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 Indicator Download – Instructions
WelchCandlesticks_v2 is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
WelchCandlesticks_v2 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.
How to install WelchCandlesticks_v2.mq4?
- Download WelchCandlesticks_v2.mq4
- Copy WelchCandlesticks_v2.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on WelchCandlesticks_v2.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator WelchCandlesticks_v2.mq4 is available on your Chart
How to remove WelchCandlesticks_v2.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: