Abiroid Consecutive Candle Streak MT4
70 $
All products are non-refundable. Since these are digital products. No source code available, only executables. Please read product description carefully before buying.
Please note that this is only the MT4 version of the product.
Product does not have an MT5 version yet. If I do create the MT5 version, it will be a separate product.
So be careful and purchase only if you need it for MT4.
The Complete Guide
If you’ve been trading for a while, you know that markets have natural rhythms. Prices move in waves, and when they move too far in one direction too quickly, something often gives. The Consecutive Candle Streak Indicator is built on this simple but powerful observation: after extended streaks of consecutive candles in one direction, reversals become more likely.
In this guide, we’ll explore how to use this tool to identify these moments of exhaustion and potential reversal opportunities. Whether you’re scalping, swing trading, or looking for swing trades, this indicator adapts to your style.
Features at a Glance
- Consecutive Candle Detection – Automatically identifies rising or falling streaks of consecutive candles
- Reversal Probability Score – Calculates the likelihood of reversal based on historical pattern analysis
- Doji Intelligence – Treats doji candles as non-breaking events (indecision without ending the streak)
- Volume Peak Detection – Identifies when volume surges during streaks (sign of exhaustion)
- OB/OS Levels – Uses RSI or CCI to show overbought/oversold conditions at streak end
- EMA Stretch Analysis – Shows when price is stretched far from its moving average (extreme condition)
- ATR Extension Tracking – Compares current volatility against higher timeframe ATR for context
- Real-Time Dashboard – Monitor all streak metrics and statistics in one place
- Alert System – Get notified when high-probability reversal setups form
- Multi Timeframe & Multi Symbol Scanner Dashboard – Scan all symbols on your watchlist or custom list or Presets
What is the Consecutive Candle Streak Indicator?
At its heart, this indicator tracks how many consecutive candles close in the same direction. It defines a streak in two ways:
- Rising/Falling Streak (Default): Compares each candle’s close to the previous candle’s close. If Close[Today] > Close[Yesterday], it’s bullish (+1).
- Body Direction: Compares each candle’s close to its open. If Close > Open, the body is bullish.
Which to use? Rising/Falling is more aligned with momentum trading. Body direction is stricter and ignores long wicks. Use Rising/Falling for most trading styles.
Why Streaks Matter
When you see a long streak of candles in one direction, three important things are happening:
control. There’s momentum, and it’s directional. This is when traders feel confident and FOMO kicks in.
market often becomes overbought (if bullish) or oversold (if bearish). Think of it like a pendulum pulled back too
far – it wants to swing back.
gains. New sellers appear, and suddenly the momentum that felt so strong begins to slow. This is where reversals
often happen.
The Consecutive Candle Streak Indicator doesn’t just count candles – it measures the full health of the streak using
multiple factors:
How Each Component Helps You
| Component | What It Tells You | Why It Matters |
|---|---|---|
| Streak Length | How many consecutive candles in one direction | Longer streaks = higher probability of exhaustion. 7+ is typically significant. |
| Reversal Probability | % chance based on historical patterns | Filters out weak setups. Look for 70%+ to confirm trade decisions. |
| Volume Peak | Is volume higher than average of lookback bars during the streak? | High volume during a streak often signals the final push before reversal (volume exhaustion). |
| OB/OS Level (RSI/CCI) | Is the market overbought or oversold? | Overbought RSI (70+) or oversold (30-) confirms overextension and increases reversal odds. |
| EMA Stretch | How far is price from its moving average? | Extreme stretch = price has moved far and fast. Mean reversion pulls it back. |
| ATR Extension | How volatile is the current move vs. the higher timeframe? | Unusually high ATR + streak = exhaustion signal. Price can’t sustain this pace. |
When all these components align (long streak + high volume + overbought + stretched EMA), you have a textbook
reversal setup. This is where the indicator shines.
What’s in the Package?
You will get a “Abiroid Consecutive Candle Streak” and a “Abiroid Consecutive Candle Streak Scanner”
MT4 or MT5 version will depend on the version you buy.
Metrics Dashboard
The dashboard (top-right by default) shows real-time stats for the current bar’s streak:
Key metrics displayed:
- Streak Length – How many consecutive candles
- Reversal Prob % – Probability of reversal at streak end
- Volume Peak – Volume multiplier vs. average
- OB/OS Value – RSI or CCI reading
- EMA Stretch – Price distance from EMA
- ATR Extension – How much ATR has extended compared to daily ATR
Calculations & Advanced Logic
Example good trade vs weak trade.
So be careful to not just go by reversal percentages. But also keep an eye on all the other factors:
1. EMA Stretch (Statistical Exhaustion)
This measures how far price has moved away from its exponential moving average using a 95th percentile model:
The Advanced Logic:
- The indicator looks back at the last EMA Lookback (default 500) bars.
- It calculates the absolute distance for every bar and sorts them to find the 95th percentile rank.
- This represents an extreme “Threshold” that price rarely exceeds (only 5% of the time).
- The Result: The dashboard shows a multiplier. 1.0x means you are at that extreme 95th percentile.
What it means:
- Low Stretch (0.0x – 0.5x): Price is near the EMA. Normal trending conditions.
- Medium Stretch (0.5x – 1.0x): Price is moving moderately away. Watch for potential fatigue.
- High Stretch (1.0x+): Rare and extreme. Mean reversion “snap back” is highly likely.
2. RSI / CCI (OB/OS)
Calculates the standard RSI (14-period) or CCI exactly at the bar where the streak ended.
3. ATR Extension (Volatility Intensity)
The indicator compares current move volatility against a higher timeframe (HTF) benchmark:
The Calculation:
- Streak Range: It finds the Highest high and Lowest low across the entire duration of the streak.
- HTF Benchmark: It fetches the iATR (14) from the HTF_Period (usually Daily/D1).
- Result: (Streak High – Streak Low) / Daily ATR.
Example (M5 Chart vs D1 ATR):
- M5 Streak Range = 35 pips.
- D1 ATR (Average Daily Range) = 40 pips.
- Ratio: 35 / 40 = 0.87 (The M5 streak has covered 87% of a full day’s range).
Unusually high ATR extension + a long streak = exhaustion signal. Price simply cannot sustain that level of intensity without a cooldown.
4. Volume Peak & Status (Effort vs. Result)
Volume Peak Multiplier = Current Streak Average Volume / Historical Average Volume
The Metrics:
- 1.0x – 1.5x: Normal volume for the period.
- 1.5x – 2.5x: Elevated volume. Good confirmation of trend but not exhaustion yet.
- 2.5x+: Very high volume. Classic exhaustion signal. Final buyers/sellers piling in.
VSA Analysis (The Status Label):
- Status “Climax”: Volume Peak >= 2.0 AND Current Body < Previous Candle Range.Meaning: Extreme effort (volume) resulted in a smaller price move than before. This is the classic “Blow-off” signal.
- Status “Absorption”: Current Volume > Avg AND Current Efficiency < 50% of Avg Efficiency.Efficiency: Body Range / Volume.Meaning: If efficiency drops by half while volume is high, it means big players are “absorbing” the move with limit orders, preventing further price progress.
Cheat Sheet: Best Settings by Trading Style
Out of the box, the indicator works well for most traders. But here are optimized settings for different approaches:
Scalping (M1 – M5)
| Setting | Value | Reason |
|---|---|---|
| Min Consecutive Bars | 3 – 5 | Catch fast reversals early. Longer streaks may be rare on ultra-fast timeframes. |
| EMA Period | 9 – 14 | Shorter MA reacts faster to price changes, good for scalping. |
| ATR Period | 7 – 10 | Catch volatility spikes faster. |
| OB/OS Type | RSI Period 7 | Faster RSI spots overbought/oversold sooner. |
| Alert Threshold | 60%+ | More alerts, but expect more false signals. Use volume confirmation. |
Swing Trading (H1 – D1)
| Setting | Value | Reason |
|---|---|---|
| Min Consecutive Bars | 5 – 7 | Longer streaks form on higher timeframes. These are more reliable reversals. |
| EMA Period | 20 – 50 | Standard moving average captures medium-term trend. |
| ATR Period | 14 | Standard ATR period works well for swing trading. |
| OB/OS Type | RSI Period 14 | Classic RSI settings are reliable on daily charts. |
| Alert Threshold | 75%+ | Higher threshold = fewer but higher quality signals. |
Trend Trading (H4 – W1)
| Setting | Value | Reason |
|---|---|---|
| Min Consecutive Bars | 7 – 10 | Very long streaks signal major market moves. Use for pullback entries. |
| EMA Period | 50 – 200 | Longer MA shows major trend structure. |
| ATR Period | 21 | Capture longer-term volatility cycles. |
| OB/OS Type | CCI Period 20 | CCI works better on longer timeframes for avoiding whipsaws. |
| Alert Threshold | 80%+ | Very high threshold. These are rare, high-conviction reversals. |
Quick Tips for Any Timeframe
compares current close vs previous close (standard momentum). If OFF, it checks if candle body is bullish or
bearish. Rising/Falling is more sensitive to momentum; Body is stricter.
