Candles Suite MT4 Indicator: a Tool for Trading Strategies Based on Volumes

Candles Suite MT4 indicator

The foreign exchange market, or Forex, is a dynamic and complex environment. To navigate its intricate pathways, traders often utilize tools that facilitate analysis and decision-making. One such tool is the Candles Suite Forex indicator, a Price-Volume Analysis (PVA) based tool designed to decode the market’s subtleties and complexities.

The Underlying Methodology: Price-Volume Analysis (PVA)

At the heart of the Candles Suite indicator lies the Price-Volume Analysis (PVA) method. The PVA approach provides an understanding of the intricate relationship between price and volume changes. By analyzing these interdependencies, traders can gain insights into market sentiment, the strength of price changes, and potential market reversal points.

The Candles Suite Indicator: A PVA-based Analytical Tool

The Candles Suite indicator is a specialized MT4 tool designed to analyze price charts using the PVA methodology. It paints different types of candles (standard bars, Heiken-Ashi candles) in specific colors, according to the volumes associated with them.

Principle of Painting Candles using the PVA Analysis Method

The color assigned to each candle is determined by the volume related to that candle, as analyzed using the PVA method:

  1. Maximum Point: Candles with a volume that is greater than or equal to 200% of the average volume for the previous ten candles. This category also includes candles where the size of the candle multiplied by the candle’s volume is greater than or equal to the maximum of the previous ten candles. By default, these candles are colored green for bullish candles and red for bearish candles.
  2. Volume Grows Above Average: Candles with a volume that is greater than or equal to 150% of the average volume for the previous ten candles. These candles are colored blue for bullish candles and purple for bearish candles by default.

The Candles Suite indicator offers several color options for customization, helping traders to visualize and interpret volume data more efficiently.

Making Informed Trading Decisions with the Candles Suite Indicator

Beyond its coloring function, the Candles Suite indicator also provides an alert system. It notifies traders when maximum points are reached, enabling them to stay on top of market movements and make timely decisions.

The Candles Suite indicator significantly simplifies the analysis of the Forex market, especially for trading strategies that consider volumes. By providing a clear, color-coded visualization of volume changes and their relation to price movements, this indicator supports traders in making informed trading decisions.


The Candles Suite MT4 Indicator stands as a valuable asset for Forex traders. Through its unique integration of the Price-Volume Analysis (PVA) method and its innovative use of color-coding, it offers traders a novel way to understand and interpret market dynamics.

However, it’s important to remember that successful Forex trading strategies are built on a combination of various tools and indicators. Therefore, while the Candles Suite Indicator offers considerable advantages, it should be utilized in conjunction with other tools and methods to ensure a comprehensive understanding of the market and to maximize trading success.

Features of Candles Suite MT4 indicator

  • Platform: Metatrader 4
  • Ability to change settings: Yes
  • Timeframe: any from 1 Minute to Daily
  • Currency pairs: any

In file you will find:

  • Candles-Suite.ex4

Download Candles Suite MT4 indicator for free:

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