Candle Meter - buyers vs sellers power gauge (MT4)

Candle Meter visualizes the balance of power between buyers and sellers. It converts candle structure into a power score so you can spot momentum surges, exhaustion, trend flips and breakout confirmation on MetaTrader 4. Depending on the build it renders a histogram or line with thresholds and alerts.

What it shows

• Power score: combines body size, close location within range and recent sequence.
• Bias: positive values - buyers dominate; negative values - sellers dominate.
• Extremes: overbought oversold style zones to warn of exhaustion.
• Flips: cross through zero or midline indicates a regime change.

Trade ideas

1. Trend pullback: in an uptrend buy pullbacks when power retests midline and turns up with price.
2. Breakout validation: after a structure break require the power to hold above the confirming threshold.
3. Fade extremes: fade late pushes only when an extreme snaps back through midline near a level.
4. Multi TF: higher TF bias for context, lower TF entries when price and power flip together.

Inputs that matter

• Lookback and smoothing.
• Applied price and calculation method, volume filter if present.
• Levels for extremes and alerts.
• Alerts for flips and threshold crosses.

Suggested usage

• M5-M15: intraday timing and exit control.
• M30-H4: swing continuation and divergence checks.
• Daily+: regime bias and risk trimming.

Installation (MT4)

1. Open MetaTrader 4 - File - Open Data Folder.
2. Copy CandleMeter.ex4 to MQL4/Indicators.
3. Restart MT4 or refresh Navigator and attach Candle Meter.
4. Adjust inputs - OK.

FAQ

Does it repaint? No on closed bars.
Works with any symbol? Yes.
Use in EAs? Yes, via iCustom.

Disclaimer: Always test on a demo first - risk management matters.