the middle of a streak is just indecision – it shouldn’t end the pattern. Adjust “Max Doji Body in Points” based on
your symbol (larger for indices, smaller for forex).
lower it to 1.5. If you want only the strongest exhaustion signals, raise it to 3x.
continuing the reversal. Don’t chase the first candle after the box ends – wait for confirmation on the next candle
or two.
Settings Explained
Candle Settings
Lookback Bars (Max Past Bars)
How many historical bars the indicator scans. Default: 5000.
For indicators running on: Use 5000 for daily charts. Use 1000-2000 for M15-H1. Use 500-1000 for M1-M5.
Higher values use more memory but give better historical context for probability calculations. Lower values run
faster.
Max Historical Streaks for Stats
How many historical streak patterns to store for calculating reversal probability. Default: 500.
Keep it high (300+) so probability calculations have enough data. Keep it reasonable (under 1000) so the
indicator doesn’t slow down.
Refresh After Ticks
How often the indicator updates its calculations. Default: 20 ticks per candle.
Since indicator uses bar 1 which is completed for streak calculations, keep this to a high enough value.
Object Prefix
Label/box names start with this prefix. Default: “ABR_”.
Only change this if you have other indicators creating objects with the same names and there are
conflicts.
Streak Settings
Min Consecutive Bars Streak Highlight
How many consecutive candles before the indicator draws a box and labels. Default: 5.
Lower (3-4): Catch more setups, including smaller ones. Useful for scalping and fast-moving markets.
Higher (7-10): Only show major streaks. Fewer setups but higher quality. Better for swing trading.
Check Rising/Falling Streak
ON: Compare current close vs previous close (momentum-based). OFF: Compare current close vs current open (candle
body). Default: ON.
So when it’s off it will look only if a single candle is bullish or bearish and candles like these will also become part of a streak:
It’s very rare, but it can happen. If you want the candles to keep rising, and not just be bullish, then keep it true.
Check Doji
ON: Doji candles don’t break streaks (they’re neutral). OFF: Doji candles break streaks. Default: ON.
Use ON if you see lots of doji candles interrupting otherwise clean streaks. This prevents false streak
breaks.
Use OFF if you trade on markets without many doji (e.g., indices), or you want strict candle counting.
Max Doji Body in Points
How small a candle’s body must be to count as doji. Default: 2 points.
For Forex pairs: 1-3 points (usually)
For Indices (DAX, S&P500): 5-15 points (larger prices = larger points)
For Crypto: Depends on the pair and your tick size. Start with 10 and adjust.
Reversal Probability Alert Threshold
Only alert when reversal probability hits this level. Default: 80%.
Lower (60-70%): More alerts. Good if you want to catch every possible setup.
Higher (80-90%): Fewer alerts. Only high-confidence setups. Recommended for most traders.
OB/OS Settings
OB/OS Type
Choose between RSI and CCI. Default: RSI.
RSI: Classic, works on all timeframes.
CCI: More responsive, better for choppy markets.
OB/OS Period
Lookback period for RSI or CCI. Default: 14.
Lower (7-9): Faster to reach OB/OS but more false signals.
Higher (20-30): Slower but more reliable OB/OS levels.
Overbought Level
For RSI: 70 (default). For CCI: 100 (default).
Adjust if your market rarely reaches these levels. In strong trends, you might raise RSI overbought to
75-80.
Oversold Level
For RSI: 30 (default). For CCI: -100 (default).
Adjust if your market rarely reaches these levels. In strong downtrends, you might lower RSI oversold to
20-25.
EMA Stretch Settings
EMA Period
Exponential Moving Average lookback. Default: 20.
