
This multi time frame and multi symbol indicator identifies when the stochastics signal line (D) crosses the stochastics main line (K) as well as options  to scan for main line and signal line level crossovers.  As a bonus it can also scan for Bollinger bands and RSI overbought/oversold crosses. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system. Features Can monitor all symbols visible in your Market Watch window at the sam
This multi indicator/oscillator (hereafter indicator), multi time frame and multi symbol indicator identifies when a divergence occurs between price and one, two or three indicators. It identifies both regular/classical (trend reversal) and hidden (trend continuation) divergences. It has RSI and MA trend filter options which makes it possible to filter out only the strongest setups. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerfu
This multi time frame and multi symbol indicator identifies fractals patterns. As a bonus it can also scan for Parabolic SAR (pSAR) trend changes. Combined with your own rules and techniques, this indicator will allow you to create (or enhance) your own powerful system. Features Can monitor all symbols visible in your Market Watch window at the same time. Apply the indicator to just one chart and instantly monitor the entire market. Can monitor every time frame, from M1 to MN, and sends you a
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SERGEI STOVBA
552
SERGEI STOVBA 2022.01.19 12:39 
 

не работает

Jan Flodin
119087
Reply from developer Jan Flodin 2022.01.19 12:54
Hello, I am sorry to hear that you are not satisfied with the indicator. I see that it was 4 minutes between your purchase and your review. Maybe you can specify it more in detail what is not working as expected (technical issue?) and I might be able to help you to improve you experience. Always better to ask me first if something is missing of not behaving as expected before hurrying up with a review :-) Best regards, Jan
intan08
1382
intan08 2021.09.01 11:54 
 

Great!

suresh2425
236
suresh2425 2020.09.21 16:53 
 

very good indicator.Need your own strategy.

nsrajpal
248
nsrajpal 2020.07.22 07:01 
 

Great Tool especially in trending markets. I have also bought the scanner so far so good. Pls guide if this indicator is available in mt5 as I want to trade 2 min charts and it would only be possible in mt5. my email is nsrajpal@gmail.com

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