the MTF Candles Indicator MT4 MetaTrader for scalp in Forex Free Download

Introduction to the MTF Candles Indicator

Most successful traders look at multiple timeframes when they trade. This gives them a better picture of what the market is doing in both the short-term and long-term. The MTF Candles Indicator is a useful tool that can help traders view price movements across different timeframes.

What is the MTF Candles Indicator?

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“MTF” stands for “Multi Timeframe,” and as the name suggests, the MTF Candles Indicator displays candles from different timeframes. It is a modified technical indicator that shows price movements on a selected timeframe different from the current chart’s timeframe. While the indicator is called MTF Candles, it doesn’t display traditional candlestick charts for the selected timeframe. Instead, it draws a bar chart to represent the price movement on the selected timeframe.

The indicator draws a horizontal line to indicate the opening and closing price levels and a vertical line to show the range of the period in the selected timeframe. The horizontal line on the left side of the vertical bar indicates the opening price, while the horizontal line on the right side of the vertical bar indicates the closing price. The color of the vertical bar shows the candle’s direction. Light blue bars represent a bullish bar, while red bars represent a bearish bar.

How Does the MTF Candles Indicator Work?

The MTF Candles Indicator uses an algorithm that works with the broker’s price source. It then draws the last four candles, which represent the price performance in the selected timeframe. The color of the bars depends on whether the closing price is higher or lower than the opening price:

• If the closing price of the candle is higher than the opening price, the indicator draws a light blue bar.
• If the closing price of the candle is lower than the opening price, the indicator draws a red bar.

How to Use the MTF Candles Indicator in MT4

Click here to download and install The MTF Candles Indicator

The MTF Candles Indicator offers several options that can be adjusted in the settings:

1. Candle TF (Candle Timeframe): This setting changes the timeframe shown on the bar chart. The setting is based on minutes, so users need to convert timeframes to minutes. For example, to display price bars for the H1 timeframe, users need to enter 60. For the H4 timeframe, users should enter 240.

2. Up Candle Color: This setting allows users to choose the color of the bar when the bar is bullish.

3. Down Candle Color: This setting allows users to choose the color of the bar when the bar is bearish.

Using the MTF Candles Indicator in Higher or Lower Timeframes

Click here to download and install The MTF Candles Indicator

Using the MTF Candles indicator in higher timeframes allows users to see how the price movement forms in the latest candle of a higher timeframe. For example, using the indicator on a 4-hour timeframe while on a daily chart allows users to see the price movement in H4 timeframe.

On the other hand, using the MTF Candles indicator in a lower timeframe allows users to see how the price movements are in a lower timeframe. For example, using the MTF Candles indicator in a 1-hour timeframe allows users to view the broader price picture based on a 4-hour timeframe.

Although this indicator does not provide direct trading signals or trend directions, it allows users to observe price movements in both higher and lower timeframes. This valuable information can help traders improve their analysis and enhance their trading decisions.