Shorter (9-14): EMA is tighter to price. Stretches happen faster and more often.
Longer (50-200): EMA is looser. Only extreme stretches are flagged. Better for trend trading.
EMA Lookback
How many historical bars to use for percentile calculation. Default: 500.
Keep it high (300+) to have good historical context. Keep it reasonable (under 1000) for speed.
EMA Percentile
Mark stretch as “extreme” if it’s above this percentile of historical stretches. Default: 95 (top 5%).
Lower (90): More stretches marked as extreme.
Higher (98): Only the most extreme stretches are flagged. Higher quality signals.
EMA Price Type
Which price to use: Close, Open, High, Low, HL/2, etc. Default: Close.
Use Close (default) for most trading.
Volume Peak Settings
Volume Peak Check Type: Only last bar or average volume of whole streak
Only last bar will look for really powerful high volume last bars compared to overall streak:
Keep this setting to only look for last bar when you are looking for signals like this. When you see that a streak has larger bars, and final bar has a very small body but a very high volume: volume here is 2.7x the past 20 bars volume average.
Cases like this, the reversal is very likely, because buyers and sellers and both pulling and pushing at a very high volume. And candle is small meaning no one is winning. So reversal will most likely happen soon.
But if you want to check the whole streak’s average with past 20 bars, then keep the other setting.
Volume Peak Lookback
How many bars back to calculate average volume. Default: 20.
Lower (5-10): Faster volume changes. Good for detecting sudden volume spikes.
Higher (50-100): Smoothed volume context. Better for longer-term trends.
Volume Peak Multiplier
Volume must be this many times the average to flag as “peak”. Default: 2 (2x average).
Lower (1.5): More volume peaks flagged. Sensitive to volume changes.
Higher (3-4): Only major volume spikes are flagged. High quality exhaustion signals.
ATR Extension Settings
ATR Period
Volatility lookback for ATR calculation. Default: 14.
Standard value. Only change if testing different volatility sensitivities.
ATR Extension Multiplier
Multiplier applied to the ATR ratio. Default: 1.0.
Usually leave at 1.0. Adjust only for fine-tuning.
ATR Compare with HTF Period
Higher timeframe to compare ATR against. Default: D1 (daily).
On M5 chart: Compare to H1 or D1 for context.
On H1 chart: Compare to D1 or W1 for context.
Choose a timeframe 4-6x higher than your trading timeframe for best results.
Display Settings
Show Streaks (ON/OFF)
Display the colored boxes around streaks. Default: ON.
Turn OFF if boxes are cluttering your chart and you only want the dashboard.
Show Dashboard (ON/OFF)
Display the real-time statistics panel. Default: ON.
Core feature. Keep ON.
Show Length Label
Show the candle count (e.g., “7”) on completed streaks. Default: ON.
Show Reversal Probability Label
Show % probability when streak ends. Default: ON.
Show Volume/Points Peak Label
Show volume multiplier (e.g., “3.2x”). Default: ON.
Show RSI OB/OS Label
Show “RSI OB” or “RSI OS” labels. Default: ON.
Show EMA Stretch Label
Show EMA stretch %. Default: ON.
Box Thickness / Color / Style
Customize the appearance of streak boxes.
Box Thickness: 1-3 pixels (default: 1). Higher = more visible.
Bullish Box Color: Default: Lawn Green (bright green).
Bearish Box Color: Default: Salmon (light red).
Box Style: Solid, Dotted, Dashed, etc.
(Note on MT4, dash, dotted etc only work with line thickness 1. For higher thickness, it will always be a solid line)
Alert Settings
Alert on High Reversal Probability
Trigger alert when reversal probability exceeds threshold. Default: ON.
Reversal Alert Threshold
Alert when probability reaches this level. Default: 70%.
Lower for more alerts, higher for fewer, higher-quality alerts.
Alert on New Record Streaks
Alert when a new record-length streak is found (longest of the session). Default: ON.
Useful for catching: Major exhaustion moves, end-of-day climaxes, breakaway reversals.
Using the Multi Symbol-Timeframes Scanner
The scanner version runs on your chart but scans all symbols on your watchlist simultaneously, looking for streaks
across multiple timeframes.
How the Scanner Works
- It monitors your watchlist (or a custom symbol list)
- For each symbol, it checks multiple timeframes (M5, M15, H1, H4, D1, etc.)
