Exponential Moving Average Based Price Candle Forex Indicator
The ronz_price_ma_candle indicator for MetaTrader4 is an Exponential Moving Average based price candle. The indicator allows for the viewing of Exponential Moving Average Indicator as price candle.
Based on the ronz_price_ma_candle indicator design and its use of the exponential moving average, which draws a lot of similarity to the simple moving average.
The difference between the two is that the simple moving average isolates the oldest prices as new prices become open, whiles an exponential moving average computes the mean of all ranges in the past, beginning from the point you specify.
The ronz_price_ma_candle is most suited to trading trending markets. When we have a strong and sustained uptrend, the ronz_price_ma_candle will line up series of white bodied filled candlesticks, while a strong and sustained bearish trend will line up series of red bodied filled candlesticks.
The ronz_price_ma_candle indicator is most suitable for traders who engage fast-moving markets or are intraday traders.
Due to the focus of the EMA on most recent prices, the ronz_price_ma_candle indicator is able to trap shorter trend moves. Lags are somewhat eliminated when using the ronz_price_ma_candle indicator, but traders should be wary of price breaks when using this indicator.
Howbeit, you consider increasing the value of the period (as seen in the input parameters) during higher volatility markets.
Go long if the previous candle of the ronz_price_ma_candle indicator is white. Enter a sell position if the previous candle is red. Stop loss for bullish trend can be placed on the shadow of the previous candle shadow.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Period, Method), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month