Master Candle

Master Candle (MC) Indicator automatically detects "Master Candles", also known as "Mother Candles", i.e. candle that engulf several candles that follow them. See screenshots.

You can choose how many candles Master Candle should engulf. By default it is set to 4. Feel free to change colour and thickness of lines as it suites you.

I find this indicator to be very useful to identify congestions and breakouts, especially on 60 minutes charts.

Usually if you see candle closing above or below "Master Candle Congestion" price tends to continue in the direction of breakout. 

Such candle congestions usually occur during trends or at round numbers (psychological levels). Breakout from the congestion usually indicates trend continuation.

MC is highly useful on daily. In most cases when Master candle engulfs 2-3 days, breakouts from it are true and last from 90 to over 300 pips, as seen on EURUSD daily chart (See 2nd screenshot).

This indicator is useful with Trend Tools such as Ichimoku and Moving Averages, as breakout from MC situated entirely below or above moving averages tend to generate significant price moves.