The basic candlesticks that are built into MetaTrader 4 have a rudimentary, and potentially devastating flaw. They never show you the Ask line, and, they never save that Ask price in the history. This situation can be compounded when/if a broker chooses to send the Bid data through to your MetaTrader 4 as an “averaged price” calculated by averaging Bid and Ask together. I know of one such broker who does this, so I can imagine that there are more than just one.
In MetaTrader 4 the calculation of candlesticks is based on Bid data, to see the current Ask price you need to check “Show Ask line” in the chart properties. It’s important to see the Ask prices when placing Stop Loss.
To see the situation in a live chart, and for full effect I recommend opening up a 1M chart: Open up a blank chart -> open chart Properties -> change the chart style to candlesticks -> and then make sure you have the “Show ASK lines” activated.
MT4 Indicators – Download Instructions
WelchCandlesticks_v2 – indicator for MetaTrader 4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
WelchCandlesticks_v2 – indicator for MetaTrader 4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
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How to install WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4?
- Download WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4
- Copy WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4 is available on your Chart
How to remove WelchCandlesticks_v2 – indicator for MetaTrader 4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
WelchCandlesticks_v2 – indicator for MetaTrader 4 (Free Download)
Click here below to download:
