The Basing Candlesticks | FREE Forex Trading Indicator

The Basing Candlesticks MetaTrader indicator is an automatic indicator that detects and marks base candles on the chart. A basic candle is a candle with a body length of less than 50% of its high–low range. The indicator highlights the base candles with the help of histogram lines (for MT4) or custom candles (for MT5) directly on the main chart of the platform. Percentage criteria can be changed using input parameters. They can also trigger alerts. For a new basic candle appears.

Input parameters

Percentage (default = 50) — percentage value to compare the ratio of the candle’s body to its high-low range.
TriggerCandle (default = 1) — candlestick number to check for alerts. “1” is the latest fully formed candlestick. “0” is the current candlestick, which hasn’t yet finished forming.
EnableNativeAlerts (default = false) — if true, MetaTrader’s native pop-up alerts will be used on new basing candle appearance.
EnableSoundAlerts (default = false) — if true, sound alerts will be used on new basing candle appearance.
EnableEmailAlerts (default = false) — if true, MetaTrader’s email alerts will be sent on new basing candle appearance. Email should be properly configured in MetaTrader via Tools->Options->Email.
EnablePushAlerts (default = false) — if true, MetaTrader’s push notification alerts will be sent to your device upon new basing candle appearance. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
AlertEmailSubject (default = “”) — additional text for alert’s email subject.
AlertText (default = “”) — additional text for alerts.
SoundFileName (default = “alert.wav”) — sound file name to play on alert if EnableSoundAlerts is set to true.

Examples

MT4

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Basing Candles Indicator Example MetaTrader 4 Chart

MT5

Basing Candles Indicator Example MetaTrader 5 Chart

Basing candles represent the period of indecision and consolidation. They are also important in supply and demand analysis techniques of technical analysis.