Candle Strength (MT5) — review, price and free alternatives

What makes Candle Strength unique is its native MT5 candle rendering that replaces standard bars directly on the price chart rather than drawing objects, reducing chart clutter and CPU load. The algorithm evaluates relative candle body size, wick proportions, and short-term volatility bands to assign strength levels; these are displayed as multi-color candles so traders can spot strong buys or sells at a glance. Parasbhai N Patel developed the indicator with an on-chart toggle so users can enable or disable the display instantly during live sessions.

Candle Strength works best in trending and range-expansion conditions where single-candle momentum aligns with higher timeframe bias. It includes basic risk guidance and pairs well with time-tested stop loss rules and position sizing. Expected performance characteristics are modest: the indicator improves signal clarity and can increase selective win rates when combined with confirmation rules, but it is not a standalone automated entry executor. Use it as a visual filter rather than a full strategy engine.

A prudent stop loss strategy pairs the visual signal with an ATR-based stop or a nearby swing high/low, limiting tail risk from reversals. Position sizing should follow a fixed-percentage risk approach, for example 0.5 to 1.5 percent of account equity per trade, adjusted by timeframe and volatility. The indicator is vulnerable in low-volatility, mean-reverting markets and during news spikes where single candles can be misleading. For live use, a recommended minimum account size is $1,000 on standard leverage, or larger for reduced slippage and more practical lot sizing when trading majors and cross pairs with Candle Strength.

Install Candle Strength by copying the indicator file into the MT5 Indicators folder and restarting the terminal so it appears in the Navigator. Attach it to the chart from the Navigator pane and confirm native candle rendering settings are enabled in platform options. Configure key parameters such as sensitivity, color levels, and the ON/OFF toggle position, and set the preferred strength thresholds based on initial backtests. Choose regulated brokers with low spreads for FX or ECN-style execution if trading lower timeframes. Use 15m to 4h charts for best balance between signal frequency and reliability, and run forward tests on a demo account for at least 30 trading days before going live.