- When a high-probability streak forms, it shows up in the scanner dashboard
- You can click on symbols to jump to that chart
- Use a custom template with the main Consecutive Streak indicator to see details
Common Trading Scenarios
Scenario 1: Scalping a Short-Term Reversal (M5 Chart)
You see a 5-bar bullish streak with:
- Reversal Probability: 72%
- Volume Peak: 2.1x
- RSI: 74 (overbought)
- EMA Stretch: 8.5%
What to do: This is a solid setup for a short-term reversal. The streak is long enough, volume is
elevated, RSI confirms overbought, and price is stretched from the EMA. You have two options:
- Conservative: Wait for the box to close. Place a short order when the next candle closes below
the low of the box. - Aggressive: Enter short on the first candle after the 5-bar streak ends (the reversal candle).
Risk Management: Place stops above the high of the streak box. Target the nearest support or a 2:1
risk/reward.
Scenario 2: Swing Trade Entry on H1 Chart
You see a 7-bar bearish streak with:
- Reversal Probability: 81%
- Volume Peak: 1.8x
- CCI: -115 (oversold)
- EMA Stretch: 12%
What to do: This is a high-confidence swing trade setup. Price has made a significant move down,
volume is elevated, CCI confirms oversold, and EMA stretch is extreme (12%).
- Wait for the bearish box to close
- Enter a long on the first bullish candle (reversal confirmation)
- Stop below the low of the bearish box
- Target a 1:1 or 1.5:1 risk/reward (swing trading can move slow but steady)
Scenario 3: Using the Scanner to Find Multiple Opportunities
Your scanner shows:
- EURUSD: 6-bar bullish streak on H1, Prob 75%
- GBPUSD: 5-bar bearish streak on M15, Prob 68% (below your 70% threshold)
- USDJPY: 8-bar bullish streak on D1, Prob 82%
What to do: Filter out GBPUSD (below threshold). Focus on EURUSD (good opportunity) and especially
USDJPY (high-probability, longer timeframe). The D1 USDJPY is the higher-conviction setup – this could be a
multi-day reversal.
Scenario 4: When Things Don’t Work (False Signals)
You took a reversal trade, but price continued higher instead of reversing.
This happens sometimes. Even at 80% probability, 20% of the time reversals don’t happen. Here’s how to reduce false
signals:
- Wait for Confluence: Only trade when multiple timeframes align (e.g., M5 reversal + H1 reversal
at the same time) - Require Volume Confirmation: Set Volume Peak Multiplier to 2.5x or higher. Only trade volume
exhaustion signals. - Add another Filter: Combine the indicator with support/resistance, trend lines, or price action
patterns - Adjust Settings: If you’re seeing too many false signals, raise Min Consecutive Bars to 6 or 7,
and raise the Reversal Probability Alert Threshold to 80%+
Not a Bug:
If scanner shows gaps, look at your experts tab logs:
Your terminal does not have enough history bars loaded. Less than your Max Past Bars given. So it cannot calculate the values.
Can happen on a new MT4 installation when not all history for all pairs is loaded yet.
Conclusion
The Consecutive Candle Streak Indicator distills a complex market behavior into something simple and actionable: when
price stretches too far in one direction too quickly, reversals become likely.
The indicator’s power comes from its multi-layered analysis. Instead of relying on just candle count, it combines
historical probabilities, volume behavior, momentum indicators, and volatility to give you a complete picture of
streak health and reversal likelihood.
Whether you’re a scalper chasing M1 reversals or a swing trader looking for H1/D1 turning points, the tool adapts to
your style. The settings are intuitive, the dashboard is clear, and the alerts keep you in the loop.
Three Key Takeaways:
- Streaks signal exhaustion. Long consecutive candles in one direction often precede
reversals. This is the core concept. - Use multiple filters. Reversal probability is helpful, but combine it with volume peaks,
OB/OS levels, and EMA stretch for high-quality signals. - Context matters. A 5-bar reversal on M1 is different from a 5-bar reversal on D1. Adjust
your settings and trade size based on timeframe and your trading style.
Start with the default settings, run the indicator for a week or two to understand how it behaves on your symbol and
timeframe, then fine-tune from there. Most traders find their sweet spot within days.
Happy trading!
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