MTF Candles Indicator for MT4
<h2><strong>Introduction to the MTF Candles Indicator</strong></h2>
<p>Most successful traders would consider multiple timeframes whenever they trade. This gives them a better picture of what the market is doing on the short-term and long-term.</p>
<p>The MTF Candles Indicator is a useful tool that can help traders observe price action on multiple timeframes.</p>
<h2><strong>What is the MTF Candles Indicator?</strong></h2>
<p>The abbreviation “MTF” stands for “Multi Timeframe”. As the name suggests, the MTF Candles Indicator displays the candles from various timeframes.</p>
<p>The MTF Candles Indicator is a custom technical indicator which displays the price action on a chosen timeframe different from the current timeframe on the price chart.</p>
<p>Although this indicator is named “MTF Candles”, this indicator does not display a candle chart formation to represent the chosen timeframe. Instead, it plots a bar chart type of display to represent the price action from the chosen timeframe.</p>
<p>This indicator plots a horizontal line to indicate the open and close price levels and a vertical line to represent the range of the period on the chosen timeframe. The horizontal line on the left of the vertical bar represents the open price, while the horizontal line on the right of the vertical bar represents the close price of the bar. The color of the vertical bar indicates the direction of the candle. Light blue vertical bars indicate a bullish bar, while red bars indicate a bearish bar.</p>
<p><a href="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4.png"><img class="alignnone size-full wp-image-69259" src="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4.png" alt="MTF Candles Indicator for MT4" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4-300x206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4-768x528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4-218x150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4-436x300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-Indicator-for-MT4-100x70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></a></p>
<h2><strong>How the MTF Candles Indicator Works?</strong></h2>
<p>The MTF Candles Indicator has an algorithm which uses the price feed from the broker. It then plots the last four bars representing the price action of the chosen timeframe.</p>
<p>The color of the bars would depend on whether the close price is higher or lower compared to the open price. It plots a light blue bar if the close price is higher than the open price. It plots a red bar if the close price is lower compared to the open price.</p>
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<h2><strong>How to use the MTF Candles Indicator for MT4</strong></h2>
<p>The MTF Candles Indicator has a few options which can be modified within the indicator settings.</p>
<p><a href="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works.png"><img class="alignnone size-full wp-image-69258" src="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works.png" alt="How the MTF Candles Indicator Works" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works-300x206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works-768x528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works-218x150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works-436x300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/How-the-MTF-Candles-Indicator-Works-100x70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></a></p>
<p>The “Candle TF” variable is used to modify the timeframe displayed as a bar chart. This variable is based on minutes. As such, users must convert the timeframe into minutes. For example, to plot the H1 timeframe price bars, users should encode 60. To plot the H4 timeframe price bars, users should encode 240.</p>
<p>The “Up Candle Color” option allows users to choose the color of the bar the indicator would plot if the bar is bullish.</p>
<p>On the other hand, the “Down Candle Color” option allows users to choose the color of the bar if the bar is bearish.</p>
<h2><strong>MTF Candles on a Higher or Lower Timeframe</strong></h2>
<p>Using the MTF Candles on a higher timeframe allows users to view how price action formed within the latest candle on the higher timeframe. For example, using the H4 MTF Candles on a Daily chart would allow users to see the H4 price action.</p>
<p><a href="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe.png"><img class="alignnone size-full wp-image-69257" src="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe.png" alt="MTF Candles on a Higher or Lower Timeframe" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-300x206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-768x528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-218x150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-436x300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-100x70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></a></p>
<p>On the other hand, using the MTF Candles on a lower timeframe allows users to see what the price action is on the lower timeframe. For example, using the H4 MTF Candles on the 1 hour timeframe would allow users to see the bigger picture price action based on the 4-hour timeframe.</p>
<p><a href="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2.png"><img class="alignnone size-full wp-image-69256" src="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2.png" alt="MTF Candles on a Higher or Lower Timeframe 2" width="977" height="672" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2-300x206.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2-768x528.png 768w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2-218x150.png 218w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2-436x300.png 436w, https://www.forexmt4indicators.com/wp-content/uploads/2022/04/MTF-Candles-on-a-Higher-or-Lower-Timeframe-2-100x70.png 100w" sizes="(max-width: 977px) 100vw, 977px" /></a></p>
<h2><strong>Conclusion</strong></h2>
<p>Although this indicator does not show trade signals or trend direction, it allows users to view the price action on either the higher or lower timeframe. This is a valuable information which traders can use to improve their trading analysis.</p>
<p><h3><span><strong>MT4 Indicators – Download Instructions</strong></span></h3>
<p>MTF Candles Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.</p>
<p>MTF Candles Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.</p>
<p>Based on this information, traders can assume further price movement and adjust their strategy accordingly. <strong><a href="https://www.forexmt4indicators.com/category/forex-strategies/" target="_blank" rel="noopener noreferrer">Click here for MT4 Strategies</a></strong></p>
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<h4><strong>How to install MTF Candles Indicator for MT4.mq4?</strong></h4>
<ul>
<li>Download MTF Candles Indicator for MT4.mq4</li>
<li>Copy MTF Candles Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /</li>
<li>Start or restart your Metatrader 4 Client</li>
<li>Select Chart and Timeframe where you want to test your MT4 indicators</li>
<li>Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client</li>
<li>Right click on MTF Candles Indicator for MT4.mq4</li>
<li>Attach to a chart</li>
<li>Modify settings or press ok</li>
<li>Indicator MTF Candles Indicator for MT4.mq4 is available on your Chart</li>
</ul>
<h4><strong>How to remove MTF Candles Indicator for MT4.mq4 from your Metatrader Chart?</strong></h4>
<ul>
<li>Select the Chart where is the Indicator running in your Metatrader 4 Client</li>
<li>Right click into the Chart</li>
<li>“Indicators list”</li>
<li>Select the Indicator and delete</li>
</ul>
<h4><strong>MTF Candles Indicator for MT4 (Free Download)</strong></h4>
<p><strong>Click here below to download:</strong></p>
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<p>La entrada <a rel="nofollow" href="https://www.forexmt4indicators.com/mtf-candles-indicator-for-mt4/">MTF Candles Indicator for MT4</a> se publicó primero en <a rel="nofollow" href="https://www.forexmt4indicators.com">ForexMT4Indicators.com</a>.</p>