MTF Candlestick Indicator

MTF Candlestick Indicator

The MTF Candlestick indicator for MT4 displays the price actions of a higher timeframe on the lower timeframe.

The MTF Candlestick indicator for MetaTrader 4 is a multi-timeframe indicator that displays the candlestick pattern of a specified higher timeframe on a lower timeframe. For example, you can set the indicator to show the candlestick formed on the H4 time frame in a lower time frame like the H1.

This indicator would be beneficial to forex traders that make multiple timeframes analysis to get an insight on the candles of the higher time frames. This is because it gives a skeletal view of vital information like the open/close price and high/low prices on any higher timeframe without switching to the timeframe.

Furthermore, scalpers and day/intraday forex traders can benefit immensely from the MTF Candlestick indicator to make more informed trading decisions. For instance, a scalper may likely want to close a sell position if the H4 printed a bullish reversal candlestick pattern.

How to Use the MTF Candlestick Indicator for MT4

The above image depicts the MTF Candlestick indicator on the H1 timeframe of the EURUSD pair.

The indicator highlights the higher time frames candlestick with different colors for convenience. Bullish candlesticks are highlighted in green boxes, while bearish candlesticks are displayed in red boxes. Furthermore, all doji candlesticks formed on the higher time frames are shown with blue boxes, which makes it convenient to identify on a smaller time.

Additionally, it is instructive to note that the indicator isn’t a technical trading tool that generates buy and sell signals but a multi-time frame analysis tool.

Conclusion
The MTF Candlestick indicator for MT4 is a system designed to make multi-timeframe analysis more convenient by displaying candlesticks patterns of a higher timeframe on a smaller time frame.