It is a type of forex indicator for MetaTrader 4 (mt4) that is used to calculate the Total body size of each chart candlestick on the chart in the unit of pips because the body of the candlestick shows the momentum of buyers and sellers.
It’s necessary to understand the candlestick before using this indicator.
What’s candlestick
Candlestick is a chart type that shows real-time opening, closing, and high and low price values in a specific time interval. For a retail trader to technically analyze the market, reading the closing and opening prices of the market is essential.
A candlestick consists of two elements combined
- Body
- Wicks
The body is used to indicate the opening and closing prices of the market. It also indicates the power of buyers or sellers.
The Wick of the candlestick is used to indicate the high and low prices of the market. Therefore, it is necessary to analyze the currency technically.
What is momentum in a candlestick’s body?
Candlestick momentum represents the power of buyers or sellers of the market. For example, a bullish candlestick is formed when the closing price of a currency or asset is greater than the opening price. On the other hand, if the closing price is below the opening price of an asset, then a bearish candlestick will form.
- The body of the Bullish candlestick represents the momentum of buyers
- The body of the bearish candlestick represents the momentum of the sellers.
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A significant body means more momentum in the market, and a small body means less momentum.
How does mt4 candlestick size indicator work?
This candlestick body size indicator calculates the difference between the opening and closing price on the chart using numbers. These numbers indicate the pips. For example, 10 means ten pips.
In the case of the bearish candlestick, it will show the number of pips below the candlestick. It will show the number of pips above the candlestick for bullish markets.
Conclusion
It’s the best indicator because it will help you to identify the momentum of buyers or sellers. So you can make good decisions while trading.
