Master Candle
Definition
A master candle can only exist when 4 consecutive candles after it consolidate within the candle’s range (high and low). Basically, a master candle should engulf the 4 following candles
Common Belief
Literature suggests it be used as a breakout strategy. When a master candle is formed, they assume the 5th,6th or 7th candle are...
Description.
1. This indicator finds and displays master candles.
2. Master Candle (MC)? After the MC, the first candle becomes the MC if there is a movement of 4 candles trapped in the master candle.
3. Option setting
3.1. Specify min/max size and pip conversion variables to specify the size of the master candle (MC).
3.2. The size of the master candle (MC)...
