• This indicator recognizes a special type of Inside Bar pattern formed by a Master candle followed by 4 smaller candles (see the strategy description below).
• Builds buy/sell stop lines on the chart, as well as stop loss and take profit levels. TP/SL levels are based on the Average True Range (ATR) indicator.
• You can change the colors of objects.
• The indicator informs the user about the location of the Master candle model in real time by means of an audio, pop-up or push notification, or by email.

Once the recommendation is received, you can check it with your own chart analysis. The best trading situations tend to occur near important support/resistance levels, round numbers, supply and demand zones, etc.

• Number of inside candles: the number of inside candles. To ensure better signal quality, it is recommended to use the value 4. Please see the strategy description below.
• Maximum candles signal is valid for: the maximum number of candles during which the signal is considered valid. This parameter specifies how far the recommended entry level will extend.
• Distance in pips for buy/sell stop: offset / buffer for entry lines. It is recommended to set at least 5 pips from the maximum/minimum of the Master candle.
• Minimum master candle size in pips: minimum Master candle size in pips. Please see the strategy description below.
• Maximum master candle size in pips: Maximum Master candle size in pips. Please see the strategy description below.
• Wait for candle close: wait for the candle to close, true/false. Default = True. If set to False, alerts will be sent when the^4th candle is opened.
• Ignore wick: ignore shadows, true/false. By default, False. When set to True, shadows above/below the maximum/minimum of the Master candle are taken into account.
• ATR Period: The period of the Average True Range indicator. By default, 14.
• TP 1 ATR multiplier: the ATR multiplier for the first take profit.
• TP 2 ATR multiplier: The ATR multiplier for the second take profit.
• SL ATR multiplier: The ATR multiplier for the stop loss.
• Objects: In this section, you can change the color of the rectangle with the Master formation and the buy/sell stop lines. You can also set the width of the buy / sell stop lines.
• Max history candles: the number of history candles on which formations will be built.
• Alerts: Set the value to true for each type of alert you want to receive.

[spoiler title=”Read More…”]

The Master Candle (MC) trading strategy is based on a candle formation, in which the first (master) candle is followed by 4 smaller candles located within the range of the first candle. The entire formation consists of 5 candles, regardless of whether they are bearish or bullish.

Timeframes: H1 and H4. Despite the fact that the MC strategy works best on H1, it can be used to trade on all timeframes and currency pairs. Mainly on the H4, H1, and M30 charts.

Currency Pairs: Best trades on volatile pairs such as GBPUSD and GBPJPY.

After the breakout of the maximum / minimum MC, a position will be opened in the direction of the breakout. It is desirable that the MC size is between 40 and 100 pips (but this depends on the volatility of the currency pair in question). It is also recommended to place stop orders, for example, 5 pips above and below the MC high/low.

Some traders also use the rule that during the next 3 candles after the formation of the MC (^5th candle), a breakdown in any direction should occur. In any case, it is strongly recommended to cancel any stop order if the breakout does not occur after 24 hours.

Finally, for the best results, it is recommended to trade in the direction of the trend, as well as to avoid trading at strong and important price levels-resistance and support. It is also not recommended to trade based on an MC formation that appears inside another MC.

[/spoiler]